Posts Tagged “Senior Community”

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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Buy Title Insurance and Save Your Home From Title Fraud

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index2 Buy Title Insurance and Save Your Home From Title Fraud
Do Not Lose your Home to Title Fraud

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. These are easier for the thieves to perpetrate the fraud against. Typically the scammers will place a fraudulent mortgage against a property and disappear with the money.

No payments are ever made on the mortgage and months down the road, the mortgage company begins to attempt to collect on the delinquent mortgage and this is when 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. If you suspect that you have become a victim of mortgage fraud, contact your local police department right away.

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. Take precautions to ensure your home is regularly checked in your absence.

– 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 and some people have lost their homes to this crime. Do a property search at your province land registry office to ensure that the title to your home is in your name.

Protecting Yourself from Title Fraud

There are a variety of legal actions a person can take to recover from fraud, but what can be done to prevent title fraud in the first place? Everyone, especially seniors, must be vigilant.

Have a Lawyer review your real estate documents when purchasing and selling your home. Be clear about what you are signing. Legal language is confusing to anyone. Acquire title insurance when purchasing a property.

Title insurance is an insurance policy that protects your home from title fraud as well as other title problems. Buy it at the time of purchase but can be added at a later date. It is good for as long as you own the property, so it only needs to be purchased once. The cost is as low a few hundred dollars and I recommend all my clients invest in title insurance.

If you plan on living in your home for the next few years it can be worthwhile protection. There are several different title insurance companies that offer policies.

Don’t be the victim of title fraud! Your home is perhaps your largest personal asset. Don’t let anyone take it away.



homebeat ad Buy Title Insurance and Save Your Home From Title Fraud

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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Time to Downsize and Rightsize Your Life?

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rightsizing Time to Downsize and Rightsize Your Life?

Over time our housing needs change. The kids leave to get married and start their own families and your housing needs changes. My senior clients decide to sell and move to something smaller. This process Is called downsizing. Not just getting something smaller but finding a new place more suitable. More accurately called Rightsizing.

Common questions I am asked by my clients are “When do I downsize and sell my home?” These are really two questions rolled into one. The first question “what time of year is best to sell” and the second “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 can is the best time. There are certain times of the year that have unique advantages. January to March period are good because there are fewer homes listed for sale means you have less competition.

The selling market in the Spring / Summer market (April to July) usually the busiest market and when the most buyers are actively looking. Spring and Summer are also when most homes are for sale and you have the most competition. The Fall market (September to November) usually the second busiest market of the year.

The second question is difficult to answer because situations are different for everyone. To decide for yourself when you to make a move, ask yourself these questions.

How much longer can I realistically stay?

If you are in the mid-60s, in good health, still able to mow lawns & shovel snow, and enjoy gardening, staying for 5-10 years or longer possibly makes sense. But if you are in the ’80s, experiencing health issues, unable to maintain the property, and rarely able to leave your home, make the move.

What are the advantages of staying?

Emotionally it’s hard to leave your home, but look at it objectively and make a list of the advantages of staying. People stay to maintain their independence. However, selling your home and moving to accommodations more suitable to your current needs could increase your independence. You may end up closer to necessary amenities and family.

What are the financial benefits of rightsizing?

The vast majority of my clients and seniors, in general, prefer to move to a rented apartment to enjoy a maintenance-free lifestyle. This frees up the equity in the home for investing to produce an income. If you netted $300,000 from the sale and invested it at 3% it would produce $9,000 in annual income.

Eliminating expenses like property tax and maintenance you could free up another $5,000-10,000 (or more) per year. Let’s say an average of $7,500. Add that to the $9,000 and it gives you $16,500 to put towards the cost of the rent. And of course, the original principal stays intact and untouched.

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, clicking here and scheduling an appointment.


homebeat ad Time to Downsize and Rightsize 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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More Canadians are using their home to fund their retirement

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Using Your Home to Fund Your Retirement More Canadians are using their home to fund their retirement
Using Your Home to Fund Your Retirement

More Canadians are planning to use their home to fund their retirement and rightly so. Many people have the majority of their net worth in their homes. Being equity rich and cash poor is common. Over time our housing needs change and your 2 story, 4 bedroom house may simply be too much house for your current needs.

There are several different ways to access the equity in your home to produce income. If you want to stay in your home but need income, consider a reverse mortgage. Depending on your age, you can access between 10-50% of your home’s equity. The minimum age to qualify is 55 and the older you are, the more equity you can access. You can borrow a lump sum amount or set it up to pay a monthly income. You do not have to make any payments and the mortgage doesn’t have to be paid until you die or sell the home.

Request Your Complimentary Copy of My “Preparing to Downsize” Report

Another option would be a sale and leaseback arrangement. If you want to keep the home in the family but either can’t afford the property or need to access your equity you could sell it to one of your adult children and simply rent it back from them. This allows you to access all your equity while eliminating the costs of mortgage payments, property tax, and maintenance. You simply pay a set rent each month. You can then invest the equity to produce a monthly income.

If selling to a family member isn’t an option, then selling it to someone else is a third option. This would allow you to buy a smaller home, a condo or move to an apartment. Once the home is sold and you have received your equity you have many different options to invest the money to produce an income. While you should consult a trusted financial planner about investing the money, here are some options to generate income and lower taxes.

Top up your RRSP

If you or your spouse are under 71 and have an unused room in your RRSP you could contribute each year until you turn 71. This lowers your taxable income for each of those years.

Top up your Tax-Free Savings Account

You can immediately put as much as $52,000 per person into a TFSA and subsequently add an additional $5,500 per person per year going forward. TFSA won’t initially generate a tax deduction like an RRSP, but all interest earned is tax-free.

Purchase an Annuity

You can take a lump sum of money and purchase an annuity which will then pay you a monthly, quarterly, or annual income for either life or a set term (until age 90). This will give you a secure predictable income stream. There is also an option to have a beneficiary get a payout should you pass away before the end of the term. If you choose a life annuity you don’t have to worry about outliving your retirement income. If you purchase an annuity at age 71 when you are collapsing your RRSP, it defers income tax because you only pay tax as you receive the income.

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 More Canadians are using their home to fund their 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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