You’ve spent 45 years in the same home – neighbors and friends have come and gone, children have flown the coop, and grandchildren are getting older. Wonderful memories remain but are fading, while the expense of maintaining your current home keeps increasing. What can you do?
The solution can be downsizing.
The reality is that the aging population needs to explore the many housing options available to them to be prepared for the future. Exploring the options of downsizing to a smaller home with a 1st-floor bedroom, a condo, a 55 or over community, or an assisted living community can be unsettling. However, downsizing can be rewarding too. Making new friends can be energizing and refreshing, and losing the worries of maintenance and upkeep can be a relief. The most important decision in downsizing is to decide on your lifestyle, your current needs and anticipating the future. Relocating can be the start of a whole new chapter.
Discussing your thoughts with your family may result in conflicts of opinions. They may object initially but most will become supportive and helpful when you express your concerns. The most important advice when dealing with family is “Put your feet into their shoes” – on both sides of the discussion. Emotional attachments to life-long possessions are difficult to overcome but sentimental attachments can be gifted.
Remember there are pros and cons to downsizing.
There is no one-size-fits-all answer for everyone, everyone’s situation is unique. You must Include your financial advisor & your accountant in your discussions to make sure you understand the consequences of choices you will be making.
Some factors to consider are:
• How much is my house worth
• How much is my purchase or annual rent
• Fees involved with selling my house
• Fees involved with finding a new home, condo etc
• Yearly fees to maintain my residence
• Yearly fees to maintain a new residence
• Moving Expenses
• Purchasing Expenses
Once you have made your decision there are many resources available to assist you. If you want more information, contact Muriel Hackel, Coldwell Banker Luxury Property Specialist, and she would be happy to help!