As we get older we need to consider where we want to ‘age in place’. Remaining in our home may be just too much to handle, especially if it’s too large or in need of repairs. A large two story home certainly doesn’t meet our needs any longer. We question ourselves if we should sell and downsize to smaller home or invest our equity and just lease. Or, would it be better to hire someone to make modifications in order to remain where we are.
Grandchildren, Warmer Climate, Lower Costs of Living or Travel?
Many of us ‘Baby Boomers’ did downsize and no longer have the burden of maintaining a large home and yard. For others it allowed them the opportunity to move closer to children and grandchildren or the luxury to travel more. Others took the opportunity to move to a warmer climate or to a state where the cost of living is less expensive.
Letting Go Of The Status/Mindset Can Be Freeing
For those who have always wanted to travel, letting go of the status or mindset of homeownership freeing. Choosing to lease can eliminate the inconvienience and costs of maintaining a home only being occupied part time. The cost to lease may increase a bit on an annual basis but there are many positives to consider. The flip side looks pretty attractive as it eliminates all property taxes (city, county, school), home property insurance, yard and pool care, costly repair or replacement of large ticket items and the usual homeowner maintenance.
Make A List And Weigh Your Options
Contacting a professional specifically trained in making modifications for seniors can be a big help. After seeing your home they will make suggestions and together you can decide which would be most beneficial. They also know some cost-effective approaches to save some money. You can search for a (CAPS) Certified Aging In Place Professional in your city. The designation was developed by the National Association of Home Builders (NAHB) Remodeler’s Council, in collaboration with AARP, NAHB Research Center and NAHB Seniors Housing Council.
Should you decide to sell and downsize to a smaller home or just lease, consider contacting a Real Estate Agent with the (SRES) Senior Real Estate Specialist certification. They have the additional knowledge for assisting senior clients like ourselves when selling and purchasing a home.