March 17, 2022

5 Important Considerations for Downsizing Seniors

As you approach retirement, you’ve realized that your home is simply too big for you. You don’t need all of the belongings that you’ve held on to over the years, and you’re finally ready to start decluttering and downsizing. But now, you’ve got to decide what to do with your current residence. If you’re wondering how to move forward when it’s time to downsize, these tips from Blue Beach House will help you take your next steps.

Aging in Place
What if you know that you’ll need more support from your adult children in the coming years, but you love your current neighborhood? Making home modifications so that you can age in place while welcoming a relative to stay with you as a caregiver could be a smart choice. NerdWallet recommends hiring contractors to widen your doorways, install grab bars in your bathrooms, put in slip-resistant flooring, and even add a wheelchair ramp in front of your door. While aging in place might not fit the traditional definition of “downsizing,” you can still simplify your life by decluttering your home before investing in renovations.

Move Closer to Family
If you’d prefer to move somewhere smaller and closer to your family, you could use the profits from the sale of your current home to purchase a new property. A local realtor can help you sell your home and buy a new house. And if you do choose to sell, you’ll want to ask your loved ones to give you a hand with decluttering before you begin packing. You can start by spending just a few minutes each day cleaning out certain rooms. Make sure to donate items that are in good condition!

Rent Your Home
You know that your current home isn’t right for you anymore. Yet you don’t want to sell it, either, and after going over your portfolio, you’ve realized that you could afford to purchase a new home without profits from a sale. If you’d like to keep your property, you could rent it out to tenants. You can use this rental income to fund some of your retirement expenses!

Maintain a Vacation Home
If you’re not keen on selling your home or becoming a landlord, you could consider keeping your home in the family as a vacation property. It’s important that all of your relatives who will be sharing it can agree to certain ground rules. Family Office Exchange states that everyone involved should settle on a formal agreement outlining scheduling vacations, usage rules, and how to divide expenses. This will help you avoid conflicts and disputes in the future.

Test Out Neighborhoods
Whether you plan to rent out your current home, keep it in the family as a vacation getaway, or simply sell it outright, you’ll need to determine where you want to live next, and that starts with researching the market. For example, in December 2021, home prices in Hollywood increased 25.4 percent year over year and currently average $420,000. And although the time a property is on the market dropped by 26 days, the number of homes sold declined 20.5 percent.

You might be interested in moving to an independent living community, or you may want to buy another, smaller home. Either way, you’ll want to explore a few different neighborhoods before you make a decision about where to settle down .

How can you get a feel for several neighborhoods in the city where you plan to live? You can rent out vacation homes in a couple of areas to experience what daily life would be like and make sure you’ll be able to enjoy all of your favorite activities. For instance, if you plan to retire in the Hollywood area, you might want to rent a house with an exotic backyard and an Argentine barbeque pit. If you want to live close to the beach, you may want to consider booking a vacation rental with a waterfront view.

You’ll also want to consider the future as it pertains to your health and the health of your senior loved one. There may come a time when moving into an assisted living facility is necessary, so look into the care facilities in or near your desired neighborhood. Fortunately, there are plenty of options in southeast Florida; you have your pick of 574 assisted living facilities in Miami alone.

You do not have to make big decisions about downsizing overnight. Take the time to discuss these different options with your family or a financial advisor to figure out which living situation would be best for you. Soon, you’ll know exactly where you want to spend your golden years!

Searching for an apartment to rent in Miami? Get in touch with Blue Beach House to book a stay!

Photo via Pexels

Brittany Fisher