Is it time to move to a smaller home or downsize? Do you live in a large home with stairs to climb, too many rooms to heat and cool and too much on-going maintenance? Maybe you could use some of the equity you’ve built up in your current home. As our lives change so do our housing needs. That too big home may have been perfect when raising kids, it offered plenty of room and was close to good schools, and was in a great neighborhood. Now the kids have moved on, the neighborhood has changed, and so have your housing needs. So, how do you know it’s time to downsize?
- Do You Need the Equity From Your Current Home?
In 2010 the median home equity for those between the ages of 55 and 64 was $100,000, according to Reuters. Americans aged 65 and over did even better; they typically claimed $135,000 in home equity. This built up equity may be your main retirement savings. Sometimes selling a home and converting that equity to cash will help you move to a retirement community or smaller maintenance free home.
- Do You Have Too Much House?
Are you paying taxes, utilities, insurance and maintenance for a home that is too large for your current lifestyle? Would moving to a smaller, lower priced home, condo or apartment be easier to manage and save you resources?
- Does Your Home Work With Your Current Physical Ability?
Do you have stairs that are now too much or unsafe for you to climb? Is there too much upkeep and maintenance for you to manage in your current home? Do you need more access ability for a walker or wheelchair?
- Do You Want To Be Closer to Family, Friends or Doctors?
Would you like to move closer to family so that you can spend more time with your kids and grandchildren? Maybe your doctors or stores where you like to shop are not convenient. Are there good friend or relatives that you would like to live closer to?
- Would A Move Improve Your Lifestyle?
Maybe you’ve always wanted to travel and would like to live in a small home that you could lock and leave so that you can visit those destinations on your wish list. Have you always wanted to live by a golf course, a beach or the mountains? Maybe you would like to live in a senior community that offers low maintenance living, social activities, bridge clubs, great meals, or health and wellness programs. Here are some of AARPs Best Places to Live lists.
As you can see there are a number of considerations when deciding to downsize. Downsizing can be for financial, health, family or lifestyle reasons. Consider the reasons, talk it over with your family and seek advice from financial, legal and real estate professionals. Careful planning and sound advice are crucial to a successful move.
We would love to assist you with planning for your downsize.
The Sullivan & Sullivan real estate team specializes in helping older adults with the sometimes daunting downsize journey. One of the resources we offer our clients is a complimentary “Downsizing Made Easy Guide.” Click here to contact us for more information.