Housing Needs Change As You Age. Here’s How to Prepare.

As we age, our housing needs naturally evolve. In our earlier years, we often seek out larger homes to accommodate growing families, but as we get older, we tend to desire less space and may lack the energy to maintain a large home.

Additionally, aging may influence the type of home we want to live in.  As we prepare for the next phase of our lives, knowing when to buy or sell our current home can be challenging.

Prepare Emotionally

Preparing emotionally for a move is crucial. It can be difficult to let go of a home where you’ve raised children, made cherished memories, and formed close friendships in our neighborhoods.  There is no better place than Annapolis for all of those things!

When deciding whether it’s the right time to move, it’s always helpful to assess your emotional and practical needs for the home. Talking with family or close friends in the Anne Arundel County area who have been through a similar experience can provide invaluable insights.

Find Peace and Create Closure

Creating closure can help you move on from your current home. Taking pictures of family milestones and writing down memories can be a great starting point for moving on to the next chapter of life. Some people also write down the new adventures they’re looking forward to in their next home.

Downsizing

Downsizing to a smaller, more manageable property is a common step for many older adults. This could mean moving to a smaller condo or apartment, or even to a retirement community or assisted living facility. With fewer belongings to store, you may have increased freedom to travel and live in unique spaces. Additionally, downsizing can leave less for your loved ones to sort through later on.

Assisted Living

Sometimes living in an assisted living facility becomes necessary. For seniors living with memory impairment, memory care communities can provide a safe and specialized alternative. Managed by professionals trained to care for Alzheimer’s and dementia patients, these facilities are designed to accommodate older adults with progressive cognitive disorders. Caring.com offers a comprehensive resource for memory care facilities, including information to help caregivers and families in Annapolis, Maryland, better understand what memory care involves and how to choose the right community.

Investment Properties

Investing in Annapolis’ multi-family properties and rental units can also be a smart financial move during retirement. Owning this type of real estate can provide additional cash flow and passive income for empty nesters or retirees.

Equity: Your Roadmap

If you’ve lived in your home for years, you likely have significant home equity. Knowing how much cash you’re sitting on can help you make decisions about utilizing a reverse mortgage, or cashing out to create a nest egg for retirement.  The Wright Team offers complimentary home valuations, no strings attached. Contact us and we will be in touch to schedule a time to meet.

The Wright Team of Coldwell Banker Realty Can Guide You

Whether you decide to buy now or in the future The Wright Team of Coldwell Banker Realty is here to help guide you through the entire process. The Wright Team provides residential and commercial real estate services in Annapolis, as well as the surrounding communities in Anne Arundel County. With over 70 years of combined experience in the industry and superior local real estate, the Wright Team specializes in historic homes, new construction projects, marketing homes to sell, and assisting buyers to identify homes to purchase in the local area. Contact us today!