If you are aged 50 or over, you might be thinking about where you want to make your home as you age. For many people, where they live at 65 years of age is where they settle, for as long as they can live independently. Does this sound like your plan?
However, we see many people make a number of choices between the ages of 50 and 65 years of age. Here are some scenarios:
Perhaps your existing home is just right. For most people thinking longer term, this means few stairs, a master bedroom on the main floor and not too big. If your existing home meets your basic criteria and can be modified as you age, we suggest you don’t move. Here’s a link you may find helpful: 3 Ways to Stay in Your Home
If finances allow, we see some folks trade up to a bigger home. For sure the children have left home and you would think that it made more sense to buy smaller. However, at this stage in many peoples lives they have more disposable income and they simply want to treat themselves. They might also wish to create a perfect space for the grand kids to come and stay over. Here’s a link to newer bungalows for sale in Edmonton: Move Up Homes for Downsizers
Buy a Vacation or Second Home
Perhaps living in a different town or province seems appealing. If income allows, we might see a couple purchase a vacation or ‘retirement’ home in the place of their dreams. They will then split their time between ‘home’ and their ‘next home’. Finding a home without too many stairs i.e. a bungalow or single level condo are popular choices.
In other cases, people desire to reduce their debt load and ‘right size’ their home. This typically involves selling the large family home and moving into something intended to accommodate, a couple, or in the event of a late stage divorce, a single person. Again, finding a home without too many stairs, i.e. a bungalow, or single level condo are popular choices. For your convenience, here’s a link to smaller bungalows currently for sale in Edmonton: Smaller Homes for Downsizers
Sell Up and Rent
Fortunately, we don’t see this situation too often. However, where a single person experiences health issues or job loss and where financial well being is challenged selling the home particularly if there is a good deal of equity in it may be the best option. It allows the person to pay down debts and to minimize living expenses together with allowing a great deal of flexibility and low commitment. If you favour this option our FLAT FEE home selling program might be a good choice. Here’s a link: Ambergate Home Selling Program
Move in With Family
For some, selling up and moving in with children is a choice. In some cases, the children own a home that is large enough to accommodate them. In other cases, the parents and children will each sell their prospective homes and purchase a larger home together. This option is not for everyone as both parents and children sometimes desire more privacy and space than this option allows.
About the author:
Stuart Neal is an accredited Seniors Real Estate Specialist (SRES®). Many of his clients are downsizers. You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR®
Want more information about our lower cost flat fee home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014 or visit our home sellers page www.FlatFeeRealtyAdvisors.ca