7 Simple Tips to help you make the decision to Stay or Go – Do you decide to age-in-place or sell your home and downsize? 

1. Know your WHY.  Why do you want to make a move? What is your motivation or reason?  Is it because you want to move or you think you need to move?  Make sure you know why you are making the decision and that it makes sense for you and your situation.
2. Understand WHAT will it cost.  Review your cash flow and match your cash flow to your desired lifestyle.  Do a Stay-Or-GO comparison…  Add up all the maintenance costs related to staying in your current home, including landscaping upkeep, repairs, and housekeeping.  Will there be any big expenses that are five or ten years away?  Will you need a new roof, or a chair lift to get to the second floor?  When considering moving, don’t forget to include any hidden costs, such as disposing of no longer needed items, moving costs, set up costs, buying new furniture to fit your new space, travel costs if you are moving away from family or other professionals you use, ie. doctors and specialists.  Will you sell and buy or sell and rent?  Comparing these costs and being realistic about your numbers will help give a better comparison for the stay-versus-go equation.
3. Envision your new lifestyle.  Wherever you decide to move, envision your new lifestyle.  Is it near things that are important to you such as family, friends, and important amenities?  If you move, how will your lifestyle change, and will you be happy with this?  Will a move give you the chance to be more active? Your mental well-being is as important as your physical surroundings.  Choose the option that fits your lifestyle as well as your wishlist for social interaction.
4. When will or should this happen?  What is stopping you?  Are you in overwhelm, thinking about what to do with all of your stuff?  Start decluttering so that if something comes up, you will be ready to make a move.  Should you buy first or sell first?  Start looking at new places to determine your timeline and where you want to go in the time that works for you. It is better to plan when you are healthy and in a spring or fall timeline.
5. Who will help you?  Consult with a mortgage broker, talk to family and friends, do your research, and get assistance and guidance.  You don’t have to do it alone. There are many services that will help you declutter and provide assistance with making the decision to stay or move.
6. HOW?  How do you make it happen? Outline your goals and make a plan.  Making a solid financial and lifestyle plan will help you decide if aging in place or moving is the best financial and emotional option for you.
7. Review your health. Do you have health complications that are not suited for the current layout of your residence? Moving or making accessibility updates to your home can have significant benefits, especially if mobility is an issue. Something as simple as moving to a home with a simpler layout or creating a wheelchair friendly entrance may go a long way.  Do you want to continue to do housework or yard work?  Remember it’s better to move or make updates when you can, not when you must.

As life changes, so does our use of space.  For every milestone in our life, we use space differently.  Planning how you want to enjoy your later years presents new considerations, exciting discoveries, and in some cases brings you face to face with real-life truths.  As with any major life decision, creating a well thought out plan and weighing all options helps you make an informed decision.  Considering the tips on this list can give you a great foundation to plan for your next phase and help you decide if rightsizing or remaining in your home is the right choice.

You never know what the future holds, so enjoy yourself while you can, keeping in mind what is truly important to you and what you value, whether that be family, friends, time, health.

If you need assistance please contact me for a complimentary 30-minute discussion and cash flow consultation. It’s never too late to start!