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Downsizing in Naples Florida for Seniors: What To Consider
Although moving into a smaller home is a smart way to simplify your life in your senior years, making the change is still a big undertaking. From deciding what to do with your property to planning for moving day, here’s what you’ll need to address on your way to downsized domesticity.
Keeping Your Home in the Family
In addition to the wealth of family memories your home holds, your house has likely become more valuable over the years. While it can be both meaningful and financially enriching to pass your home to family rather than part with it, you’ll want to discuss doing so with your kids to confirm you’re conferring an asset and not a burden. As with any financial matter, keeping your home in the family should be a rational, rather than emotional, choice.
Consult a financial advisor before putting anything in motion, as there are numerous legal and tax implications when transferring the ownership of a home. Gifting the house outright might feel generous, but legal experts say that it’s often wiser to establish a trust or sell the home to your kids, and then forgive the debt.
Selling vs. Renting
If you have no one to pass your home to or there are other reasons for keeping it out of family hands, you’ll have to decide whether to maintain ownership and rent your house or put it on the market. Although either option will improve your financial freedom, there are perks and pitfalls to consider.
With the profit you’ll earn from selling your house, you can make your senior years more comfortable by reducing debts, investing, or traveling. You’ll be free from the burden of maintenance and repairs, mortgage, and insurance costs. However, in real estate, timing is critical. If you sell in a down market, you may miss out on higher gains.
Renting your house will give you a steady income stream while providing you with some tax breaks only available to landlords. If the market is weak, renting lets you make money from your house while you wait for a better time to sell. However, you’ll still be responsible for upkeep while risking damage or legal problems caused by your tenants.
Planning Your Move
Regardless of what you decide to do with the home, you’ll still have to tackle the task of moving out. Every item in your house will need to be tossed, donated, packed, or stored as you prepare to live under a smaller roof. Then you’ll have to find the right moving company to handle it all.
To be sure your belongings are in good hands, find local movers by asking for referrals from friends and checking online reviews on sites like Angi. Once you’ve identified options, contact each moving company to review your needs and make appointments to discuss costs. Always go with a company that conducts an onsite visit at your home to make an estimate so there are no surprises on moving day, and insist on getting the quote in writing as opposed to verbally or over the phone.
With careful consideration and planning, you’ll take much of the stress out of downsizing. Once you’ve worked through what you’ll do with your house and set up your move, you’ll be ready to enjoy your next chapter in life.
When you’re ready to start looking for a new home in the Naples area, make sure you get in touch with Michael and Anna Bryant. Call today at 239-293-0246 or email napleslaw@yahoo.com.
