Is your house losing value?!

May 20, 2024

by Bridget Blonde

REALTOR®

Nest Realty Inc. Brokerage

I've been thinking about an alarming problem that aging homeowners face and how it's costing them too much money. This issue came to mind because of some sellers I recently met. They’re older, and it's time for them to downsize. Their situation highlighted a common yet often overlooked challenge that many senior homeowners encounter.

Despite their age, these particular homeowners have kept their house in fabulous condition. This is quite different from what we usually see. As people age, they often lose the ability to keep up their homes and yards. Problems arise when they let it go too far, whether due to pride or lack of help. It’s understandable; many people have a deep attachment to their homes. They feel a strong sense of pride in maintaining them. However, without physical ability or help, upkeep can become a daunting task.

Homes that aren’t kept up lose a significant amount of their value. If your home is your retirement nest egg, this is a huge problem. The financial implications of a neglected home can be severe. Many seniors rely on the equity in their homes to fund their retirement. When the value of their home decreases due to neglect, it can significantly impact their financial security.

One day, we met at their house, and they shared how difficult it had become to keep up with the house they loved. They'd been relying on their grandkids to help with the house and yard work but didn’t feel good about doing that anymore. It’s a common story; seniors often turn to family members for help. And this can create a sense of guilt or burden.

They worried about their beloved home falling into disrepair and losing value. So, they decided to move and downsize before it reached that point. Downsizing is a proactive solution to this problem! By moving to a smaller, more manageable home, seniors can solve the stress of maintenance and preserve their home’s value. I could hear the relief in their voices as they talked about their decision.

The outcome of their choice? The house and yard they love will remain beautiful. They’ll get to enjoy visits with their grandkids again without putting them to work. Their longtime home will maintain its value, and some new homeowners will get a lovingly maintained home instead of a fixer-upper! This decision benefits everyone involved.

This situation highlights the importance of planning and making tough decisions before problems become unmanageable. It’s key for aging homeowners to consider their future needs and the realities of maintaining a large property. By downsizing at the right time, they can avoid the pitfalls of a neglected home and ensure their retirement nest egg (the equity in their home) is financially secure.

For those who are nearing retirement age, or who have elderly parents, it’s worth having talks about the future. Discussing options and planning ahead makes a significant difference. Whether hiring help for maintenance, relying on family support, or deciding to downsize, taking action sooner rather than later can help preserve both the home’s value and the homeowner’s quality of life.

In conclusion, the story of these sellers serves as a valuable lesson for all homeowners. Maintaining a home as we age can be challenging, but with thoughtful planning and timely decisions, you can ensure your home remains an asset rather than a liability. For these particular sellers, the choice to downsize was a wise and relieving one. They had peace of mind and secured their financial future.

If you or someone you know is facing similar challenges, consider the benefits of downsizing and the positive impact it can have on your life and well-being.