You’ve spent years making your house feel like home, creating memories, making each room your own, and building friendships in your community. As you think about what’s next, it’s natural to wonder if this is still the right place for the next chapter of your life.
Whether you’re thinking about staying in your current home as you get older or moving to a 55+ community, the goal is the same: finding a home that fits your lifestyle and gives you more time to enjoy the people and things you love. Here’s what to consider before making your decision.
What It Can Take To Stay Put
It’s understandable to want to stay in a home you love and feel comfortable in. But to make it easier to live there as you get older, you may need to make a few updates.
In fact, the Joint Center for Housing Studies of Harvard University (JCHS) found that fewer than 4% of homes have basic features that make aging in place easier, such as single floor living, step free entrances, and wider hallways and doorways (see graph below).
That means most homeowners will need to make some updates to their homes if they want to stay there as they get older.
The National Association of Home Builders (NAHB) reports that 56% of remodelers handle projects to help people age in place. Common updates include adding grab bars, installing walk in showers with no step to get over, and widening doorways to make moving around the home easier.
That doesn’t mean staying in your current home isn’t an option. It absolutely is! Just keep in mind that renovations can come with noise, dust, and the hassle of coordinating contractors and schedules. Not everyone wants to deal with living in a construction zone while the work gets done.
Your Equity Could Pay for Your Next Move
If you’d rather avoid the hassle of renovations, here’s some good news. The money you need for your next home may already be built up in your current one. It’s called equity, which is the difference between your home’s current value and what you still owe on your mortgage. After years of making payments and rising home values, that equity can really add up. Jess Catorc, Co-Founder of Carry, explains:
““The way home equity builds and is used changes a lot depending on your stage of life. . . . For older homeowners, decades of mortgage payments and home-value growth can turn equity into a financial cushion.”
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When you sell your home, you can use that equity to buy a place that better fits your lifestyle at this stage of life. No renovations or construction needed. Just move in and enjoy your new home. That means less time worrying about projects and more time doing what you love. One option worth considering if you’re thinking about moving is a 55+ community.
Why 55+ Communities Are Worth a Look
From the homes and shared spaces to the activities and events, 55+ communities are designed with this stage of life in mind. Everything is conveniently available in one place. Rocket Mortgage highlights some of the biggest benefits (see visual below):
Rather than spending time and money updating your current home, you can move into a community that’s already designed for your needs. That gives you more time to enjoy the things that matter, whether it’s taking a morning walk with a neighbor, joining a game night, or finally trying a hobby you’ve been putting off.
Bottom Line
Staying in your current home or moving can both be great options. What matters most is choosing a place where you feel comfortable, happy, and at home for years to come.
If you’re trying to decide which option is right for you, let’s connect! We can explore how much your home could sell for and what local 55+ communities have to offer, so you can make the best decision for your next chapter.
