Growing older brings with it many changes, some pleasant and other no so pleasant, and how we adapt to those changes will determine whether we live out our remaining years in happiness or misery. One of the most significant is making the adjustment from living in a house to living in an apartment or retirement community. Unfortunately, it’s a difficult thing that sometimes interferes with good decision making. Here are four things to think about now while you’re still a few years off from the decision. Thinking and planning a strategy now will help the transition later.
When is the right time to make the move?
This depends on several factors including your health, financial situation, and retirement goals. If your house is paid for it’s probably wise to stay as long as your health and lifestyle make it possible. Having no monthly housing payment is obviously less expensive than monthly rent. Consider making the move if holding on to the house is more expensive or your health doesn’t allow you to maintain your property. When making plans for a new apartment remember to consider security, lifestyle & activities, medical care, and the weather.
What should I do with all of my belongings?
Though it’s unpleasant to think about, most older folks have accumulated more possessions in their homes than will fit reasonably into the average apartment. You’ll have to sort through your things and decide what’s most important to you. Family heirlooms you might want to keep in the family can be given to children or grandchildren. Keep small mementos that are important to you including photos and videos. If you have bulky items like golf clubs, holiday decorations, etc., you can rent a self-storage unit from storage Ottawa if your new apartment doesn’t include one.
Should I stay in the area to be close to the kids?
The answer to this depends purely on your desire to be near them. If wanting a change in climate or some other circumstance would take you out of the area, and you can be happy seeing them only a few times a year, then by all means go. On the other hand, if being near your family is more important to you, you might have to find a place near by. In either case, don’t make your decision based on the perception that your kids need you to be near. Unless they have a specific need that can’t be met any other way, you need to concentrate on what’s best for you. You’ll all be happier that way, too.
Should I sell my home, deed it to my kids, or rent it?
By all means, don’t rent your house unless you have someone you can hire to be your property manager. As a general rule, seniors have a difficult time being landlords for a variety of reasons. Deeding your house to one or more of your children has some financial and tax benefits so it might be a good move if your family relationships are solid. Selling your home though, is probably the best option for most people. It allows a complete break and freedom from the headaches that may accompany the other two options.
Growing old certainly has its challenges, but with a good plan and some family support, it can be the most rewarding part of your life. Enjoy!
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