How Do I Decide Whether to Sell My House and Move to a Retirement Community?

By Carol Katz
Loomis Communities, South Hadley, Massachusetts

The author explains how the carrying costs that go with owning real estate (taxes, upkeep, utilities), the economy, and the housing market, are on the minds of everyone: from young people looking for their first job all the way to older adults who are considering a move to a continuing care retirement community ("CCRC") such as Loomis Village, Loomis House in Holyoke or Applewood in Amherst.

Primary residences are the greatest source of wealth for most retirees, and the sale of those homes is the most common way that residents fund their entrance fee when they move into the Loomis Communities. Also, income from pensions and investments is a major source of monthly income for these same residents. So, who can blame them for being worried, and perhaps having second thoughts about making a move that they would not hesitate to make during different times?

Before leaping to a final conclusion, I urge any prospective resident to consider these thoughts:

• Homes are still selling! If they are priced right, they might sit on the market a little longer, but they are selling. Why wait in what could be a long and uncertain market? The house will only get older, need more maintenance, become more of a burden. Just think of the relief could you feel to have it done – and once you move into your CCRC, you won’t ever have to worry about selling a house again.

• You will have to pay for basic living expenses, whether you live in your current home or in a CCRC. Homeowners continue to pay utilities, property taxes, home maintenance, repairs and major projects like roof and painting, food, housekeeping, and maybe even mortgage payments or condo fees. In a CCRC you know what your expenses will be, you can plan them, and you can count on knowing they won’t change from month to month.

Try a comparison: what is home ownership really costing you now? You may find that there’s really not a difference between what you are paying now to own and live in a home, and what you would pay if all of your living expenses are covered in one monthly fee!

• If the lifestyle of a CCRC is what you want – socialization, security, safety, no home-ownership burdens, new friends and activities – then don’t close your mind to it. Come see us and you might be very pleasantly surprised.

Don’t let the fear of a recession stop you from living securely and comfortably in the next phase of your life, the way you’d like to do it!