When Should Senior Citizens Sell Their Home? Considerations, Tips, and More

When Should Senior Citizens Sell Their Home? Considerations, Tips, and More

Whether it’s retirement, the appeal of sunshine and warmth, or the desire to live near grandchildren, many senior citizens find themselves facing the difficult decision of whether to sell their home.

This life-change comes with emotional, financial, and practical considerations. How do you know the time is right?

Here, we explore key factors that should influence the decision to sell your home. You’ll learn when it might make sense to downsize, what options are available in the market, and how to determine if now is the right time for you or your loved one to make the move.

When Should Senior Citizens Sell Their Home? 6 Considerations To Keep in Mind

#1: What Is the Cost of Staying Put?

Countless memories have been made within the walls of your home. You may have it paid off after contributing to the mortgage for decades. 

While the costs of moving — monetary and other — can feel daunting, the cost to stay in your home might be higher than you think. 

Maintaining a house can become expensive over time. A new roof. A water heater that’s on its last leg. A refrigerator in need of coolant that’s no longer available. 

Older homes generally also require more maintenance. The longer you live in a home, the greater the expense is likely to become.

There are additional recurring costs to consider, such as: 

• Heating
• Cooling
• Utilities
• Trash pickup
• Lawn maintenance
• TV and internet services
• And more

These costs continue to rise over time. 

Another important cost to factor in is property taxes. Even if you don’t have a mortgage payment, you’ll continue to pay property taxes while owning a home. In other words, every month you remain a homeowner is another month of bills that can surely add up. 

#2: What Is the Current Housing Market Like?

Is it hot? Cold? Do you expect a good return on the sale of your home? 

Before listing your home, look at the housing market for your area. A hot housing market can lead to a good return on your investment. If the market is cold, you may lose money. 

If you’re considering putting your house on the market, meet with a trusted local realtor who can discuss the best way to sell your home.

#3: Can You Still Move Around Your House Freely?

Falls are one of the leading causes of injuries among seniors. That’s why, at a certain point, it may be a good idea to ensure a home is a safe environment for you or your loved one.

Many dangers can exist in a house. For example, porch stoops, basement stairs, and other home features can become challenging for homeowners to navigate as they age. 

For aging adults with challenges with their sense of balance, there may be a higher risk of tripping and falling on an upturned rug or a wet floor. 

Safety should be a top concern for any senior wondering if they should sell their home.

#4: Can You Handle the Maintenance of Owning a Home?

The decline in abilities associated with aging may pose a threat to older adults’ ability to maintain their homes. 

Maintaining a household involves more than just cleaning. Minor tasks such as replacing light bulbs and air filters are part of maintenance, but there are also more significant tasks like landscaping, gutter cleaning, and more.

Because of difficulty with maintenance, larger homes or houses with large yards and pools may become more challenging to maintain as years go on. In many cases, a homeowner can pick up the phone and call a service to mow the lawn, fix an appliance, or take care of a bigger project, but this adds to the cost of owning a home. 

#5: Could You Benefit from Assisted Living?

The idea of selling your home to move into a senior living facility may send you into a spiral of negative thoughts. But think about the joy moving may bring. 

Aside from relieving seniors of many tasks that take up most of the day, they can now really enjoy life. Instead of spending hours trying to maintain a yard or trying to find help to clean out the gutters each spring, they can get back to doing things they love. 

Assisted living communities, like the ones managed by Senior Services of America, are ideal for seniors looking to stress less about household chores, maintenance, and remembering to pay the bills regularly. 

They provide personalized care to older adults in a residential setting and offer services like:  

• Medication management 
• Housekeeping
• Meals
• Laundry
• Life enrichment activities
• Transportation
• 24/7 staff to help with safety, care, and support

At Senior Services of America communities, our teams believe in providing the best for our residents. We are here to meet the needs of our community members while providing an environment that promotes independence. 

#6: At What Age Do Most Seniors Downsize?

Most seniors tend to downsize between the ages of 65 and 75. This decision is often prompted by lifestyle changes such as retirement or health concerns. 

Emotional and practical considerations also influence timing. Some seniors choose to downsize proactively, while they’re still healthy and mobile, so they have more control over the transition. Others wait until a significant life event, such as the loss of a spouse or health diagnosis, forces a move.

Either way, the decision is highly individual, but most experts recommend beginning the process earlier rather than later to reduce stress and give seniors more time to adjust to a new living situation.

4 Benefits of Selling Your Home and Moving into a Senior Living Community

#1: Increased Opportunities for Socialization

You pictured your retirement as a time when you’d explore the world, spend time with your loved ones, or simply enjoy dinner with your friends every Wednesday. 

Instead, you’re struggling with the idea of inviting your friends over because you just don’t have the energy to clean anymore. 

Retirement isn’t meant to be isolating. 

Socialization is one of the biggest benefits for people moving to senior living communities.

Taking a fitness class, playing cards with your buddies each week, and enjoying dinner with your spouse — without having to touch the dishes — are just a few ways seniors can enjoy a social life in a new senior living community.

#2: Housekeeping and Maintenance

Do you find that your household chores are taking longer than they used to? Between the housekeeping and maintenance, you just don’t have the time or energy for much else. 

When seniors sell their homes to move into a senior living community, the weight is taken off their shoulders. Housekeepers take care of day-to-day upkeep. 

If something in your apartment or room is broken, maintenance workers are there to take care of it, without an extra bill in the mail. 

Senior living communities make daily living effortless and maintenance-free. 

#3: Personal Care Options

Senior living facilities are designed to cater to each individual’s: 

• Experiences
• Health needs 
• Personal preferences

Staff at the facility get to know each resident, making them feel at home, understanding what support they need, and creating a supportive environment that facilitates their well-being. 

By thoroughly getting to know each resident’s needs, facilities can enhance seniors’ quality of life and promote their independence by providing personal care services, including: 

• Medication management
• Transportation
• Laundry services
• Housekeeping
• And more

#4: Safety and Peace of Mind

As you age, the home you loved for years may not provide the same comforts it once did, whether because of stairs that are unsafe to climb or spaces that are too hard to clean without risking a fall. 

Maybe the increased crime in your neighborhood has you wishing for additional safety and security. 

Assisted living facilities provide seniors with peace of mind and added safety alert systems to maintain safety and peace of mind, in addition to other features such as: 

• Wider hallways
• Walk-in showers 
• Secured entryways 
• Ramps
• Elevators
• Easy-to-reach door handles
• Call buttons in each room

6 Tips for Seniors Selling Their Homes

#1: Create a Plan

Preparing the house for sale can be easier if you have a plan and know when to seek help.

Start by creating a timeline that includes:

• When you want to sell your home 
• The ideal time to move out 
• How long it may take to pack up your belongings
• Where you will live after your home is sold

From there, you’ll have a clear picture of how and when you need to take action. Senior Services of America’s senior living community finder can help you proactively find your next home. 

#2: Declutter Your Belongings

Over time, you have probably accumulated a lot of stuff in your house. Some items might have sentimental meaning, while others may just be dust collectors. 

But all that stuff can affect how your home sells. 

When potential buyers walk into a home filled with clutter, it is nearly impossible to see the house’s bones, potentially resulting in a home that sits on the market for months or even years and doesn’t command top dollar.

Do you want to be sure your most cherished items are going to a good home? Consider donating to a charity you trust or inviting family over to pick items they’ll cherish as much as you did. 

Not ready to get rid of everything and worried you won’t have space for it? Consider renting a storage unit. 

Decluttering can feel challenging, but the last thing you want to do is move into your new place with an overwhelming amount of stuff and not enough space.

#3: Hire a Good Real Estate Agent

You don’t want to attempt a do-it-yourself sale. Why? It makes you responsible for everything and makes the entire process more stressful. 

Instead, hire a real estate agent with a solid reputation in the area.

An excellent real estate agent will help you sell your house for the highest market price and simplify the selling process. 

#4: Hire a Moving Service

Packing and moving boxes and furniture can result in injuries or falls, so consider hiring a moving service rather than doing the job yourself. 

Let a professional moving company take care of the heavy lifting and the stress. They simplify the process by packing, transporting, and sometimes even unpacking your goods so you don’t have to. 

Are you worried about the cost of hiring a moving company? Consider asking your family, friends, or neighbors for help.

#5: Be Patient

It takes time to sell a house. You have to wait for an offer, then counteroffers, and then sign the papers. 

Some things you can do to help get through the process are:

• Set realistic expectations: Be prepared for long waiting times and unexpected bumps in the road.
• Focus on presentation: Use the waiting time to keep your home in shape, making small improvements, or enhancing curb appeal to attract buyers.
• Lean on your realtor: Trust your agent’s expertise and work with them to stay up to date on where you are in the selling process.
• Stay flexible: Be willing to adjust your strategy if needed, such as price reductions or minor renovations. The wait time may end up working in your favor by giving you the chance to make changes as needed.
• Practice self-care: Selling a home is stressful, even more so when there are emotional ties to the home. Remember to take breaks, stay active, and focus on other positive aspects to keep your energy up. 

#6: Don’t Forget to Update Your Home Address

Contact the post office and ask for your mail to be forwarded to your new address. 

Changing your address with the following entities is also necessary:

• IRS
• Social Security Administration
• Utility company
• Phone company
• Internet provider
• Insurance agency 

From Homeowner to Happy Resident: Make Your Move to a Senior Services of America Community

We understand how overwhelming it can be to sell a home and move to a new community when you’ve spent years in your home. 

If you or a loved one is ready to sell the family home and move into a senior living community, our teams are here to help you or your loved one adapt to a new home. Ready to learn more? Find your nearest community today.