What to do with my paid for house...?

When owners of real property who are close to retirement call a Realtor it is not always about selling/listing immediately or in the next year. Sometimes the owner just wants to begin the discussion of "what to do". The owner has a significant position if they have owned the real estate for a long time & it is paid for. Knowing what to do often begins with what the real estate is worth and then what could be done with that capital if the property was to be sold. Here are some conversation points when you or a family member has lived in a home or owned real property long enough to pay it off AND the conversation turns to what could be next;

1. do you want to stay in the house forever (leave the house feet first)? what areas of the home are "tricky" and need some modifications for safety and ease of moving about the house...

2. is the house keeping you from something you have always wanted to do (travel, move into a high rise loft in your downtown, move closer to family living in another location)? further down might be an answer in #8

3. are you worried about a looming repair (major roof work, wood rot)? get bids, might be lower than you think

4. have you always wanted to fix the house up a certain way with new appliances and energy saving modifications to reduce monthly bills (this brings up #8 on this list again)? have a Realtor referr a great builder who will discuss options without pressure to take immediate action

5. can you rent the property out and also move on to the next phase of your life? Keeping the asset of the real estate and travel-move closer to family (property management is possible at around 7-9% of rent each month)

6. is enough money tied up in the equity of the paid for property to make a difference (going back to #2 above) in retirement if you decide to sell?

7. could you be creative and build a rental on the property for monthly cash flow? is the lot big enough for both your residence and a rental producing property?

8. do you have a referral to a Reverse Mortgage lender? don't disrupt your life and move, stay put and get your money while you need it.

9. would your neighborhood allow you to cut the house in half for a duplex? this would allow someone to stay in their home while also reduce costs to generate income. Don't do anything but add a kitchen and seperate the house into 2 units.

10. how about a roomate? is there that perfect person who is dependable, reliable to generate monthly income but reduce expenses to do so?

Get together with your financial planner, CPA, Banker and get sound advice based on personal goals.