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Choosing Your Next Home: A Guide for Seniors

Writer's picture: Joe FrankJoe Frank

Updated: Oct 5, 2024

As we age, our living needs and preferences change, often prompting the question: "What should I consider for my next home?" For those in the 50+ age bracket, this question can encompass five important factors:


1. Modifying your current home to better suit aging needs

2. Upsizing due to family requirements

3. Downsizing for a simpler, more manageable lifestyle

4. Financial Considerations

5. Emotional and Lifestyle


The following is a comprehensive guide to help you begin thinking about the many considerations of where and how to best live as we age. It's never too early to begin planning for that all to inevitable life stage.



1. Evaluating Your Current Home: To Stay or Not to Stay?

Assessing Suitability and Safety

First, consider how well your current home meets your needs in terms of accessibility and safety. Are there too many stairs? Is the bathroom safe? These questions are crucial as mobility tends to decrease with age. Look into the possibility of modifying your existing home. Simple changes like installing grab bars, a walk-in shower, or a stairlift can make a significant difference. Also, consider the benefits of smart home technologies like voice-activated systems that can control lighting, heating, and even locks remotely.


Cost of Modifications

Evaluate the cost of necessary modifications. Some changes, like widening doorways for wheelchair access, can be expensive. It’s essential to balance the cost against the benefit of staying in a familiar environment. Sometimes, the sentimental value and comfort of the familiar may justify the expense. An SRES® designated real estate agent can you help you with this assessment and calculation.

 

2. Upsizing: When More Space is Better

 

Accommodating Family

For some, the senior years bring joyous additions to the family, like grandchildren, or returning adult children. Upsizing provides the space needed for these larger family gatherings and extended stays. A larger home can also double as a future investment for the family.

 

Choosing the Right Home

When looking for a new, larger home, consider one with a flexible layout—perhaps a home with a ground floor primary suite or bonus room that can be converted into a bedroom. Or a finished basement or loft. These spaces can be used by guests and can also be converted for caregivers if needed in the future. Look for homes in neighborhoods that are safe, walkable and bikeable, have good amenities, and perhaps other families with children, which can keep the environment lively and engaging.

 

3. Downsizing: Simplifying Life

 

Reducing Maintenance and Costs 

Downsizing is often driven by the desire to reduce the time and money spent on home maintenance. Choosing a smaller home, or even a condo, can drastically cut down on both. It also often leads to lower property taxes, utility bills, and insurance costs.

 

Finding the Right Community

When downsizing, consider a community that fits your lifestyle. Some seniors prefer communities that offer social activities and are geared towards older adults. Others might choose mixed-age communities to stay integrated with families and younger people. Consider your lifestyle preferences, need for quiet, and access to health care facilities.

 

4. Financial Considerations

 

Budgeting for the Future

Whether upsizing, downsizing, or modifying your current home, it’s crucial to budget carefully. Consider your retirement savings, expected income, and potential healthcare costs. If necessary, consult with a financial advisor to make a plan that prevents financial strain, it's never too early for this.


 

Real Estate Market

Understand the current real estate market. The timing of buying or selling a home can significantly impact your finances. If you’re selling a larger home to downsize, doing so in a seller's market is ideal. Conversely, buying during a buyer's market can stretch your dollars further.


Real Estate Guidance

Your local Senior Real Estate Specialist (SRES®) Agent can provide guidance on the right time to buy and/or sell and help you find that perfect next home. If you feel staying in your existing home and modifying is best, your SRES® agent will have an extensive list of top notch contractors that can assist you.

 

5. Emotional and Lifestyle Considerations

 

Community and Social Connections

Regardless of the physical structure of the home, consider your social needs. Staying connected with friends, family, and community activities can significantly impact your happiness and mental health. Here's a great article from the National Institute on Aging (NIH) about the importance of staying connected and active.



Planning for Health Care

Consider proximity to quality healthcare facilities, especially if you have ongoing medical conditions that require regular attention. Also, think about the future and whether the home can accommodate potential health changes.

 

Wrap Up

 

Deciding on your next home in your senior years involves balancing practicalities with comfort and happiness. Whether you choose to modify your current home to age in place, upsize to accommodate family, or downsize for ease of living, the key is to plan thoughtfully. Consider your physical needs, financial situation, family, and personal happiness to make the best choice for your future.

 

By taking these factors into account, you can make a decision that not only meets your needs but also enriches your life, ensuring that your home continues to be a source of comfort and joy in the years to come.


For further reading and guidance on this topic, check out this great article from Caring.com.


As always, if you have questions on this article or any other real estate topic, please reach out as I'd love to help you. As an SRES® designated real estate agent, I'm well positioned to help you, and to always consider your best interest.


Thanks for reading - Cheers!


-Joe


Listen to the podcast for this blog article:

note: this podcast is AI created from my blog article.



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