When Should Senior Citizens Sell Their Home? Considerations, Tips, and More
Are you preparing for retirement and considering moving out of your current home? Would you like to retire to a warmer climate or move closer to your grandchildren?
Whatever the case, you have probably wondered if selling your house is the right move. Concerns are understandable and expected of any homeowner, regardless of age.
Selling your home is a personal decision, but you — or your loved one — can make the best choice with some thought and consideration.
In this article, you will learn:
What to consider when deciding to sell your home
Benefits of selling your home
Tips for selling your home
Table of Contents
When Should Senior Citizens Consider Selling Their House? 5 Considerations to Keep in Mind
Selling your house can be a difficult decision and one that can involve several complex factors. That’s why we’ve put together a list of 5 questions to ask yourself while considering selling your home.
#1: What Is the Cost of Staying Put?
Countless memories have been within the property’s walls.
And you may have your home fully paid for because you contributed to the mortgage for decades.
While the costs of moving, monetary and other, can feel daunting, the cost to stay in your home might be higher than you think.
You know how difficult it can be to maintain a house.
A new roof.
A water heater that’s officially on its last leg.
A refrigerator that needs coolant that you can’t get anymore.
Older homes generally require more maintenance. The longer you live in a home, the greater the expense likely becomes.
There are additional recurring costs to consider such as:
These costs continue to rise over time.
Another important cost to factor in is property taxes. Even if you don’t have a mortgage payment, you’ll continue to pay property taxes while owning a home. In other words, every month you remain a homeowner is another month of bills that can surely add up.
#2: What Is the Current Housing Market Like?
What is the current housing market? Hot? Cold? Do you expect a good return on your home sale?
Before listing your home, these are things to consider. A hot housing market can lead to a good return on your investment. On the other hand, a cold housing market can lead to a poor return on your investment.
For example, when there are more homes for sale than buyers, it’s known as a cold market and it may not be the best time to sell.
When the real estate market is hot, there are more buyers than houses available, making it the best time to sell.
If you’re considering putting your house on the market, it is always a good idea to meet with a trusted local realtor who can discuss with you the best way to go about selling your home.
#3: Can You Still Move Around Your House Freely?
Falls are one of the leading causes of injury among seniors. That’s why, at a certain point, it may be a good idea to ensure a home is a safe environment for you or your loved one.
Many dangers can exist in a house. For example, porch stoops, basement stairs, and other home features can become challenging — and irritating obstacles — for homeowners to navigate as they age.
For aging adults who have lost a little of their sense of balance, there may be a higher risk of tripping and falling on an upturned rug or a wet floor.
Safety should be a top concern for any senior wondering if they should sell their home.
#4: Can You Handle the Maintenance of Owning a Home?
In many cases, a homeowner can pick up the phone and call a service to come mow the lawn, fix an appliance, or take care of a bigger project. Although, this isn’t a luxury everyone can afford.
The decline in abilities associated with aging may pose a threat to older adults’ ability to maintain their homes.
Maintaining a household involves more than just cleaning. Minor tasks such as replacing light bulbs and air filters are part of maintenance, but there are also more significant tasks like landscaping, gutter cleaning, and more.
Because of difficulty with maintenance, larger homes or houses with large yards and pools may become more challenging to maintain as years go on.
#5: Could You Benefit From Assisted Living?
The idea of selling your home to move into a senior living facility may send you into a spiral of negative thoughts — but what may not be occurring to you is the amount of joy a maintenance-free lifestyle may bring.
Aside from relieving seniors of many of the tasks that take up most of the day, they can now really enjoy life. Instead of spending hours trying to maintain a yard or trying to find help to clean out the gutters come spring, they can get back to doing things they love.
Assisted living communities are ideal for those seniors looking to stress less about household chores, maintenance, and even remembering to pay the bills regularly.
Assisted living communities provide personalized care to older adults in a residential setting. These services are offered to seniors whose health or well-being require a higher level of support.
Services offered by assisted living communities include:
Life enrichment activities
In addition, the staff is available 24/7 to help with safety, care, and support.
At Seniors Services of America communities, our teams believe in providing the best for our residents. We are here to meet the needs of our community members while still providing an environment that promotes independence.
We strive to help our residents feel at home.
Are you interested in learning more about our assisted living communities? Find your nearest community to speak to an advisor today.
4 Benefits of Selling Your Home and Moving into a Senior Living Community
Feeling waves of uneasiness about leaving what’s familiar and questioning what’s next after you sell your home is completely normal.
And we’re here to minimize those feelings of uneasiness by giving you the inside scoop on how this move can open up a whole world of stress-free living — one full of joy, purpose, and companionship.
#1: Increased Opportunities for Socialization
You pictured your retirement as a time when you’d explore the world, spend time with your loved ones, or simply enjoy dinner with your friends every Wednesday.
Instead, you’re struggling with the idea of inviting your friends over because you just don’t have the energy to clean anymore.
Retirement isn’t meant to be isolating.
Socialization is one of the biggest benefits for people moving to senior living communities.
Taking a fitness class, playing cards with your buddies weekly, enjoying dinner with your spouse — without having to touch the dishes — are just a few ways seniors can enjoy a social life in a new senior living community.
#2: Housekeeping and Maintenance
Do you find that your household chores are taking you longer than they used to? Between the housekeeping and maintenance, you just don’t have the time or energy for much else.
When seniors sell their homes to move into a senior living community, the weight is taken off their shoulders. Housekeepers take care of day-to-day upkeep.
If something in your apartment, or room, is broken, maintenance workers are there to take care of it — without an extra bill in the mail.
Senior living communities make daily living effortless and maintenance-free.
#3: Personal Care Options
Senior living facilities are designed to cater to each individual’s:
Health needs; and
Staff at the facility get to know each resident, making them feel at home, understanding what support they need, and creating a supportive environment that facilitates their well-being.
By thoroughly getting to know what medical and personal needs each resident has, facilities can enhance seniors’ quality of life and promote their independence by providing personal care services, including:
Laundry services; and
#4: Safety and Peace of Mind
The home you loved for years may not provide you with the same comforts as it once did as you age, whether because of stairs that are unsafe to climb or spaces that are just too hard to bend over and clean without increased risk of falling.
Maybe the increased crime in your neighborhood has you wishing for some additional safety and security?
Assisted living facilities provide seniors with peace of mind and added safety. alert systems in each residence to maintain safety and peace of mind.
Safety features can include:
Walk-in showers with anti-slip tape
Bathtubs with grab bars
Easy to reach door handles
Call buttons in each room
6 Tips for Seniors Looking to Sell Their Home
#1: Create a Plan
Preparing the house for sale can be easier if you have a plan and know when to seek help.
Start by creating a timeline. Include the following:
When you want to sell your home
When the ideal time to move might be, and
How long it may take to pack up your belongings.
From there, you’ll have a clear picture of how and when you need to take action.
#2: Declutter Your Belongings
The next step for seniors selling their homes is to declutter and have the house cleaned.
Over time, you have probably accumulated a lot of stuff in your house. A lot of this stuff might have sentimental meaning, while other things may just be dust collectors.
But all that stuff can affect how your home sells.
When potential buyers walk into a home filled with clutter, it is nearly impossible to see the house’s bones — potentially resulting in a home that sits on the market for months or even years and doesn’t command top dollar.
It is best to clear out the clutter now.
Not ready to get rid of everything? Or are you worried you won’t have space for it but aren’t sure what to do? Consider renting a storage unit.
Want to be sure your most cherished items are going to a good home? Consider donating to a charity you trust or inviting family over to pick items they’ll cherish as much as you did.
Decluttering can feel challenging, but the last thing you want to do is move into your new place with an overwhelming amount of stuff and not enough space.
#3: Hire a Good Real Estate Agent
You don’t want to attempt a do-it-yourself sale. Why? It makes you responsible for everything and makes the entire process more stressful. And selling real estate is a full-time job.
Instead, you should hire a real estate agent with a solid reputation in the area.
An excellent real estate agent will help you sell your house for the highest market price and simplify the selling process.
#4: Hire a Moving Service
Packing and moving boxes and furniture can result in injuries or falls, so consider hiring a moving service rather than doing the job yourself.
Let a professional moving company take care of the heavy lifting and the stress. Professional moving companies simplify the process by packing, transporting, and sometimes even unpacking all of your goods so you don’t have to.
Are you worried about the cost of hiring a moving company? Consider asking your family, friends, or neighbors for help.
#5: Be Patient
It takes time to sell a house. First, one must wait for an offer, then counter-offers, and then sign the papers.
When you take the right steps, all the waiting will be worth it in the end.
#6: Don’t Forget to Update Your Home Address
The last tip for seniors selling their homes is updating their address when moving. Contact the post office and ask for your mail to be forwarded to your new address.
Changing your address with the following entities is also necessary:
Social Security Administration
Join The Senior Services of America Community
We understand how overwhelming it can be to sell a home and move to a new community when you’ve spent years in your home.
At Senior Services of America communities, our number one priority is to help you feel at home. Our residents are encouraged to remain independent and lead meaningful lives. Our goal is to keep residents engaged in their lives:
Our team is here to help you, or your loved one, adapt to their new home. Ready to learn more? Find your nearest community today.