You want to stay. It is a fair wish. A survey by GOBankingRates found 73% of Americans over 50 plan to live in their current homes forever.
Comfort. Independence.
But there is a tax on this sentiment. A hidden one.
Researchers at Boston College looked at the numbers. They found age hurts your home’s price. An 80-year-old selling a house gets 5% less than a 45-yearold selling an identical one. On a $400k home, that is a $20,000 hole in your pocket. Just for getting old.
Suze Orman has advice. She does not believe in the “aging penalty” being unavoidable. Here is how she says you fight it.
Fix What Breaks. Ignore the Rest.
Homes sold by older people often show signs of neglect. Deferred upkeep. It kills value quietly.
“Ongoing maintenance is a must,” Orman writes. “Taking care of your home today… avoids even higher costs later.”
She mentions dated bathrooms. Kitchens. Those things drag down the final number.
“Dated bathrooms and kitchens are at play in this hidden cost.”
But wait. Do not go crazy with renovations.
Orman warns against spending you cannot afford. Yes, a safe bathroom is a need as you age. No, a luxury kitchen renovation might not make financial sense if the market doesn’t care. Keep it logical. Balance safety with wallet depth.
Get a Boost When It’s Time
Older sellers do something else wrong. They skip the market.
The report notes they often sell off-MLS or directly to investors. Why? Overwhelm. Health issues. The desire to move fast. Or just plain exhaustion.
Is this smart?
Hardly.
“This removes your home from competition. When you sell, you want the most possible people to see the home.”
Orman’s fix is blunt. Call family.
Your kids. Maybe grandkids.
“Adult children can help ensure your home is marketed to widest possible audience.”
It seems distant when you are fifty. Sixty. Even seventy. You do not think you will be the person needing to sell fast to just one buyer an agent finds. You think you are capable. You might not be, in a decade. Or twenty.
Plan for the messy reality.
Take care of the house now. Let the family help later. It beats losing twenty thousand dollars to silence.
What are you maintaining?
