Time to Give Up the House Keys?

October 14, 2014

Knowing the right time to give up a home you own and move into something more manageable is never an easy decision. You’ve built a life in that home and created numerous memories.

However, at some point, it may become more than you can or want to handle, especially as the house gets older and needs more repairs and upkeep.

Senior housing can offer you the freedom you want without the hassles of home ownership. It can also be a frightening concept to attempt to find the right place to call home.

Consider the Space

In most instances, you will be downsizing.

Before you begin your search for the right apartment, you must decide how much space you will need.

While you probably no longer need the three-bedroom home with the extra family room, you may need a spare room for overnight guests. You may want a little office or nook where you can conduct your business.

A kitchen may be a priority or you may want a patio where you can enjoy the outdoors.

Remember all of the things on your must-have list when you bought your home? Create a modified version that fits your life today.

Consider the Amenities

As the following article shows, you are not just giving up responsibilities like figuring out “how to deal with flooded basements” or making plumbing repairs when you move into senior housing. You are often gaining amenities that can enrich your life.

The amenities become even more important if you are moving to a new community where you don’t know anyone.

A pool or fitness room gives you a chance to see and meet your neighbors. If you like to host parties and family get-togethers, a common room available for special events may be a priority now that you have a smaller space.

You don’t want to just consider what is on-site but what is also nearby. You may enjoy being within walking distance of shops and businesses so that you don’t have to drive everywhere. You also won’t feel so isolated if you have plenty of activities close by.

Consider Your Budget

It can be overwhelming to think about the prices of some of the places you will look at, especially those with more amenities or larger apartments. If it’s been a while since you had a mortgage payment, you may not be sure what you can afford.

Remember that you won’t have to budget in maintenance and upkeep of your home anymore. You also will trade in your homeowner’s insurance for a cheaper renter’s insurance policy.

Utilities may be included or cost less, giving you more cash to afford the apartment you really want.

Look beyond the initial cost of the new place to what other changes in your budget it will bring. You may not need as much budgeted in for gas if you can walk where you need to go.

Leaving a home that you love is not always easy, but a new place can bring with it new adventures and new friends.