Posts Tagged “fund retirement plans”
Ready to retire and sell your home? Pricing it correctly is important to getting the most money from it, but determining the value can be a challenge. If you have lived in your home for a long time, kept it in good shape, and even upgraded it, you may not have a realistic view of its value.
Avoiding The Taj Mahal Syndrome
Many homeowners are afflicted with the Taj Mahal Syndrome, the misguided belief that their home is much better than similar homes. Often, they make this assessment based on factors that do not equate to increased value. For example, owners may look back over their years in the home and remember the years they raise their children there. They let emotional factors inflate the value to others, which leads to overpricing.
In preparing to sell their home, many people clean and paint it and undertake renovations to make the place more inviting to potential buyers. Sometimes what they spend money on repairs and maintenance items that they should have done periodically over the years. Repairing peeling paint and cracked bathroom tile and faucets are necessary to bring the house up to basic standards and local codes, but these things are not renovation costs that can be passed on to new buyers.
Improving a home with upgraded windows, remodeled kitchens, and new flooring does not usually result in a dollar for dollar increase equal to what you expend. While real estate shows on TV often show that putting money for renovations results in increased value, studies conducted on the resale value of improvements shows a varying rate of return that is always far less than 100%.
Using Professional Home Valuation Tools
Real estate agents and appraisers traditionally use “comps,” comparable values of other homes in the neighborhood, to help determine the value and subsequent best price for your property. By going into information found on the local MLS, the professional can see how much other homes of similar size, condition, and location sold for.
The assumption is that the value of a home is what others are willing to pay for it. Comps do not take in mind any unique attributes that your house might offer. An extra bedroom, a larger footprint, a remodeled kitchen, a big garage, and other amenities impact might what buyers are willing to pay. In addition, a home located in a popular neighborhood with a great school system at a time when no other properties are available might bring in increased price.
Online Tools Lack A Realtor’s® Touch
With the rise of the Internet, individual sellers have access to many online tools just by plugging in information about their home. In addition, some real estate sites provide estimates of value, while offering information about other homes sold in the neighborhood.
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While any of these tools can offer you a ballpark idea of your home’s value, you need the expertise of a professional to provide the insights – and the honesty – that will lead to the most accurate pricing. I am always happy to look at your home, evaluate its condition, and measure it to other homes for sale or that have recently sold in your neighborhood.
I will devise a proper pricing strategy and when necessary, encourage you to be realistic about the likely price your home will command. While it will be your decision as to how much to list it for, pricing your home too high may delay its sale. When you are selling so you can run to the next chapter of your life, I will help you price pricing it accurately in hopes you will yield a fast, fair sale.
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
Realtor’s® Tips To Increase The Show ability Of Your Home
Thinking about selling your home? You may have decided, after years of home ownership that you want to start fresh as you enjoy your retirement. Before your home hits the market, it is important to do some decluttering to make it attractive to potential buyers.
Over the years, your home has been your castle. One advantage of owning a castle is that you can decorate it however you like. When it is time to sell your home, you need to divest it of anything that might turn buyers off from thinking that it could be their home.
Realtor’s® Tips To Increase The Show ability Of Your Home
Here are some suggestions that most real estate agents offer to their clients:
- Remove extra or oversized furniture to make your home look more spacious. Moving is a good time to consolidate your possessions, donate what you don’t need, and replace some worn out items. For items that will go to your new house, consider renting a storage unit for a couple months. If you have oversized furniture that you think will work in your new home, send that to the storage unit and rent some pieces on a smaller scale, as you will see on The Property Brothers and other TV home phones.
- Eradicate clutter from your home to again maximize space. Make sure that there is a place for everything, while throwing out or donating what you don’t need. Consider using your storage unit to store items you need that do not require for daily life.
- Depersonalize your home. This means removing family pictures that can distract potential buyers. While a photo or two might make your place seem homey, photo walls can tell a story to buyers that makes them interested in your family and prevents them from seeing your home as one that potentially might theirs.
- Store your collectibles. Your train set might be distracting, while your extensive collection of teapots might make your home seem too cluttered. Since you will be dismantling these things when you move, get an early start by packing them up and taking the boxes to your storage unit, if necessary.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
- Take down your sports memorabilia. That wall in your den that shows your loyalty to the Toronto Blue Jays or local team such as the Halifax Rainmen could offend a potential buyer with loyalty to a different team. Sports rivalries run deep and you don’t want to infuriate potential buyers.
- Minimize the presence of pets. While you should have pets contained, preferably off the property during home showings, you do not want buyers to be knocked over with pet smells, see an abundance of pet dishes or toys, or see evidence of pet damage. You may need to replace a stained, smelly rug or carpet or curtains full of snags from rambunctious kittens and sand and refinish doors and window sills that show signs of bites and scratches.
- Remove anything controversial. This might include mounted animal heads, art, photographs that contain nudity, or flags or posters that might be interpreted as racist or offensive to others.
Enlist An Impartial Third Party To Evaluate Your Home
While you might feel that you are hiding who you are by depersonalizing your home, it is important to remember that it is your house, not your lifestyle or personal preferences, that are up for grabs. Since it can be hard to objectively view your home, chat with your Realtor® Roy Thomas or with a stager who can help you get your home ready to show effectively.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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
So, you are ready to retire from your full-time job. While you don’t have your retirement all planned out, you are thinking about moving south to a warmer climate. Even if you stay in the same area, you hope to travel. In either case, you must decide whether you should sell your home and buy something smaller, locate elsewhere, or consider renting.
Parting With The Canadian Dream Of Home ownership
Home ownership rates in Canada hover near 70%; property ownership rates are among the highest in the world. People love their homes for reasons that may have more to do with feeling the pride of ownership and the joys of providing a home for the family than economics.
For someone ready to retire, owning a home may be somewhat of a burden:
Ongoing costs. Even if your mortgage is paid off, maintenance costs continue to soar as the property ages, which can cut into a lessened retirement income, especially as costs can be unpredictable. Property taxes, homeowners’ insurance, and other costs continue as well.
Opportunity costs. Homes do appreciate in value, but many financial analysts suggest that the amount of appreciation is less than what you could earn on investments on comparable money you had in a taxable account. For many retired people, renting is an excellent option as rent and other costs are fixed, even though the rent will increase over time.
Smaller not cheaper. Some retirees find themselves in houses that are too big or not laid out conveniently as mobility diminishes. Downsizing to a smaller, one floor house may decrease available space and reduce maintenance costs, but smaller does not always mean more economical. If you buy a newer home, you may still pay a higher price to offset the need for maintenance.
Vacation hassles. In addition, buying a smaller house in the same area still leaves you with property you must vacate when you travel. When you rent, you can safely leave your property for longer periods of time with the knowledge that management or nearby neighbors will notify you.
Poor liquidity. Relocating to a different area where you think you may like to live may not be as permanent as you hope. Some retirees find that they miss home and family or discover that they don’t enjoy living in Florida or another location they thought might be their dream. Buying a home involves costs that take about five years to get back, while making you less liquid. If you find that you want to return home or that you quickly need the money to relocate into assisted living earlier than expected, you may take a loss on your sale or find it takes a long time to sell your home.
What Is Your Future?
Some seniors find that continued home ownership is the best financial decision for themselves, but it pays to carefully consider whether renting would serve you better in retirement. Before you make a housing decision that will affect your future, consider your goals, talk to your financial advisor, and then give me a call about selling your home or buying a new one.
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 are ready to move to a condo, there are a few basic questions you should ask
If you are ready to downsize from your family home, you might not be ready to be a renter. Condominium living offers many of the benefits of home ownership without the lawn care, snow removal, and maintenance. For many seniors, condominium living also puts a great support system in place, along with interesting activities. They offer a new start in a more compact place that starts out with less clutter and more freedom.
What Condos Offer
While the amenities between condo complexes may vary, all offer some of the same benefits, in addition to minimal maintenance:
You can choose the style. With new construction or older buildings that have been converted to condos available, you can find a new home in the style you want. Your community may have specifications on exterior paint colors and modifications to make sure that the outside style does not change.
You will have neighbors close by. This can give you a sense of community, and the comfort that someone is nearby if you need help. While you might still be working and independent when you move to a condo, you may rely more on your condo neighbors as time passes.
You will have better security. Depending on where you choose to buy, your community may be gated or you may have a security guard on duty at a gate or at a desk to screen visitors and prevent intruders.
Major repairs will be taken care of by your Homeowner’s Association. While you pay for these through a monthly fee, you will not be caught off guard by surprise repairs. Occasionally, the board may assess you for your share of major repair, but as a homeowner, you are aware these charges are coming.
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Questions to Ask About Your New Condo
When you are ready to move to a condo, there are a few basic questions you should ask:
Is the condo specially an over-55 or retirement facility? If you prefer to be with others your own age, you may want to aim for a building geared to senior living.
What is the monthly condo fee and what does it cover? Some fees just include basic landscaping and snow removal, while others include amenities and even heat. You should ask how often the fees go up.
Is the condo budget well managed? You should have access to documents that show the size of the reserves and that tell you if the condo is consistently over budget or under budget.
What amenities are on site? Some condos have golf courses, pools, workout facilities, and rooftop decks in addition to common areas.
Are there planned activities? If you are looking for a good way to meet your neighbors that does not require you to go far, activities such as bingo, game or movie nights, classes, book clubs, and more may interest you.
Does the complex allow pets? What are the limitations on type, size, and breed? Before you move in, you should make sure that the place permits your Great Dane or Pitbull or your five cats.
Are there limitations about visitors? Some over 55 communities do not permit you to have child under 18 living with you. You can have your grandchildren visit you, but not take them in permanently.
How have the condos been selling? This will tell you if your purchase will hold its value over time.
The best condo for you is one that is well managed, within your budget, and that accommodates your needs for community, activities, pets, and other lifestyle concerns.
Call Real Estate Professional Roy Thomas For Guidance
Especially if you are a first-time condo buyer, you need a good real estate agent to guide you so that you get an affordable condominium with reasonable fees. Realtor Roy Thomas can help you sell your current home, find a great new condo for you, and help you navigate the new world of condo ownership.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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
As a senior homeowner, you might be ready to move to more convenient housing, but leaving your home might seem to needlessly compromise your independence and make you feel old before your time. If you are in good health, you do not need to live in the same type of housing that someone with compromised physical or mental abilities would need.
Ideally once you downsize to a place you like, you will be set for years. New housing recently constructed in Nova Scotia and throughout Canada offer options for healthy seniors that include ownership of single-family homes.
What Many Seniors Want In Housing
Many seniors prefer to reside in a home they own rather than a multi-family dwelling what they rent. While they want to downsize, they do not need to or want retirement home living. Their ideal home profile might include:
– Affordability to meet the needs of lower and moderate income seniors as well as the more affluent.
– Plenty of space. Downsizing does not mean a one-bedroom apartment; housing may include two or three bedrooms to allow for hobbies, guests, and even future live-in help.
– User-friendly design that might include bungalow style living on one level and a small yard
– Flexibility to meet future needs, so that future aging in place is easy to accomplish with minimal renovation.
Finding New Alternatives
In Nova Scotia, options as described above have been lacking for able seniors, while affordable housing has been scarce for all age groups. A 2013 Housing Strategy for Nova Scotia laid out housing issues in the province and called for a partnership among local communities, business, and government to expand housing option.
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“Preparing to Downsize” Report
In the past, those who wanted to downsize to other single-family housing may have been forced outside their neighborhoods. This is a particular issue for seniors who may have lived in a particular area much of their lives. They may not only have roots there, but have convenient transportation options established to get them where they need to go, either by their own car, through public transit, or through friends or relatives who take them.
Upcoming Options In Nova Scotia
Developments currently under construction in Upper Sackville encourage aging in place with optional amenities such as higher comfort toilets and lower counters. Given the rocky geography of the area, some homes are built on a bluff that overlooks the woods and are built with energy efficiency and low environmental impact in mind.
The grounds of many communities encourage active living that promotes physical activities and opportunities to socialize with neighbors. Hopefully, this type of development will be the first of many in the area alternatives for seniors and others ready to downsize.
Prepare To Move On With Realtor® Roy Thomas
For many seniors, the first step to be ready to take advantage of new housing opportunities means selling your house first. If you are thinking of downsizing, talk with area real estate agent Roy Thomas, who can help you find an appropriate property as well as help you sell your current home.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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
If you are a senior homeowner living in property that is too big for you and that no longer meets your needs, you may be reluctant to sell your home because the alternatives for senior housing do not appeal to you. Leaving your home means abandoning what is familiar to you, drastically reducing your living space, and giving up your independence. Fortunately, new trends in senior living promise appealing alternatives that make selling your residence more appealing.
Currently, the senior population of Canadians over 55 is growing so rapidly that this demographic is an important segment of the current and upcoming housing market. Developers, organizations, and property managers are taking heed of the trends, finding ways to develop solutions, and marketing them to older consumers who are ready to make a housing change but want a place that requires minimum compromise.
The Future Of Senior Housing In Canada
What marks likely housing choices of the future that make them more palatable to seniors? For starters, they will have less of an institutional feel. The needs of seniors vary, depending on whether they are able-bodied and alert or have limited mobility and memory loss, but regardless of their state of being, most seniors want surroundings with a more homelike atmosphere that have amenities more like hotels than institutions. Some amenities might include:
– Larger rooms that offer more living space, along with more room for wheelchairs and scooters that you may need in the future
– Appealing common space that expands the living space of individuals
– More activities that appeal to men and women
– More sophisticated fire and safety systems that may incorporate the resident tracking
– Advanced communications and emergency response systems
– Better heating and cooling options
– Flexible design that allows future reconfiguration to allow for mobility devices, automatic door openers, elevators, and other features that residents may come to need
Newly built senior housing will be attractive while incorporating universal design principles that eliminate barriers to make them usable to the vast majority of users. This means that the property might incorporate small changes such as lowering light switches, using door handles rather than knobs, raising electrical outlets, providing adjustable counters, and installing grab bars throughout or convenient.
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“Preparing to Downsize” Report
Other Alternatives Create A Homelike Setting
As designers and builders step up to meet the challenges with multi family alternatives many less traditional approaches are taking hold. For example, the “Babayaga” concept offers living accommodation to seniors based on the community pitching in to help other members. Typically located near transit and other needed facilities in the midst of a broader urban setting, homes offer comradery and support as a group of older residents of varying ages create a home together. Developed in France, the concept is taking hold in Canada as well: Babayaga Place in Toronto is one example.
Sell Your Home To Pursue These New Opportunities
While housing options that incorporate these desirable features will increase over the next few years, seniors who are considering making a change have options now to relocate to a homey, convenient setting. To take advantage of what the area has to offer requires selling your current home.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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