Options to Weigh When Considering Senior Downsizing

man downsizingLiving “on the fence” is not a comfortable place to be but unfortunately a situation in which many older adults find themselves. The options can be overwhelming when older adults start to consider whether they should stay in their current home or downsize into an apartment, condominium, or senior community. The enjoyment that should be felt in one’s retirement years can be disrupted when older adults find themselves living with the daily uncertainty of where to move next.

So how do you get off the fence?

The first step is to take an honest, realistic look at your current situation. The current situation should be assessed but one should try to project into the future by at least 5-10 years, taking into account one’s age along with future health and financial needs. The worst case scenario is trying to make a move in the midst of a crisis situation. The trauma of losing a spouse or experiencing a drastic change in health does not leave one in the frame of mind to be able to make the best possible decision around living arrangements. Many older adults then find themselves in a situation where their adult children or relatives have to step in to make the decision for them which can place undue burden on both the seniors and their families.

Early planning and education are the two ways in which the transition to new housing can be made smoother. Once an honest assessment of your current and future needs has been taken, the next step is to become educated as to available housing options. There are service providers that will walk seniors and families through available housing options to avoid drowning in the sea of numerous options and plentiful information.

The next step is to assess your home and decide if you’d like to sell in as-is condition or make any necessary repairs in order to make the home more marketable. The real estate sales process can be daunting for seniors that do not have the ability to make necessary repairs, don’t want to deal with buyers coming through their home for showings, and don’t understand the current financing stipulations for buyers that may complicate their ability to close. Talk with a senior financial consultant to know how much you can afford for new housing based on the proceeds from your home as well as other assets. This will be extremely valuable when looking at housing.

Lastly, consult with trusted people in your life. They will have your best interests at heart, and will help you to gain insights into your current situation. You deserve freedom and independence in the next phase of your life and enjoyment in your new housing arrangement.

Contact Property Fox today at 720-933-8499 to begin talking about the most appropriate plan for selling your home and moving forward.