Homeownership costs
Owning a home during retirement can cost you a lot of money. After all, you have to deal with property taxes, insurance, and even maintenance costs, which could slowly add up. The older we get, our homes could require a series of changes and modifications to make them more accessible, which will also require financial investments.
As an alternative, you might want to consider downsizing or even moving to a more affordable location to avoid these expenses. You could also look into reverse mortgages and home equity loans to help with costs.
2 Responses
The worst cost is the ridiculous property taxes that the blue states have! NJ is the worst. That is a total waste of $$$!
I will sell my house in a split second. Worst decision I ever made was buying a house. Even though I have a low interest rate, I am sick and tired of being nickel and dimed to death with fees by my mortgage company.