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When you’re ready to downsize, there are a few decisions you’ll need to make. Will you sell your current home? Rent it out? Allow a family member or friend to serve as a caretaker? You’ll also need to think about where you’ll move to. A little bit of exploration can help you find the perfect home to spend your golden years. Here, we offer some guidance on what to consider when looking to downsize.
Selling Your Home
If you decide to sell your house, you’ll get all of your proceeds in one lump sum, which can be great if you need the money to make a down payment on a new home. When you work with a dedicated agent from The Scislow Group, they will advise you on necessary pre-listing repairs and help you “stage” your home to create curb appeal and bring in top-dollar prospects. You can get an idea of what your home might sell for by checking out other home listings of similar properties in your vicinity.
Renting Your Home
If you decide to rent your home, you’ll have the benefit of receiving a monthly rental income. This allows you to keep the property and let it increase in value. The downside is, it’s not very practical if you need your home’s proceeds to buy a new place. If you decide to rent, you’ll also need to think about property management. Renting a home means vetting tenants, writing contracts, collecting rent, and troubleshooting repair issues. You can do this yourself or hire a property management company to do it on your behalf. According to All Property Management, it’s wise to learn about what property management entails to help determine whether it’s more effective to do it yourself or hire a pro.
Keep It in the Family
Some seniors opt to lend or rent a home out to a family member or friend who needs it. This allows the property to stay in good hands, though you’ll want to outline whatever terms you agree to in writing. This approach works well for seniors who are well established and have enough financial resources that the cost of a down payment on a new home isn’t a monetary strain. Just set clear expectations about who pays for upkeep and repairs, and consider renegotiating the agreement on a bi-annual or annual basis so you retain the right to reclaim your property if the need arises.
Where Will You Go?
If you’re looking for a great retirement home, but haven’t yet settled on a dream location, consider securing a vacation rental in cities or neighborhoods you think you might enjoy living in. Stay for a few weeks and get a feel for the community, the neighbors, and the amenities. You might even want to try out several neighborhoods in a new city. For example, if you currently live in the Twin Cities, consider a short stay in Apple Valley for a quieter way of life. By trying out a neighborhood or town, you’ll also position yourself to make an educated and informed decision about where you ultimately want to buy and settle down.
Things to Consider
Making a permanent move is a big deal for most people, so think through not only the amenities of a location but your current and future needs. For example, do you want to stay in close proximity to family and friends, or are you happy venturing off on your own? How about your health needs? If you have a healthcare provider or specialist you’re happy with, it can be a tough decision to part ways. Be sure to also consider safety modifications when looking for a home. While some modifications can be made after-the-fact (i.e. adding grab bars, using non-slip mats, etc.) it’s wise to look for a home that has wider doorways, lower countertops and a master suite on the first floor.
Staying in Touch
No matter where you go, make an effort to stay in touch with loved ones, friends, and family. Emotional and social support is absolutely essential as we age and having a varied network you can call on for mental and spiritual well-being is important. Learn how to use video conferencing software, and text, email, and call on a regular basis. Plan regular visits, as schedules permit, and help ensure those important relationships are healthy and active. Technology has allowed us to stay more connected than ever before – use it to your advantage!
Making a move later in life can be a highly rewarding and exciting experience. Make the most of this next stage by doing your research and making the decisions that are best for you now, and in the future.
Contact The Scislow Group for all of your real estate needs! Reach us online or by calling 612-747-9900.
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