Stay, Downsize or Move?

The story: Ruth and the stairs

Ruth, living alone in a two-story house far from family, compares staying with renting a one-level apartment near daughter Ana.

1. Narrator: Ruth, 76, lives alone in a two-story house. The bedroom is upstairs, and the closest family is two hours away.
2. Ruth: The house is paid off. Staying must be the cheapest choice, right?
3. Ana: Taxes, insurance and repairs still cost a lot. Your insurance went up again this year.
4. Narrator: Ruth compares three paths: stay and adapt the house, buy a smaller one, or rent a one-level place near Ana.
5. Narrator: Ruth weighs cost, the stairs, doctors nearby and time with family, not just the price.
6. Ruth: I’d rather choose my next home now than have a fall choose it for me.

What you’ll learn

1. The true cost of staying

   A paid-off home still costs money every year: property taxes, insurance, utilities and upkeep. In some areas, home insurance is rising fast. Add it all up as a yearly carrying cost.

   Example: taxes $5,000 + insurance $3,600 + utilities $3,000 + upkeep $4,000 = $15,600 a year to stay.

2. Will it work in later years?

   Stairs, a tub you step over and narrow doorways get harder with age. Ask how the home would work with a cane, a walker or a wheelchair, and what changes would cost.

3. Close to people and care

   Being near family, friends, doctors and stores can matter as much as price. Living far from help can cost health and money later, in rides, aides and lonely days.

4. Renting counts, and timing matters

   Renting is a real option: no repair bills, and the money from the house is freed up. Deciding while you’re healthy gives you choices that a crisis can take away.

Key words

carrying cost

what it costs each year to keep a home

accessibility

how easy it is to live there with physical limits

aging in place

staying in your home as you age, often with changes to make it safer

Common questions

What about moving in with family?

It can work well with clear agreements about money, space and care. Writing those down early avoids hard feelings later.

Are there costs to selling a home?

Yes: agent fees, repairs, moving and sometimes taxes on a large gain. A lesson on the real math of downsizing is coming.

Remember this

Choose your next home before a fall or a crisis chooses it for you.

Try it: Compare your housing paths

1. Add up your home’s yearly carrying cost: taxes, insurance, utilities and upkeep.
2. Try the public rent vs buy calculator with your own numbers.
3. Walk through your home and note anything that would be hard with a cane or walker.

The whole mission; no account or app needed.