The New York Times recently published an article on why retirees should not always expect their homes to be a financial safety net. This article brings up some good points relevant to many clients.
Many homes that have been owned for decades often sell for less than what family members think they will, due to deferred maintenance or different taste preferences from potential buyers. And some clients choose not to publicly list their property on the market and end up selling it for potentially less money to an investor. It’s important to gather as much information as possible about the actual value of the house you’ll receive if it’s part of a retirement plan or if you’re selling it as part of an estate. These steps help to avoid surprises and unmet expectations regarding your home equity.