2 Oct 2019
The decision to downsize/make a move or stay in your current home requires planning, preparation and, finally, good execution. In considering what to do, you
may be wondering:
- Can I afford to stay in my current home?
- Where do I want to live?
- How do I prepare my home for sale?
- What will I do with all my belongings?
- Can I lower my taxes but still get a similar amount of space?
Perhaps the most important thing we can do is to keep an open mind about our options. Many of us would say we can’t imagine leaving a home where so many memories were made. This is when we need to ask ourselves:
What’s best for the long haul? Staying put typically feels like the easy and comfortable choice but thinking about the long term is essential. Is it financially prudent to stay, especially with ever-increasing property taxes? What about home maintenance and repairs, and possibly having to renovate to accommodate changing needs? Also ask yourself if you are getting pleasure in the space you are in. Do you actually use all your space or is it more of a physical and/or financial burden? Is the idea of lowering your taxes, maintenance and heating bills appealing?
Other factors to consider are your current and eventual health status along with access to medical care; safety concerns; proximity to family and friends, shopping, socializing and activities. It all goes back to sound long-term financial, physical and emotional planning.
Where to go? Should you downsize to a smaller single family home, condominium, independent living community or assisting living residence? These choices should be weighed not only in the terms of the cost but your ability to comfortably address the above-mentioned concerns.
It takes a village. Most everyone turns to a realtor because the house is at the center of the decision-making process. Preparing a house for sale and finding the right one takes time. You may need contractors to do some repairs and updates, possibly a stager to assist in de-cluttering. In some instances, other professionals (an elder care advocate, attorney or a certified financial planner) may also be needed.
Just know that help is out there – you don’t need to go it alone.
Latest posts by Steven Geiger and Rosemary Stern
- should i stay or go? - October 2, 2019