There are advantages to ‘aging in place’ and more services are available to help you stay in your home longer. But it may not be the best solution for you. You may want to consider a later life move.
Why Make a Later Life Move?
Are you retired, or soon to retire? This usually means a change in income. A later life move could have financial advantages for you. If you don’t have a financial advisor, finding one may be the first step in your investigation process. For quick financial calculations, including how a move could change your finances, try this online tool from Boston College. Squaredaway.bc.edu
Tired of Home Maintenance
Are you feeling overwhelmed by the expenses and the responsibilities of maintaining a home? As there is less you can do yourself, expenses of hiring work done increase. You may not have reliable people to hire for landscaping, snow removal, repairs and updates. And you may dread having to deal with getting estimates and dealing with the issues that come up during the contract. It might be time to consider a later life move to a rented apartment or downsizing to a condo.
Want to Travel
Are you ready to travel? Many seniors prefer to spend their winters in a better climate. A move could lessen the worries of property at home and it could also free up some money to make travel possible.
Be Closer to The Action
Would you like to be closer to something or someone? Maybe you would like to be able to walk to a grocery or a restaurant. Perhaps you would like to live closer to your grandchildren. Would you like to be closer to friends and activities you enjoy. Are you tired of driving everywhere? Maybe a new location could allow you to give up driving. Most of the reasons for a later life move have financial implications. But, this one is about a choice of lifestyle.
Do you have unused rooms? Those extra rooms are costing you money. Sure it’s nice to have them if the kids come home to visit, but it is no doubt less costly and better for the environment to put them up in a hotel than to maintain those empty rooms.
Cash In On Home Equity
Can you make big money by selling your home now? If your home has appreciated a lot since you purchased it, now might be a good time to cash in on that appreciation by selling and putting the money towards your retirement income.
When Is the Right Time to Move?
Sooner Rather Than Later
If you have been thinking you will eventually move, sooner may be better than later. Moving doesn’t get any easier with time. The sooner you make the move, the more in control you will be, the more adaptable you will be to your new lifestyle, and the more time you will have to enjoy the benefits of the move.
Middle of the Month
If you are wondering what time of the month is best, movers are less busy between about the 12th and 20th of the month.
If you would like to organize your move, including your timeline, on your i-pad or smart phone, consider the 5 apps reviewed in this article.
Where will I move?
You probably have a lot of choices and that makes it even harder to decide. It’s important to have some idea of how you would like to live, what sort of activities you want to pursue, and who you would like to be close to. Plus, how much can you afford?
And then you have to think about the future. Will the location still work if you decline with age? Will you still be easily able to get to essential services? Will you have some people around for support? If you need care, can it be provided without another move? There will always be compromises and trade-offs when choosing a new location.
Information about homes of various styles for sale or rent can be provided by a good realtor. If you are looking into retirement residences in Ontario, the Ontario Retirement Communities Association ORCA website is a great source of information.