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It is not uncommon for many seniors to want to downsize their homes. As we get older, we often need less space, and sometimes, it can be more affordable to look for a different option. It’s not always easy to leave the house that we love so much, but the good news is that there are many different tactics that you can try to make the process easier. The real estate pros at BrownDaniel – Compass love seeing people feel comfortable with their living environment, so we have some tips for seniors looking to sell their house, rent it out, or keep it in the family.
Choosing to Sell Your Home
If you decide that you simply cannot handle the responsibilities of owning a house any longer, then you might decide to put it on the market and sell it outright. If you do, it is highly recommended that you contact a real estate agent and have them give you advice on the selling price, when you should sell, and the changes you should make around the house to get the best bang for your buck. At a minimum, you should consider repainting any rooms that have seen better days, cleaning the carpets, and replacing any broken doors, windows, and appliances.
You will also need to decide on where you will live after you sell. While some seniors may choose to buy or rent a much smaller space, others may decide that it is time to move into a senior living facility. Do your research ahead of time and find a facility that can cater to your needs. While some are more laid back, others will offer 24/7 care for your medical issues. Whatever you need, look online, read reviews, and find information on prices and payment options. The monthly cost of a senior care facility can be high, so you will need to know what to expect so you can get your finances in order
Renting Out Your Home
Another great option is to rent out either a part of your home or the entire house to someone in the community. This is a great chance to downsize and also to make some extra money for life or for senior care payments. While there are plenty of upsides to renting, it is also important to remember that you will be a landlord in this situation, and that title can take a lot of time and money.
For instance, you will be responsible for making all repairs throughout the house, and some, like replacing a roof or fixing a plumbing problem, can be rather costly. The life of a landlord can also be stressful if the renters end up being a problem or if any other unforeseen issues arise. So, if you really want to rent and avoid the anxiety, then Bricks And Agent suggests bringing in a property management company. The employees at this company can help to set guidelines for your property, vet potential renters, and assist with finding companies to make necessary repairs.
Keep the Home in the Family
If you plan to move out of the house but you don’t want to sell or rent it out to strangers, then A Place For Mom says you could consider keeping it in the family. So, if you have grandkids that are of age and have the money to maintain the property then you might let them move in or take ownership of the home. That way, you can have confidence that it is in good hands.
No matter what option you choose, you will want to start thinking about decluttering your space and clearing out the items that you may no longer need. Go room by room and remove anything that you haven’t used in the last year, including your clothes. If you have any items that you want to remove but you are not sure what to do with, then consider self-storage.
As you can see, you do have options when it comes to downsizing your home as a senior. Whether you sell, rent, or transfer your property, remember to declutter and use self-storage if necessary, and you’ll make the task much easier. If you need help selling your home, then contact BrownDaniel – Compass at (404) 620-1662 or (404) 668-6621.
Contributed by Brittany Fisher