By Nina Paul
Peters & Hyland Group / Illustrated Properties
‘Downsize to Rightsize’
Change can be challenging for anyone, but it is especially difficult for seniors and their families. As we mature, the question of staying in your home or moving, is one of the most difficult decisions we will face. When is the right time to make that transition? Selling a senior’s most valued asset, their home, and “moving on”, requires someone with expertise, experience and compassion. At this stage of life, the decision to sell a home can become more complicated due to a variety of reasons, including family dynamics, financial concerns, health issues and time constraints.
Is moving the best alternative? If so, where? Have other options been explored? For example, staying home with private duty assistance, modifying the home to meet your needs or moving to an Independent Living/Assisted Living Community.
Are close family members in agreement with the decision to sell?
What is the best way to downsize a lifetime’s worth of treasures and family heirlooms?
Are there any tax-related implications following a sale?
What effects might a sale have on future income especially pertaining to Estate and/or Long-Term Care planning?
The financial, logistical and emotional issues involved in a move can be stressful for any family. Seniors and their loved ones may feel overwhelmed and confused as they navigate the multitude of options.
Once the decision is made to sell a home, the task of downsizing and parting with family treasures should be addressed. Many people are held captive by their belongings. It is recommended to schedule and commit a timeframe and begin in the room least used. Think about repurposing favorite items to fit a new space then decide whether to sell, donate or give away the rest. Challenging items include: financial papers, photographs & keepsakes, clothing, heirlooms, china sets and special collections. Tips of the trade include the OHIO Rule: Only Handle It Once and move on. Removing clutter is empowering! In addition to downsizing, the thought of staging and showing a home can be taxing. The goal of staging is to not only make the house marketable, but to also protect objects that may have special meaning.
Are you considering an Independent Living or Assisted Living community? There are many options available in our area that include a carefree cruise ship-like lifestyle with fabulous food, new friends, and the freedom from worry. Including these possibilities in your estate planning can eliminate future concerns. Start early and explore all of your options.
A real estate professional experienced and empathic to senior’s concerns, can be an invaluable resource at such a pivotal time. Their professional network may include specialists in the financial, legal, and personal services, from estate planning to downsizing. The ultimate goal is to help seniors and their families seamlessly navigate and simplify the process involved in selling a home.
Nina Paul, Seniors Real Estate Specialist, Illustrated Properties Phone: 561-758-5569, Email: npaul@ipre.com, www.NinaPaulPA.com
Member: National Association of Realtors, Award Winning Team for Luxury Portfolio International, Christies Affiliate, Certified Senior Real Estate Specialist, Preferred Realtor for Elder Life Financial Services, Inc., Palm Beach Estate Planning Council, Palm Beach County Guardianship Association, Palm Beach Fellowship of Christians and Jews