When to Sell Your Home and Move Into a Senior Living Community

Knowing when to sell your home to move to a senior living community can be tricky and time-consuming, especially if you’re uncertain about selling your home to begin with. You put a lot of time and effort into making your home what it is and have made many memories there, so it can be an emotional decision mixed with the worries of the unknown after moving. But if you wait too long, you could miss the peak housing market and lose out on profits, so here are some things to keep in mind when selling your home and moving into a senior living community.

The Benefits of Selling Your Home and Moving to a Senior Living Community

Many people worry about the expenses and levels of independence when they sell their home and move to a senior living community, but there are many benefits to consider:

• No more taxes and home maintenance
• The money from selling your home can go towards your senior living needs
• Security, safety, and care for the rest of your life
• More opportunities to make friends, learn, try new things, and enjoy events

When to Sell Your Home

There are multiple things to consider for when to sell your home, whether it’s a personal or market reason:

• Positive Selling Trends in Your Neighborhood: If the housing market in your area has been trending up, then now is the time to act. However, it does get tricky to gain maximum value since you want to sell when the market peaks. Homes will appreciate by approximately 3% in a good market, but a hot market can appreciate much more. Ride the wave for as long as possible and sell just before it breaks while following your personal level of risk-taking or risk aversion. Be sure to consider when the last peak occurred and how high the rates reached before breaking to figure out how likely the market is to hit similar prices.
• Home Maintenance Hassle: The sooner you move, the sooner you’ll reap the benefits of senior living, no matter how young, healthy, and independent you may be right now. The more your house needs maintenance and the more you keep putting it off, the less your house will be worth when you do finally sell and the less energy you’ll have to care for it. It’s better to plan ahead and be ready before the situation leaves you with fewer options.
• You’re Ready to Be Proactive: As you get older, keeping up with maintaining your home will often fall to your relatives. If you are ready to be proactive about your support, you may be ready to consider alternatives. A good plan will eliminate the need for your family to be burdened and allow you to focus better on healthier living and doing the things you want.

When to Move Into a Senior Living Community

Based on when you’re thinking of selling your home, there are three routes you can go about moving into a senior living community:

First, consider any move-in specials and discounts usually offered. Many retirement communities feature move-in specials to ensure their maximum occupancy, which include:

• Reduced monthly fees (or rent)
• Community fees may be waived (also referred to as an entrance fee)
• Extended rate lock (locked into a certain price for an extended period of time)
• Free upgrades
• Vouchers for extra services like dining, housekeeping, or other amenities

Second, consider the moving season. Peak buying and selling for homes occurs from May through to August. There are more vacancies in this slot, but you might have to pay premium prices if you move during these times. This goes for the community you move to as well as paying movers and storage. Moving costs can rise by as much as 30% this time of year.

Third, consider the holidays. Oftentimes, people rely on family and friends to help with a big move, so the holidays present a unique obstacle in getting everyone together. However, this can be an added benefit since more family members, like college-age grandchildren, may be home for the holidays. Here are the best times to move:

• Non-rainy parts of the year (usually after April)
• Non-peak moving months (after August)
• Before or after the holiday season

Should You Sell Before or After Moving?

This is an important question when putting your moving plans into place: Should you sell your home before or after you move into a senior living community?

The pros and cons of selling before moving:

• Frees up money sooner to finance senior living and care
• You might have timing issues if you sell quickly and can’t move in yet
• Your house may still be cluttered while you show it to potential buyers

The pros and cons of selling after moving:

• Ideal staging with less clutter
• Less stress since you’ve already moved and settled
• You might be stuck with the costs of maintaining your home and paying the mortgage if it doesn’t sell quickly enough

Considering what your future will look like during retirement in a senior living community? Check out our free ebook, Lifestyle Opportunities in Senior Living Communities!

At Life Enriching Communities (LEC), we’re committed to ensuring patrons feel well-equipped to plan their future and age how they wish. Explore more resources on senior living or contact us today to learn more about our legacy of services and programs that bring meaning and purpose to every stage of life.