Real estate is typically the largest single asset in the possession of folks over the age of 65, reports a recent Harvard University study. Therefore, the decision to sell a large house and move into a smaller space – often called “right-sizing” or “downsizing”- is a vital step in securing the financial future for older adults.
The topic of doesn’t only affect senior citizens. Baby boomers age 55 and up also may seek to downsize. Some individuals may choose to move into senior housing, a retirement community, assisted living, or a condo (condominium). Others just want a smaller home in a regular neighborhood around Indianapolis or near loved ones.
As seniors work with an Indiana real estate agent to market their house and simultaneously search for new living quarters, it is crucial that they consider their unique needs in a future home.
For example, is the new location easily accessible to public transportation? While it may be quite a few years before an older adult wishes to give up their car, it could likely be a future consideration. Even if one continues to drive for an extended time, there may be situations – like times of inclement weather – where public transportation is desired. In which case, proximity of home to a bus or rail line is a definite advantage.
Of course, there are other basic considerations as a matter of convenience. How close will home be to various physicians and/or a hospital? Is a recreation center or the local YMCA close by? What am I going to do with all this stuff that won’t fit into my smaller home?
Still other financial considerations come into play. Certain tax breaks may be available to older adults who trade one home for another, and IRA’s, pensions and 401k’s may also be impacted with the sale of one house and the purchase of another.
A qualified real estate agent familiar with the nuances of helping older adults right-size can be a huge advantage when beginning this new phase of life.
I’m Lisa Treadwell. I’m a REALTOR at Century 21 Scheetz, in Indianapolis, Indiana, and I specialize in helping seniors downsize into low or no maintenance living. Contact me at 317.246.9966 or use the form below for your downsizing questions and to schedule a free Downsizing Consultation.
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