By Mike Longsdon
There are many reasons why seniors decide to move residence close to or following retirement. After all, letting go of the burden of maintaining a large house can be incredibly freeing.
There are many options for retirement living:
- Smaller house
- Assisted living facility
- Retirement community
- Independent living center
- Condo or apartment
Regardless of your decision to move, there is one thing all options have in common: figuring out what to do with your current home. You can rent your home, sell, or leave it with your family. Let’s explore these three options in a little more detail.
Renting Your Home
For many seniors, especially those who live in highly coveted neighborhoods, renting your home can add some spending cash to your bank account, create a cushion for unexpected medical costs and boost your investments. This is especially true for seniors who have a vacation home. For example, according to vacation-rental site Turnkey, waterfront neighborhoods in Shoreline and Ballard can be popular with tourists, which could result in additional income if you choose to lease your property. Additionally, with unparalleled international dining, gourmet coffee shops and great local beer, Seattle is a place that attracts people on a regular basis, so this could be a lucrative option.
Leaving Your Home with Family
Letting loved ones use your home when you move to, for example, an assisted living facility can help keep your home in your family. With so many memories in those walls, knowing your loved ones can continue your legacy helps ease the emotional strain of moving out. You have given them a space to build their own traditions with their own memories, which keeps love alive in your house. Plus, this can be a great way to keep your home as an investment, which can be an important asset or piece of collateral down the road. Leaving your home with family you are comfortable with can help you maintain financial stability and peace of mind in your golden years.
Selling Your Home
Many seniors downsize in retirement. For some of us, the large homes where we raised our families have become too much responsibility. For others, paying the utilities and keeping up with the maintenance can be overwhelming. In these cases, many seniors choose to sell their homes to pay for a smaller house or a unit in an assisted living facility. The first thing you need to do is research where you want to be and how much you will need to set up residence there. Next, you’ll need to find out how much your current home will fetch on the market. When you are ready to list your home on the market, connect with a Realtor ® to help you stage your home, address any quick-fix issues and advertise your listing.
Moving into a new place — be it a smaller home or a condo in a retirement center — can be an emotional time for many of the seniors who do it. Talk to a financial advisor, as well as your family and friends who have already gone through something similar to get their advice and support.
Mike Longsdon provides advice to seniors on downsizing and aging in place and can discuss concerns like tackling home accessibility modifications, how to find a great contractor, the benefits of aging in place and more.