Home-Hunting, Downsizing Considerations for Seniors

As we age, downsizing often becomes inevitable and may relieve stress while improving your odds of aging in place.
Different stages in life call for different environments. As a result, the house in which you or your older family members currently reside might not be the right home in the long run. This is truer for some homes than others. Any house with steep staircases, uneven levels, and other low-accessibility features will become difficult to navigate with time. Downsizing can often reduce costs and relieve stress. Perhaps counterintuitively, downsizing may even improve your potential to age in place.
If you’re in the market for a senior-friendly home, there are many features you should look for and elements you should keep in mind. Here’s a look at a few of the considerations you should have on your list when looking at a new place:
Downsizing and Affordability
Your first step when looking for any new living space should always be making sure it’s affordable. This can be a more complicated question for seniors, who often live on a fixed income. If you’re considering a new house, make sure you fully understand monthly expenses, including taxes, HOA fees, and utilities.
Rental rates can be a stressful consideration if you’re looking at a short-term lease. A space that’s affordable now might not be affordable if rent increases down the line. Ask potential landlords if they’d be willing to consider a longer-term lease to keep the rent steady. This can be a risky move – if the apartment turns out to have issues, you can wind up stuck there. Never sign a long-term lease without doing a thorough job vetting the apartment and researching the owners to check for a history of renter issues.
You should also keep in mind the value of your current home when considering what you can afford. You can’t rely on a quick sale, but if you plan to put your house on the market when you move, you should see that value eventually. However, don’t fall into the trap of assuming your house will go for the high end of its valuation range – you may wind up negotiating the costs down, so factor that into your financial planning.
Downsizing can reduce expenses, alleviate stress, and facilitate aging in place. Accessibility
Focus on making sure any potential spaces are accessible. This is important for the present and as you or your loved one ages. This means limited or no stairways, even levels, and features to assist with visual impairments , like good lighting and high color contrasts. Remember, existing mobility and vision issues may get worse with time. Planning a space now that’s as accessible as possible is your best call.
Downsizing
The odds are high your current home has more space than you really need. Many seniors choose to downsize , simply because their large family house costs more to maintain than is ultimately worth it. Plus, unused space...