Indifferent to market conditions
Interest rates continue to rise after being at historic lows for so long, but this should not be a concern to homeowners who are aging in place because they will have purchased their homes years ago. Some of them may have paid cash initially or already paid off their mortgage – or be very close to doing so..
A shortage of homes or inability to find homes that meet their needs should not be a concern either. While they may have a general empathy for those who are shopping for a home and attempting to find something that is becoming increasingly harder to locate and finance, they are not personally affected by it. They may have concern for their children, other relatives, or friends, but they already have their home and do not need to replace it. Therefore the real estate market has no power over them.
Aging in place is powerful
So many people purchased their current home years ago because they like the appearance or styling of it, the general floor plan, the neighborhood, and most likely, the price. Even though their needs may have changed over the years, they likely have become more fond of their home rather than less so. Sure, there is the “grass is always greener” scenario that may cause them to think about what else they could have, but they generally keep coming back to what they have and dismiss any thoughts of moving.
While a different home could mean a more modern look, the money that would be needed to move could be used to improve the current home to bring it more in line with their concept of what they could achieve in a newer dwelling. Likely, some of these improvements would be needed anyway just to get the home ready to list. So people should act now and invest in their present home to make their home more enjoyable and functional for them.
Approaching a ‘pseudo’ sale
Suppose we pretend to sell our home and move into something different. We would start by evaluating the condition of our current home and compare its features to those that we would expect to find in a comparable newer home.
Why can’t we have both? That is, improve the condition of our present home by making the necessary repairs and code improvements to make it sale-ready even though we won’t be selling it? And then, begin making some of the kitchen, bathroom, windows, doors, and other access point improvements that someone likely would request or that we ourselves would want in a newer home?
This way, we will have been able to stay where we are, age in place, and benefit from an upgraded, more contemporary home that would rival anything we might find in the marketplace – all without packing a bag or leaving home.