Moving to Senior Living: Should You Wait for Housing Market to Recover?
Moving to a senior living community is a big decision that is influenced by many factors, including your health, your support network, your current living situation, and your budget. Many seniors who own their own homes can’t wait to be free of home maintenance and repair worries, landscaping chores, and the multitude of other responsibilities that come with home ownership. Most senior communities take care of these things for you. Additionally, one monthly payment may cover all utilities and amenities, making careful budgeting and constant bill-paying (not to mention increases in electricity costs) a thing of the past.
But there’s an important financial consideration that holds many seniors back from living the easy, fulfilling retirement lifestyle they crave: the housing market. While the housing market is beginning to rebound in many areas, there are still many homes underwater, which means the mortgage equals more than the house is worth. Even for seniors who have fully paid off their mortgage, they might get much less for the home than they could have years ago. This might feel like leaving money on the table. Should you wait for further housing market recovery to try to sell, or is now the time to take that important step to easier living in a senior community?
Long, Slow Housing Recovery?
In most areas housing prices are rising gradually, and experts predict a long, slow housing recovery. Every day that you wait, upgrades you may have done to your home in preparation to sell, or simply to enjoy your home while you live there, get older. The likelihood of having to do additional home repairs increases each day you live in your home. And that grass is only going to continue to grow.
In some cities, however, we may be looking at going from “bottom-out” to “bubble” fairly quickly, as houses are being swept up by investors at prices above the asking price. If you live in a major city like New York, Chicago, or Los Angeles, the recovery might already be here, making now the best time to sell.
In other areas, you’ll want to weigh the actual costs of what you might lose by selling too early against the benefits you’ll gain in an independent senior living community.
Why Not Enjoy Stress-Free Living Now?
The fact is, no one really knows how long it will take the housing market to reach a full recovery, if we’re looking at another housing bubble, or when that bubble may burst again. Whether you’d take a loss by selling now or could simply make more on the sale later, the best decision about whether or not to sell your home will weigh all factors, financial and otherwise.
If your house has gotten too big as an “empty nest,” you crave activities and companionship from people your own age, travel (even to and from the grocery store) has become a burden, or you’re just tired of the responsibilities of home ownership, it could be the time to sell and move to an independent senior living community.
SeniorLiving.Net is a free service for families to use that are looking for senior care or senior living for a loved one. Call (866) 342-4297 to speak to your local Care Advisor about senior care providers in your local area.