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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

I'm confused.  Are you OP?  Is this all a sock puppet?  Given OP's young age (61) and retirement resources, OP should examine why he/she is not able to cover monthly expenses and how moving would improve that. Can expenses be cut?  Can OP get a roommate? Also, OP does not seem to be factoring in moving expenses and expenses associated with the new place to live.  Rarely do furniture, window treatments, rugs work perfectly and that costs money.   [/quote]

I am the OP. My husband died and he was the majority breadwinner.[/quote]

PP of this comment.  My condolences. I'm sorry for your loss.  My suggestion is that if this is relatively recent, can you take 6-12 months by modestly drawing down your savings or finding a renter to make ends meet to give you time to adjust.  Also, if you were the PP to the 30 year comment, that is a long way in the future.[/quote]

I am the same person with the health issue that is a long-term thing but major cannot-do-stairs issues are likely decades away.

My original question centered on should I sell the house as-is or should I do renovations now.

I failed to mention that there is the exclusion of $500,000 in home sale profits to consider -- this expires after 2 years.

https://www.kiplinger.com/article/taxes/t010-c001-s003-paying-taxes-on-a-home-sold-after-a-spouse-s-death.html

In the meantime, I have been using savings to cover the difference between my monthly income and monthly expenses.

What I am hearing is I should reach out to a real estate agent to get some feedback. (However, I should be cautious as they may want me to spend $ on renovations to increase their profit margin over an as-is listing.)[/quote]

What you need to do first is have your house assessed for approximately when your spouse died. (i am so sorry for your loss.) You receive a stepped-up basis for his half of the house as of his passing, so you don't need to worry so much about the $500,000 exclusion for profits. Also, anything over $250,000 is taxed at capital gains rate, not straight income.

Next you want to evaluate what might need to be done to make the house more liveable in the event your mobility becomes impacted sooner than 15-20 years from now. can a chair lift be put in? would it be possible to renovate the basement for single-level living? is it possible to have an outdoor ramp between floors?

At some point in the future when you don't have three dogs, you can always consider continuing care/independent living facilities, but for now it sounds like your home is fine for you now- you are near your friends and your doctors, and your yard is good for your dogs. (and your dogs are likely very good for you.)

talk to a financial planner, who can help you sort out your running expenses and your asset allocation and help you plan for the futire. That should also include social security analysis- depending on whether you or your spouse was the higher earner, then you should be able to take a full survivors benefit when you reach full retirement age (the month you turn 67), or earlier if you stop working for some reason.  it also sounds like you are currently dipping into savings to finish launching your kids, and a bunch of those expenses will go down soon, and then you can focus on any needed health and safety issues at the house. it's all manageable. I think you should stay put and work on finding your feet again.

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