If You’re Aging In Place Should You Consider Downsizing Your Home?

September 14, 2021

As many Americans begin to think about what they will do as they grow older, a large number are considering the option of aging in place. This idea that you would stay in your home as you age and receive any medical treatment you may need from a Connecticut home health care agency is one that is catching on across the state and country. There are some very serious things you will need to consider if this is a decision you are thinking about making for yourself or a loved one. One of the first decisions you will have to make is whether you will stay in your home that you currently live in or if you will downsize.

There are arguments for and against downsizing, but you should look at each option with your own personal goals and objectives in mind to make the right choice for you and your family.

With the U.S. housing market currently booming selling your home right now could net you 10-20% more then you otherwise would make from it under normal market conditions. This could be a serious amount of money, depending on the value of your home, and could help boost your savings account which may allow you to live the lifestyle you were hoping to live without having to stretch your dollar too much.

Downsizing now can be a very attractive proposition considering that the market is so hot. However, it remains true that if you’re going to age in place your going to need somewhere to go and that will undoubtedly cost you 10-20% more then you otherwise would have spent. So there are certainly some calculations that need to be done.

If the money makes sense you will then need to consider whether your house that you’re currently living in or the one you will be downsizing to will be accessible if you are or become immobile. This is an important consideration as unforeseen circumstances arise around your health and well-being. An accessible home will make aging in place significantly easier and can help you remain independent much longer into your life then you otherwise might have been.

Whether you choose to downsize or not, you are going to want to make sure that you are asking the right questions and making sure that your home for the next 10-20-30 years is accessible and will accommodate you as you age. Considering these things now will make a huge difference in your future living arrangements.

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