Home Advice for Seniors Who Are Downsizing

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Real Estate

Home Advice for Seniors Who Are Downsizing to Smaller Spaces

 

Downsizing to a smaller home makes sense for many seniors, especially if there are health or mobility issues to think about. A smaller space means less to maintain, fewer risks of falls or other injuries, and saving money, so it’s a move that many seniors in the US make every year. It can be challenging to figure out what to do with your current home, especially if you own. Cleaning, making repairs, and putting the home on the market are big jobs that often take a lot of time to prepare for and complete, and you may not even be aware of all of your options. 

The good news is that there are plenty of ways you can make this next move in your life without bringing on added stress. The key is to give yourself some time to tackle the project, whether you want to sell, rent, or leave your home to a loved one. So, come up with a plan for getting the home into good shape since this will be crucial no matter which path you take. 

Read on for some tips on how to downsize and figure out what to do with your current home. 

Plan Ahead

Before you decide to sell your home, it’s crucial to do some research on the homes in your area and how much they’re selling for. Not only will this help you get a handle on how much you should list your home for, but it will also allow you to find out what buyers are looking for and how many homes sell for under the list price. The more you know about the area you’re selling in, the easier it will be for you to get your house on the market with minimal stress. Keep in mind that homes in the Baton Rouge area have an average sale price of approximately $86,000.

 

Consider Everything That Comes with Renting

Many people who make the decision to downsize want to find a way to monetize the home they own, and what better way to do that than renting it out? Finding vacationers or temporary tenants is a great way to earn extra income during the year, but there are a lot of responsibilities you’ll be responsible for if this is the route you choose. Making sure your home is updated and ready for renters may take a lot of work or money, depending on how old the house is, and you might also need help screening tenants or collecting deposits/rent. Think about how much you’ll need to take care of and how much time and money it will take before you commit to anything.

 

Know the Law 

If you think you might want to leave your home to a loved one, make sure you determine exactly what the terms are in a legal document. Whether it’s a will (or living will) or transferral of the deed, you need to make sure you’re specific about who will take possession of the home and when it should occur. This will not only help to reduce headaches on your end, but it will also ensure that there are no legal snags for your loved one.

 

Get Some Help 

Whether you choose to rent out or sell your current home, it’s important to get some help when it comes to cleaning, decluttering, making repairs, and updating everything first. Give yourself plenty of time to get everything done, and make lists of the tasks you need to tackle so you can stay organized. Remember that big jobs — such as installing appliances — should be handled by a professional. However, keep in mind that hiring a pro to install any appliances you might have will run you between $90 and $130 on average.

Downsizing to a smaller space may seem like the easiest way to proceed, but it can actually be a lot of work. Having a good plan in place will help you avoid costly mistakes so you can get through the process without stress or anxiety and enjoy the next phase of your life.