Posts Tagged “Independent Living”
The reality is, as we move thru the different stages of life our housing needs change. I meet with many retirees who are struggling with coming to terms with making a change. They know it is inevitable, they will have to make a move but is always easier to deal with it when it is somewhere down the road”.
After living in a home for decades, raising the family there and still being very comfortable in their home, many are reluctant to move. They love their neighbors and the neighborhood.
Many of us have insurance plans and financial plans but how many have a housing plan? Do we let fate determine our next move or do we assess our surroundings so we can be proactive rather than reactive? Next factor in the family dynamic. If you have a spouse you both must be of the same mind. Men typically have more reluctance to move. Adult children have their own opinions. Some want to keep the home in the family because it is the home of their childhood. Others want their parents to move to more suitable accommodations.
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At the end of the day it is your decision, it’s your home. Only you know how you feel both mentally and physically. But in many cases we put our feelings aside and bargain with ourselves to avoid the inevitable decision.
If you are considering whether or not you should be making a move, use this opportunity to ask yourself the important questions.
– Are you physically and financially able to maintain the home?
– Do you feel safe living in the home?
– Do you feel somewhat isolated, especially in the Winter?
– Does your current home still meet your current needs?
– Are you relying more and more on outside help?
– Do you have challenges navigating stairs, cutting grass, shoveling snow and cleaning your home?
– Are finances strained in maintaining your home?
– What would happen if either you or your spouse were to become ill and or incapacitated?
– What would happen if your spouse would pass away? Could you continue to live in the house alone?
Take some time and sit down with a piece of paper and write down your thoughts on making a move. Seeing things on papers allows us to better process them. Talk to your spouse and your children. Talking with loved ones and having moments of honesty with yourself and be a freeing and healing experience. Putting off decisions of change will leave you in a state of uncertainty. No one wants to be a burden on their children, but unfortunately it happens frequently.
Looking at your current situation honestly and objectively will enable you to decide if now is the right time to make a move or not. If now isn’t the right time for you be realistic about when the right time will be. The one piece of advice I always offer to retirees is: Decide when is the right time for you move but please don’t wait until something changes and you are forced to 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
One of the biggest questions I am asked by seniors is “When should I sell my home?” In reality this is usually two questions rolled into one. First is the question of “what time of year is best to sell” and the second is “based on our situation, when is the time for me / us to sell”.
The first question has a very simple answer. Whenever you want to sell is the best time. Granted certain times of the year have unique advantages. The January to March period is a good time to sell because there are fewer homes listed for sale and you will have less competition. Selling in the Spring / Summer market (April to July) is the busiest market and when the most buyers are actively looking. However this is also when the most homes are for sale and you have the most competition. The Fall market (September to November) is the second busiest market of the year.
The second question is a harder one to answer because it will be different for everyone. To decide for yourself when is the right time to make a move, here are some questions you should ask yourself:
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How much longer can I realistically stay? If you are mid 60’s, in good health, still able to mow lawns & shovel snow and enjoy gardening, staying for 5-10 years or longer probably makes sense. But if you are mid 80’s, experiencing health issues, unable to maintain the property and rarely able to leave your home, now is probably the time to make the move.
What is the advantage of staying? Emotionally it’s hard to leave your home, but look at it objectively and make a list of the advantages of staying. Usually one of the reasons people stay is to maintain their independence, which is important. However, selling your home and moving to accommodations more suitable to your current needs may increase your independence. You may end up closer to necessary amenities and family. Plus turning the equity in your home into cash may put you into a better financial situation.
What would happen if I / we had a sudden serious health issue and could no longer stay in the house? We all experience health changes as we age. But unexpectedly you had to immediately move out of your house how would that affect both you and your family? Would it fall upon your children to pack up and downsize your possessions and sell the property? It would be a good idea to discuss this situation with your family and determine the best course of action.
How would my life change if I sold my home? Would it allow you to travel? Would it improve your financial situation? Would you be able to move to a more convenient location?
Be honest with yourself when asking these questions and start the process of determining when is best for you to make a move.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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
Have you come to the point in life where you know you need to make some decisions about where you want to live for the next few years? Even if your health is good, you know that your plans must consider your future needs.
Four Factors To Look At
When you thinking about a senior housing plan that will fit your needs, you need to be concerned with four major things: physical and medical needs, home maintenance, social and emotional needs, and financial needs. You want a home that meets all four.
Many seniors prefer to stay in their current home. Assuming you do not have problems beyond what can be managed by modifying your home with ramps and railings and access to family and needed services, you may be able to pull it off. Staying at home is workable if:
– You live in a safe neighborhood
– You have a dependable network of neighbors, family, and friends
– Transportation is available, even when you can’t drive
– Your medical and physical needs are manageable in at home situation
– You have an outgoing personality that makes you able to ask for help and support when you need it
– You can manage your home and yard maintenance
Request Your Complimentary Copy of My
“Preparing to Downsize” Report
If You Have Options, Go For It
If you are basically in good health, able to handle most of your own care, and have the willingness to call for help if you need it, you have a range of options. For example, rather than stay put, you might choose to move to a house, condo, or apartment where there are transportation, home healthcare, housecleaning, and social services available that are designed for seniors in mind. Some of this housing might be exclusively for seniors, while others might have more variety of age groups living there.
As you need more help, your housing options narrow. You might need assisted living where you live on your own, but have care available to you even if you don’t need help 24 hours a day. If your health declines, you might need nursing care. Some people never get to the point where they need these services.
This means that if you are a senior in relatively good health, your main concern is to whether you want to stay in your home or find another place that has just the right about of space and convenience. Throughout the Halifax area, there are many options available whether your initial focus is on downsizing or on finding a more manageable home. Even though you are able to stay in your home, there is a whole new world of housing out there that might interest you.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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
Some people will opt to buy a smaller home or condo, some others will decide to rent
So the kids have moved out and now you have a lot of extra unused space I your home. You’re paying maintenance, heat, lights and taxes on a home that you may now only be using half to maybe 2/3 of the space. It’s expensive to pay for space that isn’t going to be used. Perhaps it’s time to rightsize.
Some people will opt to buy a smaller home or condo, some others will decide to rent. Regardless on where you move to here are some questions you should ask yourself before you start the process.
Can you afford to buy a house or condo? Hopefully you sell your large family home, make a nice profit and buy a condo in a great building close to all amenities. But if this move involves you needing a mortgage will you be able to afford it in the coming years? Consider the chance of illness in the coming years. Housing is the largest expense for retirees, averaging between $12,000-15,000 per year.
Add in utilities at around $2500-3500 per year. If you or your spouse became sick and have to pay medical bills not covered by government or insurance will you be able to afford a house or condo. Also keep in mind certain health problems may require an immediate and unplanned sale of your existing property if you are no longer able to stay there.
How often will you have house guests? While many retirees look forward to frequently having kids and grandkids visit and stay in the family home that may not be realistic. Between the cost of travel, busy lives and difficulty getting time of work, your family may not be able to visit as often as you would like. If they only going to be visiting 1-2 weeks a year, is it practical to maintain your 3-4 bedroom for such limited usage? In a smaller condo or apartment you could put a sofa bed in a den or second bedroom for guests.
Can you live without a car? It’s great if you are still driving, but remember many health changes, even something as simple as a change in medication or memory loss can result in a permanent termination of your driver’s license. Most accidents in aging adults start between the ages of 70-74 and the highest rates are 85 and above. How would it affect your lifestyle if you were suddenly unable to drive? Is your current home close to necessities like shopping, bank, doctor etc? It is a good idea to be sure that any new place you move to would be manageable without a car.
Although the terms “downsizing” and “rightsizing” are used interchangeably, they are different. If you are moving to streamline life and not because of financial reasons, you are rightsizing. Our housing needs change over time. Making a move to a more suitable home rather than staying in the large family home can actually improve your lifestyle, give you more independence, less responsibility and save you money.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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
Many seniors are not changing their spending habits to match their coming reality
At 65, will you still have a mortgage hanging over your head? Are you a Boomer over 50 who will still be making mortgage payment once you reach normal retirement age? If so, you’ll be like 35% of other senior homeowners, according to Will Dunning, chief economist with the Canadian Associated 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 Dunning believes that 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. Their thinking might have been that the kids would inherit the money anyway, so they might as well have it when they need it. A survey from the Bank of Montreal shows that 30% of first-time homeowners look to parents or other family members to help with the down payment while in expensive Vancouver, 40% expect help from parents
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 new debt area 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.
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“Preparing to Downsize” Report
Some banks hesitate to issue new mortgages to seniors, out of fear they won’t pay. In case of default, the bank always looks like the bad guy when the borrower is a senior. Though only .05% of senior debt ends up in bankruptcy, bankruptcy in this age range has increased from 6% to 8% over the last five years. Some seniors attempt to rid themselves of debt by paying it off with RRSP funds, but most analysts question whether this is a good idea.
How Do Your Finances Line Up?
As you approach 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 home ownership, such as taxes, landscaping, repair, and maintenance?The answers to these questions might influence your housing plans in your post retirement years. Your concern is to have the resources to hold you through the rest of your life.
If you have a mortgage or are considering taking out a new one, will you be able to adjust your spending enough to compensate?Should You Tie Yourself Down With A New Mortgage In Your Senior Years?Moving to a less expensive home or even renting a property can be a solution to reducing your monthly outlay while allowing you to save, or at least not withdraw, from your savings at the present time. Even if you are in a good position, you need to do serious thinking before tying yourself down with a new senior mortgage.
Before you make any move, make sure to consult with your financial adviser for additional insight on how to proceed. If you’re interested in seeing housing alternatives in our local Halifax market, I am happy to share my insights with you and show you some options. I’m an experienced Realtor® with years of working with Boomer and senior clients, and I look forward to the chance to help you – just give me a call.
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