Right Sizing Your Home: How Older Homeowners Move Forward
As people approach retirement, numerous questions will need to be answered. Okay, not necessarily answered but addressed. Questions such as “Do you want to stay in your home through retirement?” or “Do you want less home?” or does the right sizing include something closer to your kids and grandkids, or even in a warmer climate? Older homeowners also may be considering their health, both medical and financial. Older homeowners may find the answer by right sizing. As MarketWatch’s Elizabeth O’Brien suggests, right sizing is preferable to downsizing.
A Financial Plan
I had a friend in finance recently tell me that a good financial plan is flexible. This could not be truer when it comes to homeownership. Situations change and as we get older, and certain decisions become more important. While all financial decisions come with great importance, one seems to weigh heavily on older homeowners: Should I stay or should I go?
Aging in place is an incredible option for many people. But not always the best option. What may have been the perfect house to raise kids may now have prohibitive features such as stairs, hard to maintain landscaping or even upgrades to the house that are needed over time. On the other hand, you may have found the right home to accommodate your need for social or medical issues, both of which are important considerations. You may also be close to important services such as a vibrant community or loved ones, both of which will make your retirement years both fulfilling and easy.
You may realize at some point that remaining in the same home simply is not the best option. If your physical or mental health is declining, a move can provide a much better lifestyle. If the house has become too big or your spouse/partner has passed, something smaller might be the perfect option to allow for a fruitful and happy life.
When Should You Make the Decision?
Ideally, the idea of moving into a smaller home or apartment to “age in place” should be considered well before you retire (more on the challenges of buying after you retire will appear in future posts). Studies have shown that the stress of making the decision because someone must make one due to physical or mental incapacitation is both daunting and difficult. Rather than anticipating a new beginning, moves made because you “need” to tend to be less pleasant. Boomers have said that downsizing as part of a thoughtful plan allows you to consider all of life’s memories as you keep the most precious items of a life well lived. This can be called “right sizing,” a term that is gaining traction and may even be more appropriate.
To right size your life, the home needs to be forward thinking. Remodels by younger sellers often overlook this opportunity when upsizing their living arrangements. They often think that similar first time buyers, much like they were, will purchase their home. And while retirees tend to remain active, certain amenities will appeal this group.
This is where I can help, on both ends of the equation. Finding the right home, close to services and a community that is both safe and diverse, is something I can locate for you. And on the other end, I can find the right family to sell the home that made so many wonderful memories for you.
Over the next several posts, I will discuss the many facets of this important time and move in your life. It is, after all, not something you want to consider as less. Instead, the right size for your needs is actual more.
How can we assist you today?
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
Mobile: 541-420- 3725 | Mobile: 541-420- 4018 | Fax: 541-593- 5123
Licensed in Oregon