Options for Seniors Who Need to Handle Their Old Home When Downsizing

For a large portion of the senior population, there comes a time when it’s advisable to downsize to a house that is easier to manage. If you’re worried about what will become of your old house, there are several possible options for you to consider:

Put your home on the market.
If you don’t mind parting with your old home, putting your house on the market could be a great way to fund the transition to a smaller property. Since you’re downsizing, you may have some extra money left over from the sale. You can any extra money towards renovations, in a savings account, or use it to clear up past due bills. Make sure to work with a reputable real estate agent and stage your home in order to maximize your profits.

Become a property manager.
Seniors who are on the fence about selling or keeping their home could consider entering into the business of real estate. After downsizing to a more manageable home, you could rent out your old property and receive a nice monthly income. You’d be able to maintain legal ownership of the home if you ever decide to sell in the future.

It’s important to keep in mind that running a rental property isn’t a passive endeavor. Your home will have to meet living standards and will require some maintenance over the years. If you’re up for the challenge, living nearby can make things easier. For seniors not capable of managing a property alone, you could hire a professional or have a family member join in on the deal.

Let your family take over.
It’s not easy to let go of a home which you’ve lived in for so long. People naturally associate their homes with fond memories of children, spouses, and other loved ones. If renting seems too involved and selling is out of the question, you still have one option left on the table: keeping the home within the family. This is a solid choice for seniors who are financially stable and who have an emotional connection with their home.

With this option, you’ll be confident that the home is cared for, and you can visit whenever you like. It’s perfect if you can find a relative who needs a place to stay. You could even earn a nice monthly stipend if you feel comfortable with that agreement. If nobody in your family is interested in living there but would be willing to help you maintain it, it’s enough to have someone check on it once a month.

De-clutter and clean your old home.
When you make the transition to a smaller home, you can capitalize on the opportunity to de-clutter. After all, downsizing isn’t just about having less space; it’s also about learning to live with less. If there are some items you’re ambivalent about, rent a storage unit for space until you can decide. In Rockville, the average price of a 5×5 storage unit is $49.49, but the cheapest price is $20. Once you’ve de-cluttered, you should focus on giving the home a good cleaning. This way, your home will be ready for whichever option you decide to go with. If you prefer, you can also opt to hire a professional cleaning service for an additional cost.

When it comes time for you to downsize to a new home, there are a few options of handling your old home to choose from. To determine the best choice, you need to consider your financial standing, current health, and other relevant circumstances. Getting the most out of your old home can make the transition easier to handle.

Written by: Hazel Bridges
AgingWellness.org
Photo Credit: Pixabay.com
Photo provided by Hazel Bridges

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