If you are a homeowner, you know the joys and frustrations that come with being responsible for home upkeep and maintenance. This can be time consuming and exhausting when working a full time job and become more overwhelming as you age. When home ownership becomes too much, people often turn to the idea of selling and downsizing. While this can definitely help reduce your responsibility, there are other options available too.
Become a Landlord
If you are looking to downsize and it is not a seller's market, keeping your home and renting it makes fiscal sense. Monthly rental payments can offset monthly mortgage payments, or provide income if you own your home outright. With this option you are responsible for finding renters, creating a lease, and taking care of maintenance issues but are usually not responsible for the day-to-day upkeep or yard work.
Securing a property manager from a company like CJ Real Estate, Inc to care for your home and renters may be a better option for those looking to recluse themselves from all physical responsibility. Property managers are responsible for finding reliable renters, doing background checks, and ensuring that rental guidelines are followed. They also make repairs, answer maintenance calls, and take care of other required landlord responsibilities. You are free to enjoy your daily life without worry for your property.
Move in Extended Family
If you want to stay in your home and simply need assistance with upkeep, it may be beneficial to think about asking an extended family member to move in. In other countries, multi-generational living is the norm and provides both seniors and their younger counterparts with physical and emotional support. Sharing responsibilities can also help reduce financial strain for both parties.
Take out a Reverse Mortgage
If you have paid off your mortgage in full and are thinking of selling due to finances, a reverse mortgage may be a viable option. It would allow you to remain your home and receive passive income as long as it remained your primary residence. It does not though, allow you to sell your home or move to another location. Upon your death, the home would revert to the company that holds the reverse mortgage instead of your beneficiaries.
This option works, but only for those who are still willing and able to provide their own home maintenance, or are willing to pay someone else to take care of any issues for them.
Regardless of your choice, it is important for you to think your decision to sell your home through, as once it is final there is no going back.