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Transitioning to a new home is a significant step, especially for seniors. Downsizing may seem challenging, but it can also be a rewarding journey if done with planning and support. This guide will show how to make downsizing both fun and stress-free.
Understanding the Downsizing Journey
For many seniors, moving is not just about changing a location. It’s a journey that involves life changes, memories, and new beginnings. Recognizing the emotional aspect is crucial. Downsizing provides an opportunity to simplify life, focusing on what’s truly important, whether that’s more time for hobbies, travel, or being closer to family.
Why Downsizing Makes Sense
- Less Maintenance: Smaller homes mean less cleaning and upkeep, allowing more time to enjoy leisure activities.
- Financial Advantage: Reducing living space can lower utility bills and often result in a financially manageable lifestyle.
- Better Fit for the Future: A smaller home with accessibility features can ensure comfort and safety as needs change.
Preparing for the Move
Preparation is the secret to a smooth transition. Following a few steps can make this process comfortable and even enjoyable.
Step 1: Start with a Plan
Creating a plan is like drawing a map for the journey. Knowing what tasks are ahead and setting a timeline helps keep things on track. Consider writing down what needs to be done each week leading up to the move. Breaking it into small tasks makes it manageable and less overwhelming.
Step 2: Declutter and Decide
Decluttering is more than just getting rid of things. It’s about deciding what really matters. Walk through each room and make three piles: keep, donate, and discard.
- Keep: Items that have value and are essential.
- Donate: Things that others may find useful. Local charities can benefit from donations, and giving can feel rewarding.
- Discard: Broken or unusable items that need to be thrown away.
Step 3: Involve Family and Friends
Getting help from family and friends can make the process faster and more enjoyable. It’s a chance to share stories behind cherished belongings, turning the task of sorting into a shared memory-making moment.
Step 4: Hire Professional Help
For those who find the task daunting, hiring professional downsizing services can provide expert help. These professionals can share personalized tips and offer practical support. They handle everything from packing to logistics, ensuring the move is seamless.
Searching for the Perfect Home
Finding a new home takes time and consideration. Here’s how to ensure the new place meets both present and future needs.
Step 1: List Priorities
Understanding what’s essential in a new home will guide the search. Consider factors like location, size, community features, and proximity to family or healthcare facilities.
Step 2: Explore Options
Tour various neighborhoods and communities to explore different possibilities. Pay attention to the community atmosphere, noise levels, and proximity to amenities. Whether it’s a vibrant area or a quiet community, the feel of the place should fit personal lifestyle desires.
Step 3: Consider Accessibility
Look for homes with features that support aging in place. This might include single-story layouts, walk-in showers, or wheelchair-friendly entrances. Such features ensure safety and ease in daily life.
Making the Move
With a home selected and a plan in place, it’s time for the actual move.
Step 1: Schedule Wisely
Selecting the perfect time to move can make a big difference. Avoid busy seasons, and pick a date with mild weather, if possible, to ensure comfort during the move.
Step 2: Pack Smart
Packing is easier with an organized approach. Label boxes clearly with their contents and room location in the new home. Consider packing an essentials box with items that will be needed immediately upon arrival, such as clothes, medications, and basic kitchen supplies.
Step 3: Hire a Trusted Moving Company
Choose a moving company with experience in handling senior moves. They should be patient and understanding, helping relieve stress during the process. Ensure they have a track record of reliability and care.
Settling Into Your New Home
Once the move is complete, it’s time to settle in and make the new house feel like a home.
Step 1: Settle Strategically
Begin by setting up essential areas like the bedroom and kitchen. Familiar items can provide comfort during the initial days.
Step 2: Meet the Neighbors
A friendly chat with new neighbors can help create a sense of community and belonging. Neighbors can offer advice on local services and activities.
Step 3: Personalize Your Space
Hang favorite photos and arrange furniture in a way that feels inviting. Personal touches turn a house into a home, offering a sense of familiarity and comfort.
Embracing the New Chapter
Downsizing is more than moving—it’s about embracing a new chapter in life. It’s a chance to focus on enjoying newfound freedom, spending quality time with family, and engaging in hobbies and interests.
By approaching the process with positivity and preparation, seniors can transform the challenge of downsizing into an exciting opportunity for renewal and growth. Whether moving to Halifax or any other vibrant community, the key is to enjoy every step of this journey.
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
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.
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 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.
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