AGING IN PLACE vs DOWNSIZING
A survey in 2023 by the Canadian National Institute on Ageing found that 88% of people over 50 want to live independently for as long as possible. This could mean either Aging in Place: living safely and comfortably in their current home or Downsizing: moving to a new home to live independently. Let’s look at some things to consider when making the right choice for you.
Aging in Place
Planning ahead
It is more difficult to make any necessary modifications in an emergency situation. Planning ahead for aging in place allows you to add adaptive solutions to your home on your own schedule, and expands the possibility of incorporating customized remodeling options to suit your lifestyle.
Already planning to renovate
Regardless of your age, it is important to consider universal design and adaptive solutions in your renovation plans. Adding features such as barrier-free showers, slip resistant flooring and smart technology will increase your home's functionality, allow it to adapt to the various stages of your life, and make it more visitable for aging parents or young children. Incorporating universal design principles can also increase the value of your home.
Good community supports
Do you love the neighborhood that you live in and have a good network of friends, family and neighbours near-by? Are amenities such as grocery, pharmacy or public transit easily accessible to your home? If so, then planning to age in place is a great idea. Staying connected to our community and social network is extremely important for our physical and mental wellbeing at all ages.
Home accessibility
The ideal home modifications for aging in place enable barrier free access and main floor living or provide innovative alternatives to accomplish these goals. If the layout of your home and property is relatively easy to modify, aging in place could be the right option for you.
Expense and inconvenience
Renovating your home can be time intensive and costly, and access to your home may be limited when work is underway. It is important to consider this when deciding if remodeling to age in place is the right choice for you.
Downsizing
Lifestyle change
If your retirement plans include spending the winter months in a warmer climate, traveling the world or even spending less time and energy on home maintenance, downsizing may be right for you. Moving to an apartment-style home will allow you the flexibility to simply lock the door without worry about the upkeep or security of your home.
Financial Freedom
For many people a significant part of their retirement savings is tied up in the value of their home. Selling your home and downsizing can provide you the opportunity to pursue your retirement dreams.
Limited community supports
Everyone needs a helping hand and as we get older we may need more assistance. If you live in a remote location or have limited family and friends close by, downsizing to a location with built-in community support is a good option to consider.
Extensive remodeling required
Depending on the age and layout of your home, it could require extensive remodeling to be suitable to safely age in place. If you do not want to go through the time and expense, downsizing may be the easiest option.
Unexpected health issue
Medical issues can occur at any time and can affect your ability to live safely and comfortably in your home. Downsizing to a home that offers single floor living and accessible features can allow you to continue to live independently.
There are benefits to both aging in place and downsizing. The right decision is individual to everyone. If you are deciding between aging in place and downsizing or are planning to renovate your forever home, we would love to talk to you about your options. Visit our website to learn more about the services that we offer.
