On a recent trip to visit my parents, I was struck by how much my hometown had changed. There were new roads leading to new neighborhoods, new schools, and new subdivisions that were strawberry fields not too long ago. Shopping centers, restaurants, and office buildings were everywhere in between. Everything seemed to be so new. The pervasive development is definitely a sign of the times and certainly nothing that is not uncommon for many communities around the country.

Nonetheless, my parents still live in the same two-story colonial that I grew up in. They have a sizeable lot full of old trees, a creek running through the property, and of course, they added a pool once I moved out. Go figure. However as I neared their home, I noticed the stark contrast between their older, more established neighborhood and the “newness” all around them. Yet, I also realized that their aging home presents unique challenges for them as they age and raises questions about how to preserve the value of their home as it gets older and older.

If you or your parents live in an older home, I encourage you to put a plan in place to address maintenance issues, the possibility of moving or downsizing, and how to protect the value this invaluable retirement nest egg. Each of the following concerns can impact the value now and when it comes time to sell – even if you do not have immediate plans to do so:

Maintenance. Both my parents are still active and in good health, but the last thing they want to be concerned with is maintaining or repairing an aging property – especially if it means constantly dipping into their retirement savings to do so. Not only is that contrary to what they had envisioned for themselves in retirement, but also at some point it may become too difficult for them to maintain. And if there are plans to pass the house down in the family, no one wants to inherit a problem. While this in not an issue for them now, it is important to consider the level of effort and cash flow needed five years, ten years, and beyond to keep the house in good repair.

Too Much House? Two empty nesters in a five bedroom house begs the question, do they have too much house? This only amplifies concerns about their ability to keep the house clean and in good condition. What’s more, a two story home may not be the best floor model for aging parents who have to navigate the stairs by themselves.

Of course, parents/grandparents will often resist the mention of moving or downsizing because it is ‘the one place the family can all get together’. Consider starting to have gatherings in your or your siblings homes to establish new family traditions to diffuse potential objections from your parents about moving or downsizing. So, while the grandparent’s home is a great place for the kids and grand kids to get together, it is important that the house does not become a burden for your parents – especially if you can not be there regularly to help with the upkeep.

Updates. Even though my parents’ home is built more solidly than many of the new homes around them, it still is an older home without many of the modern conveniences expected by home buyers today. All things being equal, many potential buyers may prefer a more open layout, more windows, or the larger bathrooms common in homes built today. These “dated” design differences can limit the pool of potential buyers and possibly affect the value of the home today – let alone five, ten, or twenty years from now. What’s more, should you or your parents consider updating the kitchen or a bath, it is important to seriously evaluate the impact on their finances and retirement funds versus the potential value it adds to an aging home.

Pack Rats. If your parents are like mine and you want to see a time bomb waiting to explode, take a peak in their attic and garage and closets and all that space that used to be used by us kids. Now their home seems to be a museum of sorts with a collection of a lifetime of memories – or so they claim. Better yet, their accumulated “stuff” is supposedly what they want to pass down to us kids. I am just not sure if the July 1978 National Geographic is what I was hoping for. Seriously though, pack rats can be detrimental in a number of ways. Not only does a cluttered house create potential health problems as it becomes more difficult to keep clean, but it also makes it very difficult to show well when it comes time to sell the home. It is even a bigger chore when it comes time to move. Again, none of us wants to inherit a problem.

Moving. We all know how much effort it takes to move. It is not easy, it is not fun, and it is extremely stressful. The last thing we want to do is wait until are parents are older and put them through such a taxing and emotional event. Nor should you or your parents wait until they are forced to sell for whatever reasons or when the home is in such disrepair that it will negatively impact its value. Instead, now is the time to plan with your parents to determine the best course of action for them, their home, and their future housing and financial needs.

Older homes in well established neighborhoods can be extremely valuable long-term assets. However, they also can present unique challenges especially when aging parents are responsible for their upkeep. Even if your parents are content with where they are, now is the time to sit down with them to evaluate their current housing situation and finances. Your goal should be to realistically assess their current living situation and conditions. You then need to identify any needed alternatives in the short-term and in the long-term and plan for those changes now. The last thing any of us want is to be forced to make a decision for our parents because we have to – simply because we did not plan early enough.