Aging populations are a concern for countries all over the world, and you might think there would be lots of property options from which our more senior citizens can choose to enjoy their final years.
Yet, as an experienced agent, I know some folks struggle to find suitable downsizing accommodation.
Many do not want to go into a senior facility or community but enjoy independent lives in low-maintenance apartments and condos. They no longer want the hassle of cutting hedges and mowing the lawns of the family home.
Also, avoiding obstacles such as having to walk up and downstairs or navigate a steep back step takes on increasing importance, too.
Making a strategy to downsize is a smart play, even for those who are in their 60s. Finding a property with suitable facilities and in an ideal location can take months.
If you’re beginning to ponder whether it’s time to sell the family home, then you’re not alone.
In the next five years, according to the Wall Street Journal, America’s population of 80-year-olds is going to leap 4 million to 18.8 million.
Would-be downsizers should probably begin making plans. We’re going to see the pent-up demand for suitable properties become even more intense.
If you’re ready to make a move, I’d be delighted to help you. In the meantime, here are some tips on downsizing.
Financial Planning: Talk to a licenced financial adviser to understand your retirement income, expenses and any potential future healthcare costs. Determine how much you can afford for your new home and lifestyle.
Retire in Style: Are you going to be a world traveler who wants to shut the door behind them, knowing their home will be super-safe? Or do you prefer hobbies and social activities closer to home? Your approach to retirement will have a big influence on your decisions.
Location: This is so important to your quality of living. Consider the location in terms of easily accessing healthcare, family and shops.
Talk to Family: Once you’ve made up your mind, let your family know that you’ve decided to sell the family home. My experience suggests some of them may need a little time to adjust to the idea.
Cut the Clutter: This is a big task before putting your family home on the market. Use the “Keep. Sell. Donate, Discard” method. Do one room at a time, and give yourself several weeks to complete the task. Emotionally, this job can be a challenge.