Posts Tagged “age in place”
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.
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
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.
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.
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
When you list your home for sale, don’t overlook the importance of your exterior landscaping as a tool for increasing the volume of potential buyers and selling your home more quickly. In real estate, while you can’t always “tell a book by its cover,” having a home with curb appeal is more likely to get people to request an appointment after seeing it on a website or from a drive-by. A home that looks neat and inviting from the outside is likely to be the same way inside.
Landscaping Upgrades That Add Resale Value
Just as with other upgrades you do to your home before sale, you should not go crazy with exterior landscaping or add features with questionable resale value, such as a pool, water feature, or a large garden. You want to present property that is well-maintained and attractive, while not seeming overly difficult to maintain. As a result, planting some colorful flowers, adding a hanging basket to the porch, upgrading the exterior doors, refurbishing an existing deck or adding a new one, and playing an attractive stone walkway may be well worth the money in resale value and speed of sale.
According to Carson Arthur, landscaping designer, often seen on TV home shows, great landscaping can increase a home’s value by 7%, which amounts to $42,000 on the $600,000 home. Patios may add a 12% return, while decks, especially low to no maintenance types, have a 10% to 15% rate of return. An awning, pergola, or even a tree that offer backyard shade might increase your home value by $2,000-$3,000 each. In general, adding trees, a bench in your front yard, a stone walkway or driveway, and attractive plantings are among the key upgrades that pay off.
“Preparing to Downsize” please click here
Managing Exterior Landscaping
If you are selling your home because you are no longer able to keep it up as you like, the whole concept of exterior landscaping may be overwhelming. Given the extra value that great landscaping can add to your home, hiring someone to do the work will be well worth your investment. If you are up to it, putting some effort into the outside of your home can be the perfect closure for transitioning to a new place.
Any home will benefit from neatly trimmed lawns, gardens, and shrubs, along with a patch of color. If you don’t have much to spend on updating a moderately priced home, hiring a neighborhood kid to clean up the area, cut your grass, and plant some flowers might offer the boost you need. If you have a higher-end home where you are hoping to extract maximum value, or if your landscaping is outdated and out of shape, you should go to the next level of hiring a landscape designer or landscape architect to plan out your improvements. A professional will be able to suggest the proper plantings and upgrades and even do them in an eco-friendly way that appeals to many modern buyers.
Ask Me About Curb Appeal
If you are ready to sell your home and wonder whether your property needs more curb appeal, give me a call for an honest assessment as to what you need to do before we list your home.
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
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.
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
The idea of aging place is appealing to many seniors. Many want to stay in their home as long as possible. Their home is comfortable and they are happy there. It seems like the easy choice. But in reality, it’s one of life’s most difficult decisions.
The options are “age in place” remaining in the family home or move to a new place that is more suitable for your current situation. The rule of thumb seems to be: if you are healthy and active then staying makes the most sense. Or does it?
Request Your Complimentary Copy of My “Preparing to Downsize” Report
Because everyone’s situation is different, there simply isn’t a right answer that applies across the board. Here are some key factors to consider when deciding if aging in place is right for you.
1. Physical Health Changes We are generally in denial but as we age our bodies grow weaker and our physical abilities diminish. If you need emergency care, do you have someone nearby to help you get it or are you on your own? If you have to stay in the hospital for an extended period, is there someone to take care of your home? And who would care for you when you return home? Many retirees have re-located to a retirement community that provides them peace of mind should health changes occur.
2. Social Life Many people are excited when they retire by the opportunity to enjoy hobbies and travel. However, they frequently miss the social interaction of the workplace. Over time the circle of friends will gradually diminish. Anyone who lives alone can find they are increasingly becoming more isolated. Especially during Winter months when it is harder to get out. One of the benefits of moving to a retirement community is the opportunity to meet new friends and participate in the activities and functions. Senior living is the time for socializing and new experiences, not becoming a recluse.
3. Transportation If you are unable to continue to drive your car how will it affect your lifestyle? Will you have to rely on family, friends or public transportation to go shopping, for medical appointments or even to visit a friend. Difficulty getting to places can further add to the isolation.
4. Home Maintenance Living in your home will require regular labor-intensive maintenance tasks that must be done. They are no problem now but things like cleaning out gutters becomes a challenge if you become unsteady on a ladder. Cleaning, washing windows and hauling garbage to the curb will become more difficult over time. The benefit of living in your own home decreases when faced with the increased difficulty of maintaining the property.
While many seniors want to remain in their home as long as possible, the reality is our housing needs change over time. There is no right time to make a change as every situation is different. The best advice I can ever give about when to make a move is: Don’t wait until you have to move. Don’t put it off until you have a health change or something unexpected happens and you are forced to quickly make a move.
Looking to sell your home? Give me a call today.
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
There was a time when “home automation” meant lying in bed and turning off the light using The Clapper. Now, modern Halifax homeowners can have lights, music, home theater, garage door operation, climate control, security systems, and more all controlled on a phone, iPad, or tablet. You can control as little or as much as you want to make your home more comfortable, more secure, and more convenient. If you are a senior who lives independently, a home automation system can enable you to live safely while assuring your kids that everything is under control.
Halifax Homeowners Love Home Automation Systems
While home automation may have started as a popular way to make life easier for people with disabilities, it is becoming popular with homeowners of all ages. Depending on how extensive your system is and what rooms it controls, a home automation system can:
– Increase the temperature in your home so that it is comfortable when you get home.
– Verify that you remembered to lock the back door and even lock it if you forgot.
– Let you know if you left the faucet running in the bathroom or if you have a leak in the basement.
– Close the shades and curtains at bedtime – and reverse the process in the morning and of course, turn off the lights.
You may already have appliances, sprinkler systems, and entertainment systems with built-in timers that employ some concepts of home automation. A home automation system takes things to the next level to coordinate what’s in your home with your arrival or departure. If any of your devices have remotes, a home automation system can control it all.
How Home Automation Systems Help Seniors
If you are a senior or have elderly parents you worry about many things and home automation systems offer many benefits. A home automation system lets you see or hear who is at the door, so you can sit on your couch and turn away unwelcome guests or even unlock the door for someone you want to let in.
With access to your login codes for the system, your kids can see that you are okay if your system is camera-enabled. The system will notify someone if you have intruders, smoke or fire, leaks, or other hazards.
Home automation systems can function like medical alert devices to let your kids know that you are okay or need help. You can even have your phone programmed to admit caregivers or call preprogram numbers if you need help.
You can schedule basic functions such as turning lights off or on, turning the thermostat up or down, or opening or closing shades and curtains. These features will not only help you remember routine tasks but make it easier if you have arthritis or some other condition that restricts your motion.
The system can even notify you if the door opens to alert you that someone is entering or leaving – an asset if someone in the home is prone to wandering.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
Is A Home Automation System Right For You?
Home automation systems vary in price according to how much they control. They can be valuable tools to assure your peace of mind whether you are a homeowner looking for convenience, a person looking out for an elderly relative, or a person others are concerned about. As you look at different systems, you will become more aware of what’s possible vs. what you want or need.
You need to be clear about your expectations and ask yourself a few questions. Is the system easy to use? Is it affordable? What features are “must-haves” and what are extras you’ll never use? Are you “techie” enough to be willing to give it a try? Does your home have enough electric capacity to sustain the system or do you need wiring upgrades?
As with any major purchase, shopping around is key. Since you can buy just what you need even on a low-budget, a home automation system can be a perfect solution that will keep you in your home.
Looking to sell your home? Give me a call today.
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