A change late in life takes thoughtful planning
A big issue for many individuals beginning their second half of life is, "Where should I reside?" While they may have worked to retire the debt on their residence and owe little on the mortgage, they are aware of other emerging issues which require consideration.
• Is the house too big? During the time the children were growing up, they needed the space, but as the kids began to leave the nest the excess space becomes un-needed and downright burdensome at times. A lot of excess space may invite adult children to visit more often than is desirable. As one couple told me recently, "We feel like our house is seen by our kids as a hotel. We love to see them, but when they leave and it is time to start putting things back in order, our enthusiasm for future visits is lessened." I have also seen situations where adult children have moved back home in order to "save money" or to be a cheap place to live while they are looking for a new job. Conditions such as these can cause stress and may not at be what the second-half-of-lifers had in mind for their home and peace of mind.
• Is it getting too old? Like them, the house has also aged and may require more maintenance. Plumbing, electrical, paint, and other areas of upkeep increase as the house grows older. The excess space may also contribute to higher utility bills at a time when saving for retirement is becoming a higher priority.
• Is the floor plan safe and accessible? Young families love two stories, split levels, big yards, and lots of space. Later, these same desirable features may be difficult for the second half of life because of stairways, bathrooms, and other factors.
• Is the location still desirable and/or practical for their needs? Residences that were acquired in early adulthood may thirty or forty years later be situated in areas where crime, noise, or traffic patterns are not desirable. One couple I know found a home in the country during their twenties. Now in their mid-fifties, it is adjacent to an airport and noisy commercial establishments.
• Retirees may want to travel and not wish to be burdened with the responsibility of yard maintenance, security, and other issues which must be taken into account with partial absentee ownership.
• A desire to be nearer medical facilities, to be closer to other family members, or retiring from an agriculture based income may be reasons for a needed change.
• Wanting to take one's equity (which may be rather large by now) and converting in into retirement income may be a good reason for change. A townhouse, condominium, apartment, or simply small dwelling may better serve their needs.
One of the keys to successful change is giving it a lot of thought and planning.
• For some, a move is too traumatic. Memories are left behind... there may be a lack of acceptable alternatives, or other factors may outweigh the advantages of a move.
• For some, simply an initial consideration of moving is a good start, with postponement of the actual move coming when conditions seem more appropriate.
• For others, the change may never be appropriate or healthy. Their home may not only be their castle, but their connection to the most essential elements of life itself--those of peace, happiness, security, and identity.
