When is a home too much for seniors?

Good planning makes a safer home.

When does a home become more of a liability than a comfort? When does the upkeep, the financial responsibility or the physical challenges of maintaining and living in your house outweigh the comfort and memories?  Just when – if ever – is it time to downsize?

These are the difficult questions many older people are asking themselves.  This summer, I’ve averaged at least one call a week from someone (usually a senior citizen) asking if there is any grant money available to help them make home repairs.  The story is pretty much the same: “I’m a senior on a fixed income and my (insert maintenance issue such as roof, plumbing, electrical, flooring, windows, etc.) needs to be replaced.  I can’t afford a loan payment.  Is there any help for me?”

Here at NeighborWorks of Grays Harbor, we deal with many kinds of housing-related issues including home maintenance and finances, so I thought I would dive into the issues surrounding the decision of “Do I stay or do I go?” in this month’s column.

Upkeep challenges  

Many people want to stay in their home as long as possible.  But for many people, as the years go by, the maintenance and chores that used to be easy, suddenly become more of a burden.

The first thing that tends to become a challenge is the unrelenting upkeep of the yard.  Gardening and mowing can keep you young and active or can become a tedious, time-consuming task. If finances allow and you can hire help, or if children and grandchildren are willing volunteers, this help can often put off the move for a few more years.

Regular maintenance like staining the deck, cleaning the roof, clearing the gutters and washing the siding are other tasks that can be hired out. As you get closer to not wanting to do these tasks yourself, make a list of what needs to be done each year and ask around for recommendations for a local handyman or contractor.

Inside chores can be the same. Even having a professional housecleaner—or willing teenager – help out with the inside chores once a month can give you quite a lift. Having someone else clean the toilets, mop the floors and vacuum the carpets can literally be like a breath of fresh air.

The costs for yard and household help should be included in your retirement budget. Be sure your retirement advisor has included these costs in your financial plan if you intend to stay in your home.  If you haven’t included these in your budget or are unable to afford the basic maintenance costs, it may be better to sell the house while it is in good condition and use the proceeds to pay rent and let your new landlord worry about the upkeep.

Physical challenges

Beyond, the need for extra help around the house and yard, sometimes the combination of physical challenges and the structure of a house can make daily life difficult.  Stairs going into a house or up to a bedroom are often the first concern. Sometimes adding an outside ramp and moving a bedroom downstairs are possibilities.

Adding things like grab bars in the bathroom or seats in the shower, widening doorways and getting rid of trip hazards like throw rugs can buy a little peace of mind and more years in a home. There are even contractors that specialize in retrofitting homes to help seniors in their home.  Doing a few of these things even before you need it, might help to prevent a fall and allow you to stay in your home longer. 

Again, these retro-fits can be expensive and may not fit into everyone’s budget.  Would it be best to plan to move to a place where these accommodations have already been made?

Financial challenges

Keeping a home is expensive! Even if the mortgage is paid off, increases in the cost of home insurance, property taxes, utilities and maintenance can become overwhelming.  

First, make sure you are getting all the senior breaks you can. If finances are tight, the PUD and the county assessor’s office, for instance, offer discounts for low-income seniors.

A reverse mortgage may work for some and can be a way to use the equity in your home to finance your costs of staying in the home.

The United States Department of Agriculture also has a loan and small grant program where people in rural areas (Grays Harbor County qualifies) can apply directly to the USDA.  These grants cannot exceed $10,000 (loans up to $40,000), must be used to address health and safety issues with the house and have other restrictions as well. 

Application for these funds can be a long process but can be done with perseverance and help from the folks at USDA.  (Check out USDA.gov  -  Section 504 Single family housing repair grant.  Or call the Washington Rural Development State Office at (360) 704-7700)

Deferred Maintenance

Unfortunately, many people call after the problems with the house are beyond the general maintenance and repair stage.  Examples of this are:  Needing a new roof or upgrades to plumbing and electrical service or issues with the home’s foundation.  These are “big ticket” items that often become unaffordable to someone on a fixed income.  If you are at this point, the best option may be to sell your home and use the proceeds to rent a safe and secure place.

Preparing  for the future

Even if you are years away from thinking about downsizing, it’s not a bad idea to think ahead what options you’d prefer when the time comes. They don’t all have to do with you leaving your home. Some houses lend themselves to offering up a room – or even the whole basement – to a renter or a family member.  That could potentially help with finances, chores and care-giving, depending on the arrangement.

Seriously consider why you want to keep your home.  Are you hoping to transfer it to your children?  Do they want the home? Do they want it badly enough to help you maintain this valuable asset for their use later?

In the meantime, whether you plan to move someday or wait to have your kids inherit the house, it’s in everyone’s best interest to plan ahead. That means start keeping track of maintenance schedules for your appliances, keeping the house painted, the yard mowed and addressing any deferred maintenance.

Do you need a new roof or other major repairs?  If so, whether you plan to live there another 20 years or plan to sell soon, having these things done will help your home hold or increase its value and make for an easier transition in the future. 

Downsizing

It’s time we talk about the stuff.   Yep, if you are like most of us in the United States you have way too much of it.  Just look at the number of storage units being built.  Again, whether you expect to move in a few years or plan to make your children go through all your belongings some sad day, it only makes sense to begin tackling the project now. 

Nowadays with so many avenues – including social media – to sell things, there’s no reason to put off seeing if someone else might enjoy your things.  You may even make enough money to pay for some of those home maintenance costs!

If you don’t feel like selling, offer up your things to friends and family. Items left over can be donated to charity or, grit your teeth and take them to the dump. You will feel lighter, your family will thank you and you will be ready to choose –  “Should I stay or should I go?” when the time comes.