Hello, this is Brian Herd from the Elder Law Team at CRH Law. Today, we’re talking about downsizing the family home.
When do we need to think about downsizing?
As we get older, life events can intervene and interfere with our ability to actually continue to live in our own home. These events can include things like loss of your spouse or partner, frailty, and inability to continue to maintain a large home. These factors can mean we need to consider and plan for some alternative options to pursue our family life somewhere else, so it’s important you do this as soon as the need arises.
What are my options for downsizing?
There many options available to us if we wish to downsize from our big family home. These include such things as selling the home and buying a smaller home and releasing some equity for pleasure. Also, selling your home and even renting to release even more equity. We can go into independent living units such as in a retirement village or a manufactured home park.
And, if we become particularly frail or dependent, we have options such as assisted living facilities or age care facilities. Whichever we choose, the reality is that planning for these event is absolutely crucial. Once you get to a position of the need to move, it’s important you discuss with your financial advisor and your legal advisor, if not your family, what the options are, what the implications are, and then take some decisive action. You owe it to yourself.
[This has been Brian Herd talking to you about downsizing the family home.]