A Lifetime of Memories: Deciding When It’s Right to Sell the Family Home and Downsize

When tasks that used to be second nature to homeowners become too difficult to keep up with, it may be time to downsize. This is something that just about every senior citizen will encounter. Yes, it’s a sad time to sell the home and move on, but it’s also an exciting time to get away from mowing the lawn, paying taxes on the home and the large homeowner’s insurance policy premiums. While many elderly individuals wonder how they would afford to move from their home, that very home can pay for their next move.

Time to Make Important Decisions

Many memories were made while living and raising children in the family’s home place. Photos, mementos, trophies, furniture and special gifts are all part of the memories. But, when children are far away and married with children of their own, the grass still needs mowing and bills have to be paid. Very often, the monthly income is lower so decisions that are good for the couple or single-spouse must be made. Very often children are called in for a meeting with their parents.

Two Choices Make a Lot of Sense

The profits from a home where so many memories were made can now be used to pay for a new way of life. One is “Independent Living” which means that a senior citizen can still enjoy the freedom of independent living in a smaller home but without all the expenses such as the insurance and taxes stated above. It’s also a wonderful time when seniors who love to socialize can think of how they’ll enjoy their time with others instead of taking care of the lawn. “Assisted Living” care homes take into account that a person requires professional help with their medicine, health care and help with their hygiene. Choosing independent living or assisted living offers the most freedom to couples who don’t want to move in with their children and lose that freedom.

How to Pay For Decisions Made

Some people have a pension and retirement plan in place that they can draw from in order to cover their new way of life. Others may sell their home and use the money received from it along with savings they’ve been putting away for years. There are many ways to move on that people can discuss with professionals who make it their business to offer these options. Keep in mind that the old bills will no longer have to be paid which will free up a large sum of money in themselves. Seniors can take advantage of knowing they have professional support whether they choose independent living or assisted living.

Making the All-Important Move

Once a decision is made to sell the family home, many parents give their children possessions that are special to them. or tell them to divide them amongst themselves. Then, they call an auctioneer to put on an auction to sell other possessions. The proceeds can be put into a special bank account for use later. Now, the couple’s ready to move into their new home and enjoy the priceless feeling of freedom without having the expense of the large family home. Children can go back to their homes out of state knowing that their parents are safe, sound and happy.

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