How to Find a Home You Love and Can Afford for Your Golden Years
Mike Longsdon helped his parents with their move, and wrote this great article to help others.
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How to Find a Home You Love and Can Afford for Your Golden Years
Downsizing can make smart financial sense for seniors due to the reduced expenses of a smaller property. Most seniors find they only use a few of the rooms in their current home, and that the maintenance and expenses now outweigh any benefits. The entire downsizing process—searching for a home, deciding what to take with you, and planning for the move—requires careful thought.
Consider All Possible Options
One of the many reasons downsizing is so appealing for seniors is the reduced responsibility for home maintenance. Many retirement communities, condominium associations, and assisted living facilities provide maintenance services, leaving you with less to worry about.
If you have your heart set on a particular facility and in a certain neighborhood, it’s best to act quickly. As the senior population continues to grow, more and more senior living communities have waiting lists. Some lists are up to a year long, emphasizing the need for early planning when it comes to downsizing and relocating.
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Location, Location, Location
When you make the decision to downsize to a smaller home, the first order of business is deciding the location. If moving to a new neighborhood, city, or state, researching the following information can help make your decision easier:
Home prices
Property taxes
Proximity to medical facilities
Accessibility to transportation
Local activities and events
Nearby shopping and dining
Crime statistics
For some seniors, moving closer to grown children and grandchildren is an attractive option. However, if they live in a rural area, the distance to your medical appointments may increase. Another consideration is access to activities and events; a new home near book clubs or exercise classes can help seniors make new friends and can reduce the risk of isolation.
Affordability
Choosing the right type of new home depends upon your mobility, medical needs, and finances. While your medical needs may change over time, chances are your finances will not. Knowing how much you can afford can help you begin the planning process.
Online research is an important first step for getting a feel of affordability in your desired location. Specifically, look for the average price of homes to help you decide. In Asheville, homes have sold for an average of $321,000 over the past month.
If there is still a mortgage associated with your home, inquire about any penalties for paying off the mortgage early. Hidden and unexpected costs can quickly add up for selling your current home and purchasing a new one.
Leaving the Familiar for Someplace New
Moving from a home filled with memories is tough. As you sort through a lifetime of belongs, deciding what to toss, keep, or donate is equally challenging. When it comes to decluttering, focus on one room at a time. For items such as family heirlooms, the decision is usually a harder one to make. Consider gifting these items to a family member or, if they don’t show interest, get the items appraised by an antique dealer. You can put the money generated from a sale toward your moving expenses.
In order to pack and move your belongings with as little stress as possible, you’ll need the right supplies and a good deal of planning. Making a packing list will help you decide which supplies you’ll need and the quantity of each. If you need help moving, you can hire a professional moving company, but research estimated costs first. In Asheville, it costs about $104 per hour to hire a moving service.
[note from editor: check out our MEMORIES VIDEO available free to our clients at www.AllstarCertifiedPrograms.com - this was developed after realizing that people are attached to memories not the box - and this provides a video to keep and to share forever]
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You can also make the moving process less stressful by taking pictures of the interior of your current home before you start packing for the move. The pictures can serve as helpful tools when you unpack later. Placing familiar furniture and objects in similar types of spaces can also help make you feel more at home.
Change is hard at any age. When you leave a home full of memories, it is especially difficult. In order to make downsizing easier, plan carefully and have confidence in the choices you made. Then, once you’re moved in, you can focus on creating new memories.
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Written by Mike Longsdon
Love this and so true.... location, location, location! Considering what you want your life to look like, what you want to have access to, etc is SO important! This is so helpful!