Should I Downsize And Move to a 55+ Community
Many seniors would like to “age in place” instead of downsizing and moving to a new smaller home. They would rather avoid moving and remain in their own home for the retirement years.
There’s a comfort and many advantages in remaining in a home you have lived in for many years instead of moving to a totally new or unfamiliar environment. However, new studies suggests this might not be the best option for everyone. The potential financial drawbacks to remodeling or renovating might actually be more costly than the long-term benefits. Many seniors do not want to be burdened with the yard work and necessary house upkeeps.
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, fully 80 percent 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.”
If you’re in the similar situation, 30 or so years ago you probably had a growing family and had purchased a 4-bedroom house on a large lot with good schools and safe neighborhood. It was a great choice for your growing family, and you still love that home.
Now, your kids had moved out, so you don’t need all of those bedrooms. Yard upkeep is probably very time consuming, too. You might be considering taking some equity out of your house and remodeling the house to better fit your current needs and preferences.
It may appeal to you, you may really enjoy the new upgrades, but you’ll still have to climb those stairs, pay to heat and cool a home that’s larger than what you need, and continue fixing all the things that start to go wrong with a 35-year-old home.
Renovations, however, are just a part of what you need to make aging in place work for you. While it’s typically less expensive to remain in your home than to pay for assisted living, that doesn’t mean it’s a slam dunk to stay put. You’ll still have a long to-do list. Just one example: You need to plan ahead for how you will manage maintenance and care—for your home, and for yourself.
So, at some point, the time may come when you decide to sell this house anyway. That can pose a big challenge if you’ve already taken cash value out of your home and used it to do the type of remodeling we mentioned above. Realistically, you may have inadvertently lowered the value of your home by doing things like reducing the number of bedrooms. The family moving into your neighborhood is probably similar to what your family was 40 years ago. They probably have young children, need the extra bedrooms, and may be nervous about the pool.
If you’re thinking about selling click below to find out:
What’s my Boise home worth?
In summary – Before you spend the money to remodel or renovate your current house so you can age in place, reach out to a local real estate professional to determine if it is truly your best option. Making a move to a smaller home in the neighborhood might make the most sense.
Boise is very popular among seniors and 55+ active adults. 55+ homes are selling quickly due to the enormous demand from both the locals and seniors relocating from out of state. Check out our 55+ communities, currents listings.
Call Krystyna Ryan at (208)918-5007 for expert advise. I’ll be happy to help!
