For many Rhode Island homeowners, a house represents much more than a financial investment. It’s where children were raised, holidays were celebrated, friendships developed, and memories accumulated over decades.
But life changes.
Children grow up and move away. Retirement approaches. A spouse passes away. Health or mobility needs change. Sometimes the house that once fit a family perfectly no longer fits the people living in it.
When these changes occur, homeowners often assume they face a simple choice: stay or sell.
In reality, there may be several options worth exploring before making that decision.
As a REALTOR® who works with homeowners navigating major life transitions, I believe one of the most valuable things I can do is help people understand those options—even when the best decision is to remain exactly where they are.
Here are five possibilities worth considering.
1. Modify Your Existing Home to Meet Your Changing Needs
Sometimes the problem isn’t the house itself. It’s that the house no longer functions as comfortably or safely as it once did.
A two-story colonial that worked beautifully for a young family may become challenging when climbing stairs becomes difficult. Bathrooms that were perfectly adequate twenty years ago may need accessibility improvements.
Before deciding to move, consider whether relatively modest modifications could make your home more comfortable.
Possibilities include:
- Installing grab bars and improving bathroom accessibility.
- Replacing a traditional bathtub with a walk-in shower.
- Creating a first-floor bedroom.
- Adding handrails, ramps, or improved exterior lighting.
- Widening doorways or eliminating difficult thresholds.
Rhode Island offers a resource that some homeowners may not know about: the Livable Home Modification Grant Program, administered by the Governor’s Commission on Disabilities.
For qualifying residents with disabilities, the program may reimburse 50% of eligible accessibility modification costs, up to $4,500. Income and other eligibility requirements apply, and applicants generally must receive an award letter before beginning the work.
You can learn more through the Rhode Island Governor’s Commission on Disabilities.
The important point is that moving isn’t always necessary when a home can be adapted to changing needs.
2. Consider Whether Multigenerational Living Makes Sense
For some families, the solution may involve bringing generations closer together.
An aging parent might benefit from living near adult children. A young adult may need temporary housing while saving for a home. Families may want to share responsibilities while preserving a reasonable degree of independence.
One possibility worth investigating is an accessory dwelling unit, commonly called an ADU.
Depending on the property and applicable regulations, an ADU might take the form of a separate living space within an existing home, an addition, or a detached structure.
Rhode Island has expanded opportunities for ADUs, but homeowners still need to understand applicable building, zoning, utility, permitting, and property-specific requirements.
An ADU isn’t automatically the right answer.
Construction costs, financing, family relationships, privacy, and future resale considerations all deserve careful thought.
But for some families, creating additional living space may be preferable to selling a longtime home.
3. Evaluate the True Cost of Staying
Many homeowners focus on the monthly mortgage payment when evaluating whether to remain in their homes.
But that number doesn’t tell the whole story.
Consider an older home with a relatively small mortgage balance—or perhaps no mortgage at all.
The owner may still face substantial expenses:
- Property taxes and homeowners insurance.
- Heating and cooling.
- Roof, siding, and mechanical-system replacement.
- Landscaping, snow removal, and exterior maintenance.
- Accessibility improvements.
- Repairs that become more difficult to manage with age.
A house can be mortgage-free and still be expensive to own.
The question isn’t simply, “Can I afford my mortgage?”
It’s “Does the total cost of owning and maintaining this home still make sense for the life I want to live?”
That answer will be different for every homeowner.
Some people enjoy maintaining a large property. Others would gladly exchange those responsibilities for a smaller home or condominium.
Understanding the actual numbers helps make the decision clearer.
4. Explore Your Home Equity Without Assuming You Must Sell
For homeowners who have owned their properties for many years, home equity may represent a substantial portion of their financial resources.
That equity creates choices—but those choices deserve careful evaluation.
Depending on individual circumstances, possibilities may include a home equity loan, home equity line of credit, or, for eligible older homeowners, a reverse mortgage.
These are very different financial products, each with its own costs, qualifications, obligations, and risks.
Borrowing against a home can increase financial pressure, and it may not be appropriate for someone whose income is limited or whose long-term housing plans are uncertain.
Before using home equity, homeowners should consult qualified mortgage, financial, and tax professionals.
The goal should not be to borrow simply because equity is available.
The goal should be to determine whether using that equity genuinely improves financial security or quality of life.
And sometimes, selling and purchasing a more suitable property may be the better alternative.
5. Consider Downsizing—or Rightsizing—Before It Becomes Urgent
I prefer the term rightsizing because moving to a different home isn’t always about having less space.
It’s about having the right space.
A homeowner might move from a large colonial to a smaller ranch-style home with fewer stairs. Another might choose a condominium to reduce maintenance. Someone else may move closer to children, medical services, or a more active community.
The right home depends on the person and their priorities.
One of the biggest mistakes homeowners can make is waiting until circumstances force a decision.
A sudden health event, the loss of a spouse, or an unexpected financial challenge can turn what should be a thoughtful process into an urgent one.
Planning early provides more flexibility.
It allows time to evaluate the market, understand potential sale proceeds, explore replacement housing, and coordinate with family members and professional advisors.
Even if a move is several years away, beginning the conversation now can make the eventual transition considerably easier.
The Best Decision Isn’t Always to Sell
Real estate decisions should begin with people, not properties.
Before recommending that someone sell a home, I want to understand what they’re trying to accomplish.
Are they seeking greater financial security?
Less maintenance?
More independence?
Closer proximity to family?
A home that better accommodates changing physical needs?
Or simply a different lifestyle?
Once those questions are answered, we can begin evaluating the real estate options.
For Rhode Island homeowners, additional assistance may be available through the Rhode Island Office of Healthy Aging, which helps older adults, people with disabilities, and caregivers connect with community resources.
My advice is simple: Don’t wait until life forces a housing decision. Understand your options while you still have the freedom to choose.
If you’re wondering whether your current home still fits your needs—or those of someone you love—I’d welcome a conversation.
There’s no obligation and no assumption that selling is the right answer.
Sometimes the most valuable real estate advice is helping someone discover that they have more choices than they thought.
Joe Luca, REALTOR®
RE/MAX Preferred
Serving Rhode Island and nearby Massachusetts communities
This article is intended for general educational purposes and is not financial, legal, tax, or medical advice. Program availability and eligibility, financing terms, and local permitting requirements should be independently verified.
Joe is a Licensed REALTOR, providing Residential Real Estate Services in Massachusetts and Rhode Island and Income Property Advisory Services nationwide.
Joe is 2018 President of the Rhode Island Association of REALTORS. Member, Board of Directors, National Association of REALTORS®.
Joe has worked with many 501(c)3 corporations as a Broker and volunteering his time, skills, and services.