Should You Age in Place or Downsize?

I go over the pros and cons of aging in place instead of moving out.

Today I’m discussing “aging in place.” This term refers to homeowners who prefer to remain in their home for the later years of their lives instead of moving into a smaller home, assisted living, or a retirement community. What are the pros and cons of aging in place and staying in your own home?

Pros

• Comfort and familiarity. New studies by the joint center for housing studies of Harvard University suggest that familiarity is very important and healthier for older people.
• The ability to modify the house to your needs.

Cons

• The cost of modifying the home to your needs and how that will affect the home’s value.
• As the home ages, the maintenance costs will rise.
• You need to heat or cool the whole house even though you're likely not using the whole space.

These are things that you need to consider when thinking about whether to stay in your home or downsize. If you have any questions or you need more information, don't hesitate to reach out to me.