Without your children living at home, you may find you do not need nearly as much space.
Keeping up a home can be a lot of work.
Especially if the house is on the larger end.
Do you have rooms in your home you never use?
If so, a smaller place may be more economical and manageable.
According to a Starts at 60 article titled “8 things you need to know before you downsize in 2017, there are things you should do and also things you should avoid in this process.
Beginning to plan now can give you plenty of time to make the wisest decisions.
You can look more objectively at your finances, your needs, your wants and then make better, less emotional choices.
Speaking of objectivity, an objective third party can help you avoid clouded judgment.
Good people to ask?
- Financial Advisors
- Estate Planning Attorney
Know how a move could affect your benefits.
Pensions and the taxation of same are especially important to consider.
Determine the affect "moving again" may have.
Planning on moving to a retirement community?
If yes, it may have a Deferred Management Fee for each year you are a resident.
What might this do?
It may take a chunk out of any proceeds you make on the sale of your home in the village.
In short, you may lose money on the transaction.
Ask about fees,
Living in a community will likely involve maintenance or other operational fees.
Sell the old before buying the new.
Wait until you are ready.
Have any doubts?
Do not rush.
You should make the transition only when it feels right.
Seek counsel before you sign a contract.
Be aware and in some instances, if it just does not "feel" right" ... beware!
Trust your gut.
People often look out for their own best interests.
Ask a third party to review any contracts.
An estate planning attorney can be especially helpful in pointing out where something could be detrimental to your wishes.
Do not let this frighten you away from downsizing.
A change of scenery can be wonderful in retirement and free you up for more exciting adventures.
Like any decision is life, you want to be wise.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Starts at 60 (December 28, 2016) “8 things you need to know before you downsize in 2017”