Staying in your house as you age is an idea that sounds perfectly nice – and for some people it works out fine.
But there’s a flip side. Simply put, your house isn’t getting any younger. It can quickly become a drain on both your financial resources and your energy.
Delaying a home sale opens us up to market fluctuations or a lower sales price due to delayed maintenance or changing homebuyer preferences. And between, monthly expenses and routine and unexpected maintenance costs, you may be paying more to remain in a mortgage-free home than it would cost to make the move you’ve been considering.
Ask yourself the following questions:
- Does your house have the things you need to age safely and conveniently as you age – single-floor living, accessible baths, kitchen and laundry, and security features?
- Could you easily live in your house if you were recovering from an injury that challenged your mobility?
- Do you have neighbors and friends close by who you routinely socialize with and a dedicated support network to help you age safely and well?
- Do you have reliable support for home maintenance and repairs?
- Have your home’s floorplan and features kept pace with new homebuyers’ demands? Are you willing to invest the energy and money to make that happen?
The personal and financial costs of “not yet” can be much higher than we realize. Maintenance, lawn care, taxes and utilities, and major repairs add up faster than we think.
Download the worksheet below to help you estimate the potential future costs of remaining in your home. And contact our retirement counselors to see how they compare to some living options.