Renovation or Relocation - That Is the Question!

Renovation or Relocation?
Whether you're leaning toward staying in your house as you get older or moving to a 55+ community, you have one goal: a home that fits the life you want, with more time for the people and things you love. Here's what you need to know before you decide.

You've spent years making your house feel like home, celebrating milestones, making each room your own, and turning neighbors into friends.

As you look ahead to the next chapter of your life, it's natural to wonder if this is still the place you want to spend it.

What Is The Cost of Staying Put?

Wanting to stay in a house you love and are familiar with makes sense. But most houses need at least some updates to make aging in place easier.

In fact, the Joint Center for Housing Studies of Harvard University (JCHS) finds that fewer than 4% of homes have the basics, like single-floor living, no-step entries, and wide hallways and doorways (see graph below):

Source: JCHS

That means for most homeowners, staying will require potentially lengthy (and costly) remodeling work.

The National Association of Home Builders (NAHB) reports more than half of remodelers (56%) take on this kind of work. Some of the most common projects are installing grab bars, curb-less showers (walk-in showers with no ledge to step over), and wider doorways.

Now, that's not to say you can't choose this route. You most certainly can!

But if this is how you're leaning, you should be prepared to live with all that noise and dust until the work is finally done. Some people don't want to live in a construction zone. Not to mention having to manage subcontractors, their schedules, material delays, etc.

What Other Choices Do You Have?

If that sounds like something you'd rather avoid, here's the good news. The money for your next home may already be sitting in your current one.

It's called equity, which is the difference between what your house is worth and what you still owe on it. After years of mortgage payments and rising home values, it adds up. Jess Catorc, Co-Founder of Carry, explains :

"The way home equity builds and is used changes a lot depending on your stage of life... For older homeowners, decades of mortgage payments and home-value growth can turn equity into a financial cushion."

When you sell, that cushion can go toward a home that's ready for this stage of life. No demo required. You just get the keys and it's all there, ready for you.

That means less time on projects and more time for living. And one option you may consider if you're entertaining a move is a 55+ plus community.

Why Are 55+ Communities Worth a Look?

From the homes to the shared spaces to the activity calendar, these communities are planned around this stage of life. And that means everything you need is already rolled into one place.

Rocket Mortgage lists some of the biggest perks:

		Diverse Location Options You can find a wide variety of 55+ communities across the United States.
		Enhanced Safety and Security They are often gated, can have strict visitor rules, and may include on-site security.
		Convenient Amenities and Activities On-site, amenities and social activities are often included in 55+ communities.
		Minimal Maintenance Common areas are typically maintained by the HOA - saving you time, effort, and money.
		Sense of Community Built in communities provide day-to-day connection and social support.

Instead of spending time and money to make your house easier to live in, you'd move into a community that's designed with that in mind from the jump.

That frees you up for the good stuff, like a morning walk with a neighbor, a game night down the street, or finally trying the hobby you've been putting off.

Bottom Line

Staying and moving can both be good choices. What matters most is finding the place where you'll feel comfortable and at home for years to come.

If you'd like help weighing the two, let's connect. We can look at what your house could sell for and what 55+ communities in our area have to offer, so you can decide what feels right for you.

 

More questions? Call me!

239.671.7279