I Want to Move…Now What!
I received a frantic call yesterday from a lovely 85 year young lady who was in desperate need of advice. She had been living in her home for that last 40 years. When she had moved in, her knees were working well and her eye sight was 20/20. She drove at night and had the home in tip-top shape. As the years went on her husband passed away and she was the captain in charge of the ship. She took over duties such as paying the bills and making sure the maintenance of the home was up to the moment, as they had always took pride in the condition both structurally and mechanically.
Over the last 10 years her body started to experience difficulties in her ability to navigate the stairs as her knees began to show signs of arthritis. She became less confident when driving at night. She became more anxious about security, as many of her trusted neighbors had moved on. What hurt the most is that many of her friends had moved on or passed away so she became more and more isolated. Her two children lived out of town so she was alone much of the time. The home had begun to deteriorate as funds became scarcer and the aging property had become more demanding.
Have you heard this story before… I sure have! It is so heart wrenching to hear the plight of so many folks who take pride in their homes only to be faced with a huge decision…should I stay or should I move!
In my discussion with this wonderful woman I asked her if she had someone in her life that could assess her finances and lend her some guidance as to the options she had. She was so concerned about the current real estate market and felt that she had to wait out the market since prices are down. I told her that she needed to look at the big picture. We can get bogged down in fear and lose the perspective we need for such a life changing decision. She needed to understand what her options were based on her current assets and how far that would go.
First, I suggested she visit with a senior planner who could not only sort through her finances but could also help her with the housing options available to her. There are many types of senior communities and one can get bogged down by an overload of information. The senior planner would then explain what it costs her to stay in her home. Most folks I meet think they live their homes for free, not taking into account lost investment opportunity for their equity, taxes, maintenance, insurance costs, etc. With prices moving downward, waiting out the market will probably shrink her home asset even more.
Once the finances were made understandable, she could then look at the many senior community options available to her. It became clear after meeting with this planner that she could in fact afford the community she wanted to enter. She could enjoy the company of others and put an end to the painful isolation she was experiencing in her home. She no longer had to agonize over maintenance of the home and she could enjoy the freedom of no more stairs and the peace of mind regarding security.
In the end, her home did sell, her children were relieved that mom was in a safe environment, and this sweet young 85 year old woman was enjoying her new surroundings to the maximum. She wondered why she hadn’t done this sooner which is what I hear so often after a move has been made to a senior community.
So the lesson here is to get all of the facts. Don’t let fear and anxiety steal away your happiness and good health. Know that your home will sell if you listen to the market and that in the end you can enjoy the freedoms you so richly deserve!
Tags: finances, freedom, isolation, maintenance, senior planner, taxes