Posts Tagged “assisted living facility”

When is the Best Time to Right Size Your Life?

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downsizing When is the Best Time to Right Size Your Life?

One of the most common dilemmas faced by retirees is when should I downsize and move to a new place? It’s never easy to decide when to leave the family home you have lived in for decades. I have clients that have been in the family for over 60 years.

Here are 5 points to consider

– Housing needs to change over time. Your 4 bedroom 2 storey house with a large backyard was perfect to raise a family, but the kids have moved out years ago.

– Many clients I work with are currently only using 3 rooms (living room, kitchen & bedroom), for day-to-day living. The remaining rooms are unused. They are paying to heat, insure and maintain the entire house.

– Don’t try to time the market for a few thousand dollars more next Spring. Are you are going to spend the entire Winter stuck in the house paying someone to plow the snow? it might be easier to sell sooner so pick the time that is most convenient for you,

– Homes do require upgrades and multiple things may need to be replaced. Spending $10k, $20k, or more to enable you to stay another 1-2 years is very expensive and likely to bring a limited return on resale.

– Are you finding it financially difficult to live in the home? If it takes all of your income each month to live and you are dipping into savings each month to cover housing costs then a right sizing move may make sense.

Eliminating expensive housing costs while simultaneously freeing up equity to invest and produce income can change your financial situation.

Invest and produce an income

If you invest $300,000 (using RBC Managed Payout Solution or a similar product) it will pay approx. $1500 per month in income and you can eliminate $500 per month in housing expenses, giving you $2000 per month to live on.

Hopefully these points will give you some things to consider in making your decision of when is the right time for you to the right size.

Downsizing is a process but a rewarding one. It can be an opportunity to right-size your life and move onto the next chapter with more independence.


homebeat ad When is the Best Time to Right Size Your Life?

Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here

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Ways Seniors Can Prevent Falls From Occuring in The Bathroom

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senior bathroom 1075x732 Ways Seniors Can Prevent Falls From Occuring in The Bathroom

Falls in a home can result in minor injuries or may even become fatal, but a fall in the bathroom is a commonplace where people can get hurt. Take the necessary steps to increase bathroom safety for seniors who want to live independent lives. A few simple and inexpensive changes to your bathroom can decrease your chances of injury and make it a safer place.  It’s also advisable to bring your cell phone or emergency alert gadget to the bathroom with you in case you fall and require immediate assistance.

Some medical conditions like diabetes make your skin less sensitive to water temperatures so ensure you turn the cold water on first and off last when having a shower and be sure to check the water temperature in a bath before climbing in. Do not grab onto the tap when entering the tub but hold onto a grab bar for better balance. Some seniors find it difficult to get into and out of the tub without assistance so it will become necessary to follow the tips listed below to prevent serious or fatal falls.

moen Ways Seniors Can Prevent Falls From Occuring in The Bathroom

Improve Bathroom lighting

Place a nightlight outside and inside the bathroom to keep it well lit. Poor visibility due to inadequate lighting can also increase the risk of a fall so ensure the bathroom is well lit and the path from the bathroom to the bedroom has adequate lighting.

Non-slip-mats and bath mats

Use a non-slip mat that has a rubber back in your tub to prevent slipping. Rinse off your bath mat regularly as soap buildup will prevent it from securing snugly to the tub. Add a nonslip rug or mat on the floor in front of the tub, toilet, and sink to minimize the risk of falling on a slippery wet floor. Ensure your bathroom floor is free and clear of towels, face cloths and clothing, and other items to prevent tripping.

Install a Shower caddy

Install a shower caddy for holding toiletry items that can be accessed without stretching or bending. Install it at arm’s height so it’s easier to grab shampoos and soaps. Wall-mounted shower caddies are easy to refill and you don’t have to worry about shampoo bottles or soap falling out of your hands and into the bathtub or shower.

Install Grab bars

A wet slippery surface can be a hazard in your bathroom, so install grab bars in the shower, by the toilet, and other places in your bathroom but make sure they are installed properly and do not pull away from the wall when force is applied. A properly installed grab bar is essential for seniors who have difficulty getting into and out of a bathtub and provide assistance for better balance. Grabbing onto a towel rack for balance is not advisable and is not designed to support your full weight and could come to loose from the wall resulting in a fall.

Shower chair – transfer bench or walk-in tub

A shower chair or bench provides a place to sit and rest while showering as some seniors have difficulty standing and staying balanced. Purchase a chair with rubber tips on the legs to prevent slipping and sliding in the tub.

Raised toilet seat or install a taller toilet

A taller toilet with a grab bar nearby anchored to the wall will give a senior something to hold onto while raising and lowering themselves onto the toilet. Traditional toilets may be too low for a senior who has problems getting up and down. Also, a raised toilet seat provides better access by a few inches and provides assistance for getting up and down. Again ensure a grab bar is handy to reduce falls.


homebeat ad Ways Seniors Can Prevent Falls From Occuring in The Bathroom

Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here

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Is It Time to Downsize Your Home For Your Retirement?

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group of friends min 1075x538 Is It Time to Downsize Your Home For Your Retirement?

Most likely your home is your biggest asset. It’s also your biggest expense. Unfortunately, when it comes to retirement planning, the family home is often last on the list of later in life changes.

There are many reasons for this delay

Emotionally it’s difficult to let go of a home filled with memories. Moving can be a big process. For these reasons, many retirees delay for years moving into a smaller house, condo or apartment.

“Preparing to Downsize” please click here

However, in many cases, the benefits of downsizing sooner rather than later can be significant. The financial benefits may seem small, but they can extend the life of your retirement savings.

Cost of staying in your home

You may have a hesitation to sell a mortgage-free house and move to an apartment with a monthly rent payment. However, with a home, many of the expenses are hidden.

It’s the ongoing maintenance such as roof, furnace, windows, grass cutting and landscaping, snow removal, etc. Not to mention the annual costs of heat, electricity, and taxes on a large older home. These costs add up to a substantial amount.

Selling your home will eliminate any mortgage or other debt, reducing monthly expenses. Add in the income you will earn from investing the equity of your home and the savings from no home maintenance. Compare that to the monthly rental payment of an apartment.

Trading the variable and hidden costs of homeownership for the visible cost of a condo or apartment can help with planning and budgeting. You know what your fixed costs will be.

Let’s do some math

Even without a mortgage, housing often accounts for 30% of retirement expenses. You sell your $300,000 home and move to an apartment that rents for $1500 per month. This allows 10% of the selling price to cover all moving-related expenses. This leaves $270,000 to be invested.

That $270,000 could produce an additional $16,200 of income per year. On top of that, the savings from lower housing expenses could easily be $3000 per year. A total of $19,200 additional income to pay $18,000 in total annual rent.

Besides the financial benefits, this is simply the practicality. Many people fail to consider how the aging process makes it harder to move. The process is exhausting at a young age. It’s much more daunting for retirees.

As we age, illness or death can unexpectedly force a move upon you. Situations like this create stress and havoc for the entire family. In many cases, the bulk of the responsibility falls upon the children.

Making the move before one spouse dies can help prevent the surviving spouse or your adult children from having to empty and sell a big house.


homebeat ad Is It Time to Downsize Your Home For Your Retirement?

Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here

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Making An Older Home Appeal To Young Buyers

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275e34b892e0d7c2158d797c2c7ce269 ranch house additions second floor addition Making An Older Home Appeal To Young Buyers

The one thing that unites young buyers is they do not want to buy a place that looks old and dinghy and needs lots of unexpected, expensive repairs – regardless of when it was built. They are looking for something that allows them to move in and do minimal work to update the property.

Making An Old Home Young At Heart

What this means is that if you are selling an old home to young buyers you must take some steps to make the home young at heart, even if you have a 100-year-old home in a historic neighborhood. This does not mean you need to add expensive amenities. While some buyers come to the home buying process with unrealistic expectations that granite counters and stainless appliances are essential to their well-being, most come to realize that homes with good bones can be turned into a perfect home. So what should you do to make a home stand out to young buyers?

Verify the condition of the home with a home inspection.

Young buyers usually cannot afford to fall into a money pit. For a few hundred dollars, a home inspection uncovers most problems a professional can see without ripping the home apart. Whatever the inspector finds that is not fixed must be disclosed. Savvy young buyers with vision can get a renovation mortgage to take care of some issues. Having any problems on the table will enable them to make a good decision based on how much remodelling they can handle.

Do the basic upkeep

Clean out the gutters, have the furnace and chimney cleaned and serviced, and have the septic system pumped. Having these services done (and showing would-be buyers the receipts) will offer peace of mind that basic systems are in order.

Flooring is critical

Carpets are a huge negative when selling your home. If you have hardwood under the carpet consider removing the carpets and exposing the hardwood floors. If not, it’s advisable to brand new install hardwood or laminate.

Lighten it up

For a fresh, modern look, paint the walls in neutral colors. Remove the dark floral wallpaper and update the light fixtures. This will offer the buyer a taste of what the home could be like if it were their home.

Play up the neighborhood

The location of the home can sell it as well as the features it has. If buyers can walk to amenities they like, or reach them with a short drive, the neighborhood may offer special appeal. Young buyers may want cafes, restaurants, shopping, fitness centers, and nightlife, along with great schools, parks, and a nice yard for their children and pets.

Make Your Older Home Feel Like A New Home

By taking a few simple steps, you can make an old house appeal to younger buyers. Since the next owner will want to put their stamp on the place, your goal is to remove obstacles that will block their vision.


homebeat ad Making An Older Home Appeal To Young Buyers

Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here

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Beware of Title Fraud In The Era of Identity Theft

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avoid e1522687524651 Beware of Title Fraud In The Era of Identity Theft

In our era of identity theft, title fraud costs Canadians $300 million annually. It’s a serious problem that often impacts older adults.

What is Title Fraud?

Title fraud occurs when someone other than the lawful owner transfers the property to themselves or obtains a new mortgage to pull cash out of the house. This leaves the true owner with a mortgage registered against the property. Scammers are attracted to higher-value properties that are already mortgage-free.

The scammers will place a fraudulent mortgage against a property and disappear with the money. No payments are ever made. Months down the road, the mortgage company begins to attempt to collect on the delinquent mortgage. This is often the first time the homeowner becomes aware they have been defrauded. While the homeowner is trying to prove they didn’t take out the mortgage, the mortgage company is starting to go thru the collection and foreclosure process.

Seniors can be popular targets for several reasons:

– Many seniors have their homes paid off making it easier for thieves to place a mortgage on the property.

– If you are a snowbird and winter down south, having your home vacant for months makes it a target.

Relatives or caregivers can take advantage of people suffering from a loss of mental capacity and forge a power of attorney to gain control of a property and then sell or mortgage the property.

With so much personal information available on the internet, it has become even easier to commit title fraud. People lose their homes to this crime.

Protecting Yourself from Title Fraud

There are a variety of legal actions a person can take to recover from fraud. What can be done to prevent title fraud in the first place? The first thing is to be vigilant.

Before signing real estate paperwork, it is good practice to consult your own lawyer. Be clear about what you are signing. Legal language is confusing to anyone.

Acquire title insurance

Title insurance is an insurance policy that protects your home from title fraud as well as other title problems. Buy title insurance at the time of purchase, but it can be added later. It is good for as long as you own the property and only needs to be purchased once.

The cost is as low as a few hundred dollars. I recommend all my clients invest in title insurance.

If you plan on living in your home for the next few years it is worthwhile protection. There are several different title insurance companies that offer policies. Don’t be a victim of title fraud! Your home is perhaps your largest personal asset.


homebeat ad Beware of Title Fraud In The Era of Identity Theft

Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here

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A Mortgage In Retirement Can Cramp Your Style

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seniors and money A Mortgage In Retirement Can Cramp Your Style

At 65, will you still have a mortgage hanging over your head? Are you a Boomer over 50 who will still be making mortgage payments once you reach normal retirement age? If so, you’ll be like 35% of other senior homeowners, according to the Canadian Association Of Accredited Mortgage Professionals. As a senior, a mortgage obligation can take money away from the resources you need to carry you through the remainder of your life. Unless you are willing to cut expenses, you could be in trouble.

Why Seniors May Still Have Mortgages

With the 25-year mortgage common, you might be in that situation if you took out a mortgage past the age of 40. You may have become a homeowner later in life, but many seniors are still paying mortgages because they refinanced their homes at an earlier time to pay for a wedding or a loan to their kids for a down payment or some other purpose. Your thinking might have been that the kids would inherit the money anyway, so they might as well have it when they need it.

The Trade-off For Having A Mortgage In Retirement

This generosity makes some sense, but the great risk is that it will tap into monies that seniors need to live on. With people living longer, the average senior will need to keep working into retirement, cut expenses, and not take on a new debt areas to make it. In contrast, according to Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada, Inc., many seniors are not changing their spending habits to match their coming reality. Seniors are both adding new debt and taking on new mortgages which could put them in trouble if interest rates rise and the payments follow. “It could send them into a tailspin,” says Schwartz.

How Do Your Finances Line Up?

During your retirement years, what does your financial picture look like? If you are thinking of taking out a new mortgage or even if you find yourself holding a mortgage or considerable debt, you need to ask yourself some hard questions:

  • How far into your retirement does or will your mortgage extend?
  • How far into retirement are you planning to work?
  • How much debt do you have and how do you plan to extinguish it?
  • Are you making it every month or feeling squeezed?
  • Are you prepared to cut your spending so you can both pay off your debt and save for the future?
  • Do you have any other assets you could extinguish to reduce your debt or monthly living expenses?
  • Whether you are paying house or only it out right, can you still afford the extra expenses associated with homeownership, such as taxes, landscaping, repair, and maintenance?

The answers to these questions might influence your housing plans in your retirement years. Your concern should be to have the resources to hold you through the rest of your life.

Call Me For Expert Senior Housing Services

Looking to sell your home? Give me a call today. When you are buying or selling a home, don’t waste time. Give me a call for experience, market knowledge, correct pricing, and a sincere interest in helping you fulfill your real estate goals. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.


homebeat ad A Mortgage In Retirement Can Cramp Your Style

Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here

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