Retirement? Should I Stay or Should I Sell?

The popularity of aging-in-place is growing, however, aging-in-place may not be the best option for everyone.

When we talk about aging in place, what we’re talking about is the idea …that you will be remaining in your own home for the latter years of your life; not moving into a smaller home, not moving into assisted living, not moving into a retirement community, or other available options.

Bob Woolverton, MCNE, CREA
MCNE (Master Certified Negotiation Expert), and
CREA (Certified Real Estate Analyst)

206-794-8070

Pure Real Estate
600 108th Ave NE Suite 505
Bellevue, WA 98004

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There’s no doubt about it – there's definitely a comfort in staying in a home you've lived in for years and years, instead of moving to a totally new or unfamiliar environment.
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There is, however, new information that suggests this may not be the best option for everyone. Obviously when we weigh the Pros and Cons of aging in place, the familiarity of your current home is definitely in the Pro column.
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But the potential financial drawbacks to remodeling or renovating your home might actually be more costly than the long-term benefits.
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Current statistics show, of the 24 million homeowners age 65 and over, more than 80 percent lived in detached single-family homes. The majority of these homes are now over 40 years old and therefore can present maintenance challenges for their owners.
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If you're in this spot, 40 years ago you may have had a growing family. And For that reason, you probably purchased a 4-bedroom home on a large piece of property in a child-friendly neighborhood. It was a great choice for your family, and you still love that home.
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I totally get it, I love my home, too.
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But, today, your kids are likely grown and moved out, so you don't need all of those bedrooms. Yard maintenance is probably very time consuming, too. Not to mention cleaning out the rain gutters. Or maybe, you’re travelling more than ever, and you’d be better served with something you can can just lock-up and leave. And leave it for months without worry. That might be an appealing option, too.
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Or, You might be thinking about taking some equity out of your home and converting one of your bedrooms into a massive master bathroom, and maybe another room into an open-space reading nook.
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Or, You might also be thinking about cutting back on that lawn maintenance by installing a pool surrounded by beautiful paving stones, or maybe it’s time to install artificial turf in the yard to avoid the lawn maintenance.
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It all sounds wonderful, doesn't it? For the short term, you may really enjoy the new upgrades, but you'll still have to climb those stairs, pay to heat and cool a home that's larger than what you need, and continue fixing all the things that start to go wrong with a 40-year-old home.
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While it's typically less expensive to remain in your home than to pay for assisted living, that doesn't mean it's a slam dunk to stay where you are. Many people look at the monthly cost of staying in their home, but often overlook the costs to manage the ongoing maintenance and care – for your home, AND for yourself.
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So, at some point, the time may come when you decide to sell your home anyway. And that can pose a big challenge if you've already taken cash value out of your home and used it to do the type of remodeling we mentioned earlier.
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Realistically, you may inadvertently lower the value of your home by doing things like reducing the number of bedrooms. The family moving into your neighborhood is probably similar to what your family was 40 years ago. They probably have young children, they need the extra bedrooms, and they may be nervous about the new pool you recently installed.
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The Bottom Line is this…
Before you spend the money to remodel or renovate your current home so you can age in place, let's get together over a cup of coffee and discuss the pros and cons and look at all the available options to determine what is truly your best option.
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Perhaps downsizing might make better sense, or moving to a warmer climate with a lower cost of living might make better sense, or moving into a condo you can just lock-n-leave, or some combination of all of these things.
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But either way, if aging in place is something you or a loved one is thinking about, before you spend money on that remodel, before you spend money on modifying the landscaping, let’s get together over a cup of coffee and discuss ALL of your options, and figure out what makes the best sense for you.