What Downsizing Seniors Can Do With Their Current Homes

Monday, January 14, 2019   /   by Mike Shoaff

What Downsizing Seniors Can Do With Their Current Homes


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Author: Jim Vogel | November 14th, 2019 

What Downsizing Seniors Can Do With Their Current Homes

Now that you’ve made the decision to downsize, you’re faced with another difficult choice: what to do with your current home. When it comes to moving on from your home, you can choose to leave it to a family member, turn it into a rental property or sell the property. Each of these options comes with their pros and cons, though, so it’s worthwhile to know what you’re getting into before making a commitment. 

Transfer of Ownership

In this option, you would transfer ownership of the property to a loved one. You would need to consult with an attorney to complete what is known as a quitclaim deed which transfers ownership from you to a child. The process is a fairly simple one where you’re no longer responsible for the home, but it’s still in the family. Be careful with this one, though, because according to Music City Estate Law, there can be consequences when a transfer is made. Make sure your lawyer advises you about potential issues with the gift tax as well the capital gains taxes your child may face if they decide to sell it. Transferring ownership may also affect your ability to claim Medicaid benefits towards senior living facility costs as well. 

Become a Landlord

If you’re thinking about putting your house up for rent, then Nationwide has some helpful advice for you. You’ll need to determine a set of requirements that both you and your tenant(s) are expected to follow. These should include the rent, lease terms, and maintenance. Next, you’ll need to find a tenant that’s the best fit and get in touch with a property manager that can take care of the day-to-day responsibilities. While being a landlord has the advantage of bringing in a monthly income and tax deductions, it can also come with high start-up and maintenance costs. 

Put the Home on the Market

According to The Balance, there are a number of things you’ll need to think about when putting your home up for sale. It’s suggested that you enlist the help of a real estate agent to give you advice on what buyers like in a house and getting the word out about your property. It’s also vital to know what your selling price should be by checking on sales prices in your neighborhood. In Naples, the average home sale price is $325,000. You should also be prepared to host open houses and get movers in place as soon as possible so you can move out of the home quickly when the sale goes through. While you won’t have a monthly income, you’ll have a lump sum that you can use to pay for your expenses or invest if possible. 

Getting the House Ready

Regardless of what you’ve decided to do with your home, you’ll need to get the house ready for the move. You should be prepared to sort through your personal items and decide what you can keep, donate or even sell if possible. When packing, be sure to start early and get help from friends and loved ones so it doesn’t feel as overwhelming. Make sure you put your important documents somewhere safe so you can find them easily (e.g., a lock box, which you can find for less than $35 on Amazon). While you can tackle moving by yourself, it’s recommended that you hire professional movers so there is less hassle. A senior-friendly moving service knows how to handle the special moving needs older adults usually have. 

It may have been hard to make the decision to downsize, but knowing what to do with your house shouldn’t have to be. The tips in this article can be useful for comparing your options and choosing which one is right for you. Just make sure the one you choose also takes your future needs into consideration.

 
RE/MAX Hallmark Realty
Mike Shoaff
625 Tamiami Trail N #203
Naples, FL 34102

The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2025. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2025. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
2025 Royal Palm Coast REALTORĀ® Association. All rights reserved. Information has not been verified, is not guaranteed, and is subject to change. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) of the Florida Gulf Coast Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Mike Shoaff - RE/MAX Blue Skies IDX logo and detailed information about them includes the name of the listing brokers. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Last Updated: 4/19/2025 1:12 AM CST
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The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2025. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
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