There’s a desire amongst many seniors to “age in place,” instead of downsizing to a smaller home, apartment, or assisted living home.
Honestly, we can’t blame you for wanting to do so! Especially with the uncertainties around COVID and the safety that your current home brings. There’s comfort in staying in a home and community with which you are familiar instead of moving to a totally new and unfamiliar environment.
However, you must realize the potential financial drawbacks of aging in place. A recent report from the Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults explained,
Given their high homeownership rates, most older adults live in single-family homes. Of the 24 million homeowners age 65 and over, 80% lived in detached single-family units…The majority of these homes are now at least 40 years old and therefore may present maintenance challenges for their owners.”
Evaluating Your Needs
Maybe you purchased a three or four-bedroom home for your growing family 20 years ago, and don’t want to give up the memories made there. We know it’s hard! But we do encourage you to take a step back and review your current home needs.
Does your home have?
- A large yard to maintain
- Multiple bedrooms to clean and cool
- Stairs to climb (inside and outside)
- A pool to maintain
- Aging kitchen appliances
- Aging HVAC, water heater, roof, etc.
- Worn carpets and flooring
- Outdated bathrooms, kitchen, and furnishings
These are a few factors when considering whether it makes sense to stay in your current home and plan to pay for renovations and the inevitable maintenance needs, or to make the decision to move to a new area or smaller home that offers a financial break from these things.
Making Your Decision
No doubt, it’s a tough decision that you should take time to weigh with the help of others. While the stairs don’t bother you now and you still use the pool every so often, consider what your health limitations might be in another 5-to-10 years and incorporate this into your plans.
We’re not here to sway your decision either way. We are here to start the conversation and help you along the way! Life transitions go hand-in-hand with real estate, so we have years of experience in helping others determine the best options for them. Don’t hesitate to reach out with any questions you might have as you consider your next steps.