What to Do With Your Current House When Downsizing

What to Do With Your Current House When Downsizing

By Tina Martin

Many older people choose to sell some of their belongings and move into smaller homes. There are many reasons why someone might choose to do this, including having to live on a lower income or seeing the last of their children have moved out of the house to live on their own. There are many resources that focus on how to downsize, giving tips for selling items and making efficient use of a smaller space. However, there is also the conundrum of what someone should do with their current home when they downsize. 

Sell the House

The most obvious option of what to do with a home when you move out is to put the house on the market for sale. This is a good choice for people who have no sentimental ties to the house or to the area where the property is located. This may also be financially beneficial for people who are moving from an area where home values have greatly increased since the year that they purchased the house. When thinking about selling a house, it is always a good idea to first get an appraisal of the property, as well as research what other homes in the area are selling for. 

The biggest pros of this option are that you will likely get a substantial sum of money from the sale, and you will be free from any responsibility for the property as you settle into your new downsized life. Some possible cons include not getting as much from the sale as you would like and having to keep the house on the market for a long time if there are no buyers. 

If you’re planning on selling your home, working with an experienced realtor is crucial. Connect with real estate professional Danielle Russodivito for exceptional service! 

Rent the House

If you are unsure of your ability to sell your house quickly, or if you could benefit from another stream of income, another option is to rent the house out to tenants. The upside of this is that you can gain passive income and keep the house until you can sell it for a higher price. The downside is that having tenants and maintaining a rental property comes with some serious responsibilities and may be difficult if you are planning on moving far away when you downsize. 

Keep the House in the Family

A third option is to keep the house in the family by either selling or giving it to a family member or, if financially feasible, keeping the house as a vacation home to be used by members of your family. This is a nice option if you have a large family that enjoys frequent gatherings, if you are moving from a desirable location, or if the home has sentimental value to the family. 

Consider Senior Living

When deciding where to move when downsizing, consider whether moving into a senior living facility would be right for you. If you are experiencing issues that make it difficult to remain at home without care, a nursing facility can provide the skilled care needed to make life more comfortable. There are many online resources that provide information such as pricing, payment options, facility ratings, and other data for facilities in your area. 

Carefully consider all your options when downsizing in order to make the right financial decision for you and your family. You can sell your home, rent it out, or keep it in the family. If you’re no longer able to live alone, start touring senior living facilities in your area to find the care you need.