Time to Make a Move?
Ben Richardson
50plus Magazine
The average person in the United States moves around 11 times in their lifetime. Most homeowners own their home for about 8 years, but we all know families who have lived in a home for 30 or 40 years.
In their later years, many make the decision to downsize. How can you tell when it’s the right time to take this step? My partner grew up on acreage in California, and the property had been in the family for most of her life. In their late 70s, her parents suddenly announced that they were moving to a senior community.
In this instance, my wife’s father had come to realize that the maintenance and upkeep was becoming more of a burden than he was prepared to deal with. The four children in the family were saddened to lose their family home, but ultimately their primary concern was the comfort of their parents.
Maintenance and upkeep are often the impetus for a move, as seniors look for ways to reduce stress while allowing time for other activities. Some who choose to move are seeking other benefits offered by a smaller home. These might include reduced energy for heating and cooling a smaller space and therefore less expense. Insurance rates for a smaller home may also be lower. There may be fewer investments for upkeep. Also, improved emotional wellbeing may be a direct result of having fewer belongings and less property to maintain, along with more time and available funds for travel and hobbies.
If your kids have moved out, and you’re rattling around in a big house, this may be another indication that a move is in order. If risks of falls have increased due to health issues, it may be time for a simpler floor plan with a more accessible layout. Single-story homes are often preferred because they offer greater ease of mobility.
Perhaps you feel you’d be happier living closer to family or friends, or maybe you’re located farther than you’d like from healthcare and shopping. Proximity to services, including public transportation, can allow seniors to stay independent longer.
The decision to downsize isn’t as simple as it sounds. Many folks tend to put it off for too long, only to find themselves in a crisis where someone else has to step in and make the decision for them. None of us want that outcome. And there’s a way to avoid it!
Having a solid plan for your senior years is key. You might want to consider reaching out to a move manager, a realtor, or a financial planner as your first step. They can be your trusted guides through this phase. There are professional resources designed to make the process less overwhelming. Also, don’t underestimate the power of wisdom from close family members and friends — their advice can be invaluable.
Speaking to others who have been through this transition or who specialize in it can boost your confidence as you plan your next move. After all, there’s no need to reinvent the wheel!
Ben Richardson is the Managing Principal Broker at Chastel Real Estate. He enjoys helping seniors and is a Seniors Real Estate Specialist. Ben can be reached at 971 272-3956.