Deciding whether to stay in your home during your retirement years or whether to downsize can be a difficult decision. Unfortunately for many seniors, once the kids have moved out and the regular paychecks stop coming in, it gets harder and harder to maintain and pay for the house you’ve loved.
But the fact of the matter is that while it’s hard to say goodbye to your house and move into a senior village or facility, it may be a better choice in the long run. Your expenses will go down, you can move somewhere that’s more accommodating for your lifestyle, and you get the chance to be more active and meet new people. Here are some tips if you are thinking about downsizing your home:
Consider what you do and don’t really need
Moving into a smaller home is a great time to clear out the clutter and just bring what you really need. You can have a yard sale to get rid of those things that are just taking up space in your house, such as furniture you haven’t used in years, and also make some extra spending money to buy items for your new place. But before you sell or get rid of everything, make sure you give your adult children a chance to take what they want from your house. You never know what might be sentimental to them, and it also affords you the chance to give them some things you may not have room for anymore but don’t necessarily want to get rid of.
Carefully assess your space needs
It’s always important to take into account your storage needs when looking at senior housing. Depending on the new place you will be moving into, your storage space might be cut down drastically – perhaps affording little to no room at all. You’ll also want to see what kind of furniture will fit into your new home – for instance, you may not be able to fit a king-sized bed into your new bedroom, so you’ll want to go with something a little smaller. Measure the space of your new home to determine how much room you’ll have available for furniture.
Find a place that’s right for your lifestyle
If you’re an active person, you’ll likely want to move into senior housing that has a lot of opportunities for socializing and making new friends. The opposite is true if you prefer a higher level of solitude. If you still drive, make sure your new home is centrally located to your grocery store, pharmacy, and doctor’s office. If being close to family is important, make sure you pick a place that is easy for you to visit them and vice versa.
If you have additional questions about downsizing your home or how to deal with the sale of your family property when it comes to your overall estate or long-term care plan, please contact our Brandon elder law firm at (813) 438-8503 to set up a consultation so we can provide you with guidance for this next step in your life.