Quite a lot of retirement planning checklists focus on savings. However, there’s one side to it that most people forget, and that’s the older assets that follow you into retirement with paperwork & contracts. You might not even remember these things because you bought them so long ago. Here are seven things boomers should sell before retirement gets complicated.
Timeshares you no longer use
Timeshares tend to have yearly maintenance bills and resale rules that the resort sets, not the owner. Unfortunately, you’ll need to tell the resort before transferring ownership, and the process of selling a timeshare is quite lengthy, too. You’ll need to get the original contract to see whether there’s a right-of-first-refusal clause.
You’ll likely have to put the listing through a licensed resale broker as well. Sure, there are some owners who assume they can simply stop paying for the timeshare, but the truth is that you actually have to keep paying the fees until the company has officially recorded the ownership transfer.
A second refrigerator or standalone freezer
So many boomers still have an extra fridge from years ago in their garages, and they’re usually filled with frozen leftovers or bulk buys. There are often a few things that nobody remembers buying, too. Since these appliances are so heavy & awkward to move, lots of people delay getting rid of them until later. But don’t do that.
Selling old appliances before you retire will keep you from having to deal with all that mess when you’re trying to relax. You’ll also free up a lot more space in your garage that you can use for things that you actually enjoy.
Heavy formal china cabinets
You may have once had some formal dining sets & glass-front cabinets as a centerpiece in your home. However, chances are that they’re still sitting in your spare dining room and you haven’t used them in years. The cabinet is usually as bulky as it is fragile. There’s really no point in holding onto them anymore.
Plus, selling before retirement means you’ll be able to show it in good condition, rather than trying to attach the shelves after a move. Moving everything together keeps everything organized and makes the whole process a lot smoother for you. Isn’t that what you want?
Oversized dining room tables
That’s not all for dining. You might be surprised to know how many boomers still hold onto their large dining tables that come with hidden extension leaves, despite not using them, because they think they’ll use them one day for a bigger gathering. That day never comes. Instead, the extra leaves end up in closets or basements, eventually becoming separated over time.
That’s why you should sell them before you retire. You’ll be able to show the full setup & confirm that you have all of the pieces, meaning that handling the sale while you still have it in your home will help you to avoid a lot of potential confusion later.
Riding lawn mowers or large snowblowers
A huge portion of boomers downsize after they retire, yet they continue holding onto yard equipment that was designed for their larger properties. There’s really no point in it. After all, they’ll remain unused in sheds or garages, gathering dust, and it’s far better to sell them before retiring. You can then show it to the buyer while it’s still functioning.
It’s a lot easier to do that when you’re storing it where you used it, rather than when it’s been sitting idle for months. Best of all, you’ll have time to get the manuals & spare keys together. Don’t wait until it’s too late.
Full-size pool tables or oversized home gym machines
All those large recreation pieces are only ever going to be headaches come moving day, as they don’t fit through the doors all that easily. For example, pool tables tend to require leveling once you’ve moved them, while the home gym machines have sections that you’ll need to handle carefully.
Selling these items is easier before retirement since the buyers can see everything working in place, instead of you trying to explain the missing parts once you’ve moved. You can always get a gym membership if you’re tempted to start working out again during your retirement.
16 Things You Think You Need at Home – But Don’t
From pointless gadgets to “home upgrades” no one asked for, your home is most likely clutter, not comfort. Here are 16 things you believe you need in your home… but honestly? You really, really don’t.
16 Things You Think You Need at Home – But Don’t