One of the top reasons that seniors delay a move to senior living is concern about cost, coupled with the reluctance to sell their home. Of course, many seniors also reason that they’re simply not ready for senior living. They’re still in good health and can take care of themselves, so they don’t need senior living right now.
If this sounds familiar, this article is for you. The reality is, there has never been a better time to consider a move to senior living. Not only is it smarter to make the move when you are still healthy and active, but the current real estate boom has ensured it’s also an ideal time to sell your home and help fund your move.
Why it’s a Great Time to Sell Your Home
The real estate market is booming, and to say it’s a seller’s market would be an understatement. According to the National Association of Realtors, as well as many other sources, home sale prices are up nearly 20% over last year. So what’s driving up sale prices?
For one, demand for housing is high and supply is low. With lumber costs up more than 185% over last year, fewer new homes are being built. Meanwhile, pandemic fatigue has prompted many city-dwellers and those working from home to seek larger homes in the suburbs. Not to mention that the Millennial generation is the largest segment of adults in the U.S. right now, and they are currently in their mid-twenties to mid-thirties – the prime age for home buying. Plus, historically low interest rates are making it even more attractive for homebuyers to enter the market, increasing demand even further.
So what does all this mean for seniors? Selling your home is the most economical way to pay for senior living, and now is an ideal time to do it. Not only will you get top dollar, but your home just might sell before your agent even has a chance to list it.
If your reluctance to sell is based on a desire to keep the home in the family, have a conversation about it. In our experience, most families have no problem giving up their inheritance in exchange for Mom and Dad’s happiness and safety.
Likewise, if you’re an adult child who has been struggling with the decision to move a loved one into assisted living or a memory care community, there’s never been a better time to put your parent’s house on the market and make the transition.
Why it’s Wiser Not to Wait
There are several reasons to make the move to a senior living community while you’re still healthy, but perhaps the most compelling is the fact that you still have the ability to make your own plans.
Choosing a senior living community is a big decision. Probably not one you want someone else making for you. However, if you unexpectedly suffer an injury or illness before you have plans established, that’s almost assuredly what will happen. Rather than burdening your family with the decision, and losing the ability to choose for yourself, it’s better to start looking into senior living communities now before you need to move into one.
Other Advantages of Senior Living for Healthy Seniors
Even if you’re able to take care of yourself right now, there are several advantages that make senior living an appealing option. For example, many of our residents love that healthy and delicious meals are provided daily, so they don’t have to worry about grocery shopping, cooking, and cleaning up afterward. Other residents appreciate the added safety and peace of mind that senior living affords. Unlike a private residence, our senior living communities are designed to help you avoid a fall or injury, and have healthcare professionals on staff to respond immediately, if needed.
It’s also important to remember that senior living doesn’t necessarily mean assisted living. In fact, our independent senior living communities in the Albany Capital Region and Southern Adirondacks are full of active, healthy seniors who are enjoying their retirement to the fullest. Maintenance-free living means there’s more time to do the things you want to do. Play golf, join a club, volunteer, learn something new, travel, or participate in the many classes, activities and social events offered right here on campus.
Take the Next Step
Between the real estate boom and the many advantages of senior living, there’s truly never been a better time for seniors to sell their homes and make the move. If you’re considering selling your home, reach out to an experienced real estate agent in your area to discuss your local market, and start scheduling tours at the senior living communities of your choice.