Sell, Rent, or Keep: The Psychology Behind Downsizing
BY MARK SIMONS
Most older adults consider downsizing. Yet despite all the signs that it’s time to consider scaling down, such as the death of a spouse, a major health event, or the inability to keep up with household management, many people still struggle with letting go of their old life and the bittersweet memories it holds for them.
After all, our homes are tethered to our sense of self and identity, providing us with a sense of familiarity and security. So, this begs the question: Do you sell your home, rent it out, or keep it in the family? Read on for some insights from Virtual Business Solutions Real Estate.
Time to Let Go
Should you sell or rent out your home? Like any big decision in life, it depends on your circumstances. Before making any decisions, research the average costs that homes are selling for so you know what you might get for your current home, and what you might need to spend on a new home.
Perhaps you’re considering selling so you can move to a senior living community. These communities can be costly, so ensure your budget can cover the costs and choose the right facility. If you require care for health-related issues and can no longer live at home safely, then a skilled nursing facility offering 24/7 care is an option. Research detailed facility reports online as well as pricing information, payment options, and reviews on all of your top choices. You’ll find plenty of options in the Dallas area, with nearly 40 facilities in operation.
If you’re moving to a smaller home or apartment, or want to rent out your home, hire the right professional. Finding the right realtor will price your home appropriately to maximize the selling or rental price.
Moving On
Moving is often one of the most stressful and emotional life events, with 64% of respondents in a OnePoll survey indicating that their most recent move was one of the most stressful things they’ve ever experienced.
Ensure a smooth relocation by following these tips when hiring a moving company.
Research local moving companies online. Some companies offer moving services for seniors aiming to make the transition as smooth as possible by providing turnkey services.
Obtain at least three quotes. Before choosing a moving company, obtain multiple quotes. Don’t accept verbal estimates and insist on a written estimate. Remember, legitimate movers should conduct an on-site inspection before evaluating the cost and providing a quote.
Taking the time to plan your move and hire the right people will hopefully save you issues on
moving day.
Staying Put
Every person is different and has unique reasons for wanting to stay in their homes. According to research by the Journal of Aging Studies, 92% of adults aged 65 to 74 wished to remain in their current homes as long as possible, despite diminished physical and cognitive abilities.
However, there is a solution. Investigate home care agencies which offer high-quality, customized senior care in the comfort of your home by experienced caregivers.
Buying a New Home and Finding a Mortgage
If you are downsizing and in the market for a new home, you will need to decide which features are most important in your new home. Additionally, it is crucial to explore your options for financing your purchase, such as researching various lenders and exploring different types of mortgages. Ultimately, choosing the right mortgage will be key in determining whether or not you can make your dream of owning a home a reality.
Downsize With Confidence
There will always be challenges when it comes to making the right decision to sell, rent, or keep your home. Whether you need home care or senior living, remember to know the pros and cons of selling your old home or renting it out, have a solid moving strategy, make the most of your mortgage choices should you choose to live in your own house.
Virtual Business Solutions Real Estate helps real estate professionals increase productivity, strengthen the bottom line and ensure their clients expectations are met and subsequently exceeded. Give us a call today at (972) 540-7745 to learn more!