You are in our late 50s or older and your last child is about to go to their own pad to live by themselves or with a significant other, maybe about to be married or you have been an empty nester for years or just becoming one.
This is the next stage of your life and you have to determine is this where you want to be or are you ready to downsize to something more manageable?
For some, eliminating the upkeep and ongoing expenses of one’s home; repairs, outside maintenance of gardeners, shoveling snow, burden some real estate taxes etc.
Will a condo, coop, HOA (Home Owner Association) basic or luxury rental be the solution?
But maybe you’re just very comfortable and happy where you have been growing roots in the community for the last 20-50 years!
Maybe not today, but at some point in time you may need to sit down and analyze what your current and future real needs and wants are and will be, going forward in time.
However, do you need to stay close to where you are currently living, maybe because the kids and grandchildren are nearby and you are needed regularly to babysit or just the sheer enjoyment in watching them grow?
Or possibly, you are contemplating moving elsewhere out of state to be nearer your children, extended family or even all your friends who have said, “come live near us in our gated community or over 55 development.”
However, the thought has been in your minds eye that you now are in a financially secure position to move completely out of the country to some exotic location, Costa Rica, The Caribbean, Europe or even some Asian retreat.
Maybe you might want to purchase a second home or apartment, eventually moving there permanently.
Many choices and options, but you have to take into consideration many variables based upon your specific family situations.
I am sure it can be a bit scary and confusing as to the possible choices, but as I mentioned in a previous article, you will want to visit the potential “new digs, before committing.
If you will have or soon to have grandchildren, how far away will you be comfortable living from them and how often will you want to visit in the future?
From my experience, there is nothing like hearing those words “grandpa and grandma, when the door opens to your children’s home!
If you are planning to stay in place, what will you need to do in your current home to retrofit certain things in your home, so that in the future you will be comfortable and safe?
If you are in a home with staircases, will you need an attachment to your stairs to move you to your second floor bedroom?
Age-friendly modifications may be a necessity and you will need to know what and how to proceed in accomplishing these tasks.
There are so many things that might have to be changed that you should read the information from the National Institute on aging.
The following link will provide you with phenomenal insight and information: https://www.nia.nih.gov/health/publication/theres-no-place-home-growing-old
U.S. News and World Report had published a great article on preparing your environment and growing older in your home: http://money.usnews.com/money/blogs/the-best-life/2012/10/31/preparing-your-home-for-an-older-you
Also, Gilbert Guide has a very specific points in staying in your home: https://www.gilbertguide.com/7-keys-to-growing-old-in-your-own-home
It is a possibility that in the near term you might want to consider selling your home and going to an independent or assisted living or even a nursing home when you find it is impossible to handle day to day living on your own.
However, another possibility is a healthcare aide daily or several times a week.
This will all depend on your personal finances and state of mind. In many instances, selling your home will be the easiest path to take and other times it may not be what you want to do for now.
Whatever your decisions or reasons for staying or going, take your time, have some kind of a plan and check out all your options.
Your next phase in life will fast approach, sooner than you think and you will want to be prepared as much as possible.
Having some idea as to what direction you will heading or want to go and how your life will look or how you want it to be will be crucial as you age.
Philip A. Raices is the owner of Turn Key Real Estate in Great Neck. He can be reached by email: [email protected] or by Cell, (516) 647-4289 to answer any of your questions. To search for property, see what your home is worth or homes that have sold in your area, go to: www.Li-RealEstate.Com