Downsize or not?

Studies have shown that more than 80 per cent of retirees would like to stay in their home as they age. What you have to examine carefully is whether the decision to stay put is practical and feasible.

Maybe it’s time to bite the bullet and move. Here are reasons why you may want to sell instead of aging in place:

• The house needs major work in the next few years (a new roof, windows or doors, furnace, exterior updating).
• The layout won’t accommodate you as you get older. There are too many stairs and no main-floor bathroom.
• The community lacks the resources you need, such as adequate health care, shopping and public transit.
• There is smaller, less expensive but suitable housing in your neighbourhood, so you can move without losing close contacts.

“Ask yourself many questions about the physical practicality of the house and of your plans to stay in it,” says Toronto author P.J. Wade in Have Your Home and Money Too (John Wiley & Sons, 1999).

“As you age, so does the house. Will it age well? What do you really love about living there? Make a list of your needs and desires. Could you satisfy those needs and desires and perhaps others as well with other housing?”

Assess the cost of major repairs and modernizations that may become necessary over the next 10 years. These upgrades – and any resulting increases in property taxes – must be factored into your budget when you’re deciding whether to stay or move.