Seniors Downsizing Real Estate
Downsizing or Right-Sizing… Your One-Stop Guide to a New Lifestyle
Seniors Downsizing real estate is a normal occurence. It could be because you're ready for retirement or that your children have all moved on to college. Some options include moving in with your adult children or into a senior retirement community. Whatever the path holds, it's time for new beginnings and fresh starts.
Or, maybe it’s your parents who can no longer live in their own home because:
- They can no longer maintain such a large home
- They want to live closer to their adult children or other caretakers
- They do not have enough support services to age in place Whatever the reason, making the right next move in this next stage of life can be very complex and overwhelming.
" I retained Michael Tudorie of RE/MAX Select to handle the sale of a property located in W Point Grey and found him to be very reliable, concerned, efficient, meticulous throughout the transaction including the adventious display of some and constant concern that my wishes were being met. His careful attention to every detail was greatly appreciated. All lead to a succesful sale and what is now difficult marketing times in high end real estate".
“Michael did an excellent job of finding a new home for me. He understood what I was looking for, was available to take me to all the places I wanted to see, provided opinions on potential choices and negotiated a much better deal than the asking price for the condo I brought. For these of us downsizing from Westside homes, this may be the last chance for most of us to make a lot of money, so we usually feel we could have done better unless we get more then the asking price.
Michael is connected to all services needed to prepare a house for sale. Once I had possession of a new condo, Michael did the difficult job of removing blinds and shutters himself rather than paying a trade person as required for a window upgrade”
Getting Started with Downsizing
In order to make the transition stress-free, here are some considerations when you or someone you know is downsizing.
- Pick Your New Home
- Decide if Home Modifications are an Option
- Meeting Healthcare Needs
- Financial Needs
- Legal Requirements
- Selling Your Home
Linda Chu is a professional organizer & move specialist with Out of Chaos and Michael Tudorie is a realtor with Re/Max Select. Together they offer a one-stop shop for seniors downsizing real estate to ensure that their next move is smooth and stress-free.
Pick Your New Home
Housing options are as unique as you are, based on your health & medical needs. This may include age-restricted / retirement communities, assisted living arrangement or nursing homes.
Decide if Home Modifications are an Option
Most seniors prefer to age in place, but their health care needs may prevent them from living independently. There may be some home adaptations that will enable you to stay in the home.
Meeting Healthcare Needs
Usually the closest adult child is burdened with the responsibility of caring for their aging parents. What if the adult children are not living in the same community?
When selling a home there might be financial implications to consider. There might be a reverse mortgage that was taken out to finance health care needs. How do capital gains affect the net proceeds of the sale of the home? How does the sale of the home affect the estate?
It is important to retain the services of a lawyer who specialized in legal issues for the elderly. This may include wills & estates, power of attorney, and representation agreements.
Selling Your Home
Preparing the home for sale requires caring consideration when dealing with the dearest memories of the homeowner.
- Disposition of clutter & sale of antiques and household possessions
- Staging your home for sale
- Showing your home to prospective buyers throughout the day
- Negotiation and closing logistics of the sale
- Packing & managing the move details
The homeowner does not need to be present while a home is on the market for sale. They can be completely in their new home while experts remove the stress and take care of all the details.