February 08th, 2023

DOWNSIZING FOR SENIORS: PREPARING AND PLANNING DURING THE PROCESS

​Seniors considering downsizing have a lot of major decisions to make — especially in deciding what to do with their current home. Multiple living possibilities give rise to the task of weighing the pros and cons of various solutions, including moving into senior living, moving in with a loved one, buying a smaller home, or renting. Decluttered Life invites you to 

keep reading for ideas about how you can prepare and plan during the downsizing process. 

​Consider a Senior Living Facility
Consumer Affairs notes that there are several types of senior living facilities, each catering to a senior’s specific needs. For example, those who typically don’t need assistance with activities of daily living could consider independent living, while those who prefer and/or potentially require standby help may find assisted living a viable option. Individuals with more serious, complicated medical needs that require constant supervision and care might need a nursing home for their own peace of mind as well as that of their loved ones.
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Research nursing homes and assisted living facilities in your area, including their reviews, contact information, pricing, and descriptions. The Genworth Cost of Care Survey can provide updated senior living average pricing information in the area.

Compare Renting vs. Buying
While home ownership has its benefits, you likely find it cumbersome to handle scheduling, paying for, and/or doing tasks like mowing the lawn, repairing a plumbing issue, or shoveling snow. With renting, such tasks are typically the responsibility of the landlord unless otherwise stated in the lease, which means one call and the situation is usually taken care of at no extra cost to the resident. Comparing whether to buy a smaller home or rent should be one of the top options to think about. If budget is a huge consideration, start by researching the rental rates in the area you’re considering, and compare them with what homes are currently going for.

If you decide that purchasing a smaller home is your best option, SmartAsset notes that you may choose to buy it on contract. Many people go this “deed arrangement” route due to less-than-ideal credit, which isn’t quite as important compared to going with a traditional mortgage. Just keep in mind that if any changes are made to your original agreement, ensure you get a proper addendum. This should include any updates or changes to protect you in the future. Consulting with an attorney about the addendum is always a smart way to ensure it has legal standing.

Think About Living With Family
If you have children or other family members with room to spare, you may want to think about whether moving in with them might be the best idea. It could be a big adjustment for all those involved, but Companions for Seniors points out that added benefits include having assistance readily available, cheaper living expenses, and the ability to interact with loved ones on a daily basis. It could also be helpful should a medical emergency occur rather than living alone at your current home. 

Consider the Benefits of Renting Out the Property
Many would likely welcome the opportunity to bring in added income, and if you're considering downsizing by moving out of your current home, you might want to examine the possibility of renting it out to those who want to live in New Jersey. If you prefer not to handle the process by yourself, look into hiring a reputable property management company in the area. 

Do Your Research and Weigh Your Options
Regardless of what downsizing decision you’re considering, make sure to do your research, weigh your options, and, if possible, consult with trusted loved ones. If you’re considering renting or buying, review listings to see what prices and home options may be available to you in your region.

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​Article by: Leslie Campos. She created Wellparents.com to offer help and resources to busy parents who want to stay healthy and active. Her site offers parents a variety of information from stress-busters to exercise ideas to healthy eating tips. In her free time, she enjoys yoga, CrossFit and watching the Great British Baking Show.