When should a senior sell their home?
Selling a house is a big decision. For seniors, it can be an especially pivotal moment. Are you or your loved one a senior considering selling your home?
If you or a loved one are a senior who is considering selling their home, there are several important things to consider. Here are some important questions to ponder over.
What is Your Financial Situation?
When asking if a senior should sell their home, their financial situation can be a factor. It's advisable to consult with a financial advisor to understand their current and future financial state.
When speaking with your advisor, you should explore retirement savings, investments, home equity, and other sources of income. In addition to understanding the financial situation of your or your loved one’s situation you need to ask the following questions:
When speaking with your advisor, you should explore retirement savings, investments, home equity, and other sources of income. In addition to understanding the financial situation of your or your loved one’s situation you need to ask the following questions:
- Can you sustain your lifestyle as is?
- Are home values in your area rising or falling?
- Could selling now provide you with greater financial stability?
- How much money will you have going forward for housing and other expenses?
- How much do you need to cover your housing and other expenses?
A good financial advisor can help answer a lot of these questions. Though not qualified for financial advice, Senior Real Estate Specialists like Margie Yohn can help you select the right financial advisor. Their strong network of advisors, lawyers, and accountants can ensure you are working with someone you can understand and trust.
What is the Cost of Staying in Your Home?
For seniors living on a fixed income owning a home can become an expensive burden. It's crucial to ask questions about all the costs associated with home ownership. Here are a couple of questions to consider.
- Is there work to be done on the house?
- Are there reoccurring late fees due to forgetfulness?
- Is there a lawn to upkeep?
- Is the house becoming increasingly cluttered and dusty?
These expenses can add up over time, and fixing them may either be too expensive or too much of a hassle. If you answered yes to many of the above questions it may be beneficial for seniors to consider selling their home and consider a senior living community or a multi-generational living situation.
What is the Current Housing Market?
When considering selling a house, understanding the current housing market is vital. Margie Yohn and other Senior Real Estate Specialists understand the real estate market. Senior Real Estate Specialists are professionals that help elderly individuals and their families make important decisions regarding housing. They can guide you on whether now is a good time to sell or if planning to sell soon is better.
Are You Lonely In Your Home?
Seniors may experience significant loneliness. For seniors selling their homes, it may not be about the finances or house maintenance. Loneliness may be the major decision-maker. It may be about missing the company they once had. No more pitter-patter of friends, family, or pets coming and going. Sometimes the quiet of the home can be enough to seek community membership.
Moving into a senior community can provide an enriching social environment. These communities often offer various activities, both within the community and outside. These activities foster camaraderie that can last a lifetime.
Moving into a senior community can provide an enriching social environment. These communities often offer various activities, both within the community and outside. These activities foster camaraderie that can last a lifetime.
Is Your Home Safe?
Safety should be a priority when evaluating whether a senior should sell their home. If your home requires numerous modifications for safety, the bill can increase quickly. Senior living communities offer safety features such as wider hallways, walk-in showers, ramps, elevators, and call buttons for services. These communities are designed with senior needs in mind to make life easier and safer for residents.
Do You Need Assistance?
Reflect on whether daily tasks like putting on shoes, remembering medications, doing laundry, or driving yourself have become increasingly difficult. If so, this could be an indicator that it may be time to sell your home and transition to a personal care or assisted living community. These places can assist with daily tasks, medications, and more.
Be Patient
When people ask if they should sell their homes, I emphasize the need for patience. It's a significant decision that requires careful thought and consideration. Take your time. Reflect on your circumstances and evaluate all possible options. And remember, you're not alone in this journey. Professionals like Margie Yohn are there to guide you and ensure you make a decision that's in your best interest.
When a senior considers selling their home, it's not just about changing addresses. It's about starting a new chapter in life. A chapter of comfort, safety, and fulfillment. With patience and the right guidance, the decision to sell can be a rewarding step forward.
When a senior considers selling their home, it's not just about changing addresses. It's about starting a new chapter in life. A chapter of comfort, safety, and fulfillment. With patience and the right guidance, the decision to sell can be a rewarding step forward.
You can count on Margie Yohn, Realtor® & Seniors Real Estate Specialist®, to guide you through seniors issues --either yours or on behalf of an elderly loved one -- with the goal to inform, educate and advocate for transitions that are less stressful and more successful. For Seniors On The Move!