STAY OR SELL

If you are struggling with a big decision regarding selling your or keeping your home, the following list may help you sort out the pros and cons.

The list was compiled by the Department of Consumer Economics and Housing at Cornell University’s College of Human Ecology.

Think through your answer to each question and try to analyze your particular situation objectively.

REASONS FOR STAYING

  1. My paid-up mortgage gives me a “safe haven in old age”, with only taxes and insurance to pay.
  2. My property taxes are low or stable and not expected to increase drastically. Be sure to consider special tax breaks as an older homeowner.
  3. Hazard and liability insurance on my house is affordable and adequate.
  4. The cost of living is lower where I am.
  5. My home is in good condition and does not require extensive maintenance – either physically or financially.
  6. My home is thermally efficient so drafts, heating bills, or hypothermia won’t force me out.
  7. My home is adaptable to decreasing physical abilities: compact and easy to care for, with minimal yard care.
  8. My home is all on one level (or I can live on one floor) with no barriers if I should have to be in a wheelchair. Or it’s easily adaptable at an affordable cost.
  9. My home has built-in safety features to guard against falls, burns, and other accidents (e.g. handrails, nonslip floors, no or few steps, easy to reach shelves and range/burner controls, and brightly-lit rooms).
  10. My home could be converted to share or rent rooms, or economically add a second unit for company, safety, security, or income.
  11. The climate here suits me.
  12. The location is good for daily needs, including shopping, medical facilities, and near by family & friends.
  13. I want to stay in familiar surroundings with family, friends, church, doctor, etc.
  14. My neighborhood is pleasant, quiet, safe, secure, and not likely to deteriorate.
  15. I want to live near people of different age levels.
  16. I could live here without a car because transportation is available from friends or I can walk nearly everywhere.
  17. My children have moved away, but that is good - they are on their own.
  18. I am willing and physically and financially able to live here alone.
  19. It is a whole lot easier not to move.
  20. I want to keep the equity in my home for a rainy day – to provide income if I outlive my other assets or to leave to my heirs.
  21. In this community, the advantages available to older people outweigh the problems we face.

(OVER)

REASONS FOR MOVING

  1. Home maintenance and operating costs are (or will be) too high for my retirement income.
  2. My home is the most valuable it’s ever been and the property taxes are too high. I want to move where taxes are lower.
  3. Homeowner’s insurance coverage is limited and expensive – if available at all – due to insurance redlining in my declining neighborhood.
  4. I can’t afford the utility bills and I’m “too rich” to qualify for low-income energy assistance programs.
  5. Services such as yard care are not cheap and not always available in this area.
  6. I want to move where the cost of living is lower.
  7. The age or condition of my home results in high cost, uncomfortable living; furnace is old, insulation is inadequate, too many single pane windows.
  8. I am over housed: the house and yard are too large for one or two people to clean and maintain and I can not find or afford qualified, reliable help.
  9. My home could limit my ability or freedom to travel on short notice and stay away for indefinite periods.
  10. The design and layout of my home could limit my mobility or present safety hazards.
  11. The climate here is not good for my health.
  12. My neighborhood is becoming rundown and unsafe.
  13. My children, other relatives and friends have moved away and I want to be closer to them.
  14. The location of my home would make it impossible to live here without a car. There are no other transportation alternatives and walking is not an option for me.
  15. I want to live only with people my own age.
  16. I can sell my owner-occupied home one time after age 55 and be exempt from capital gains tax on $125,000* of the profit without having to buy another one as or more expensive. If I want, I can become a renter, invest the house profit and live on the interest.
  17. Problems faced by seniors in this area are great enough for me to consider moving elsewhere.
  18. I’ll move, but I want to keep this house as an income resource or as a place to return if I don’t like my new living arrangement. I’ll wait to sell it to support me f I have to move to a nursing home later.

* Check with your tax adviser as the figure may have changed