Good Morning! Happy Friday! Hope you have a great weekend. We plan to play a little tennis, go to the zoo, go bowling, go to an art exhibit and barbecue. Hopefully the weather will cooperate. :)
I wanted to continue the subject of downsizing, today looking at the pros and cons of different residential options.
Residential Options when You Downsize
1. One option is to remain in your present home and just downsize your possessions.
The benefits:
- you won’t need to move
- you can downsize your possessions gradually
- it is much easier to downsize when you feel good than when you start to experience memory loss or have a health crisis.
The drawbacks:
- you are responsible for your own health care
- you are responsible for the maintenance of your home and property
- without a deadline, you may have trouble making progress in downsizing
- your downsizing is partial, because you haven’t reduced the size of your residence.
2. A second option is to move into an apartment, a condominium, or a senior neighborhood composed of independent living units (houses, apartments and condos such as Leisure World).
The benefits:
- decisions are less stressful when you feel good and have clear mental faculties
- no exterior house and yard upkeep
- your cost of living may decrease due to a smaller residence
- and the task of downsizing will be behind you if you later need to move into a retirement community.
The drawbacks:
- you are responsible for your own health care
- if you own your own home, you may need to sell your current residence
- you may need to move twice - once now and again to a care facility.
3. A retirement community with health care ranging from independent living to assisted living to nursing care is another choice.
The benefits:
- if you start out in independent living, the move to assisted living is relatively easy
- no exterior house and yard upkeep
- you have peace of mind, knowing your health care needs will be met, whatever level of care you may require.
The drawbacks:
- if you own your own home, you may need to sell your current residence
- the cost of living in a retirement community may be more than your current expenses.
4. You could move in with a relative, which would also require you to downsize.
The benefits:
- your expenses will likely decrease
- your downsizing task will be behind you if you need to move to a retirement facility in the future
- you won't be responsible for exterior upkeep and maintenance most likely
- you will be with people you love.
The drawbacks:
- you will have to move, possibly selling your home
- you will be responsible for your own health care
- you may lose some privacy and autonomy.
I hope this helps you think through the options that are available to you or your parents. Downsizing is a daunting task, and it's hard to wade through all the possibilities. Next time we'll look at factors to consider when choosing a new residence.
What options have you or your parents chosen in downsizing? Are you happy with your decisions? If you receive this via email, and you'd like to comment, use this link.
Similar topics:
The Advantages of Downsizing
It's a Great Time to Hire a Mover
If you need a step-by-step guide for downsizing, with the most comprehensive check list you'll ever want to see, investigate our Three Steps to Downsizing to a Smaller Residence workbook.
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