Getting older has many values. The equity in a home is one of those values. Home equity can also be a value that you may regret taking. Everyone needs money. During inflationary times, the need for money often increases. More often than not, the value in your home may be your largest source of money. Why not sell your home and take that money while prices are high? The answer to that question may involve more than just money. I know a man who had lived in the same house for over 40 years. He received an offer to buy his home for a price that was much higher than he felt the home was worth. He agreed to sell the home. He then moved into a rental home. He was left with a large cash balance in his bank account. He then invested that money properly, in a diversified portfolio. Shouldn’t he be happy about the shrewd moves he made? He discovered that happiness involves more than money. For example, the house that he sold was the home that he (and his deceased wife) raised children. The house had an emotional meaning to him that he continued to have after the sale. He missed being in that house. He thought time would make him more comfortable with the decision to sell. It didn’t. As a matter of fact, the longer he was out of the house, the more he missed the house. He would often look at the investment portfolio he had accumulated with the proceeds from the sale of the house. Shouldn’t that make him feel better? It didn’t.
Not everyone has an emotional feeling about their home. Many people sell and never look back. Often times the money received for the sale is all that matters. Every situation is different. There is no right or wrong answer about whether you should sell your home. The best advice is to take your time before selling. Take a legal pad of paper and draw a line down the middle of the paper. On the top left side of the paper, write the word PROS. On the top right side of the paper, write the word CONS. Then write your thoughts under each section as they come to you. Start out by writing “going to receive lots of money” on the PRO side. Then write “going to miss the house I raised my family in” on the CONS side. Leave the paper on a table nearby and write down every thought you have. Do this for weeks (or months). This process should involve writing down many different thoughts (and many pieces of paper). After a period of time, review everything PRO and CON that you have written. Don’t be afraid to ask someone else to review your thoughts.
When you finally make your decision as to sell or not to sell, you will probably have peace of mind.