Seniors Shouldn’t Hire Just Any Real Estate Agent

When is it time to Downsize?

Everyone reaches a moment in their life when they need to simplify. For many people who are retired or approaching retirement this conversation generally centers around the question “when is the right time to sell our family home?” While the answer to this question can be as much emotional as it is logical, here are few indicators that can help make the decision a sound one.

1.       Control - It is always easier to make sound financial decisions and avoid stressful situations when you are in control of the process. Waiting to sell a home till someone has passed or fallen ill generally means things need to move fast. If you are looking to maximize the sale amount on a home make sure to give yourself plenty of time to prepare the home and give yourself enough time on the market to find the right buyer.

2.       Maintenance - Getting top dollar for your home requires that it be in good condition. You need your home to present its self favorably to potential buyers. If you are no longer interested in doing maintenance such as making repairs, painting or, landscaping then over time this situation will only get worse. It may be time to do one last upkeep before you start to lose money on a future sale.

3.       Space – Let’s face it, our family home was meant to house a family. If your kids have moved out and you are not housing many guests then you are probably spending money on heating and cooling space you are no longer using. There is also the question of taxes. Are you paying for
s    space, schools and services that you are no longer using?

4.       The Next Chapter. If you see that the neighborhood has changed and many of your friends and family have left the area then you may need a new social scene to enhance your life. Many seniors experience a renewed source of energy when they simplify their life and are surrounded by the friends and peers.

5.       Financial- It is not wise to try and time the market. If you want to understand your retirement options and make sure your estate is planned correctly then you should at minimum understand the implications of selling your home and what you will require too enjoy your retirement years. There are many options out there but the sooner you understand those options and can prepare, the less stress you will have when the time comes to make some decisions.

The right time to downsize and simplify your life is a very personal question and can depend on many factors such as work, money and family. The right answer though is to be prepared. Finding an expert in retirement real estate is as easy as reaching out to a knowledgeable source in your area. The Boomer Plus team at Realty Executives in New Jersey is a team of seasoned real estate professionals who understand the challenges and pitfalls of seniors making big life decisions. Make sure if you are ready to think about a downsize that your reach out to a senior real state professional in your area.