I have been asked several times, “What is an SRES (Seniors Real Estate Specialist)?” So here is an abbreviated explanation.
As our expected life span continues to increase and the average age of our population increases, the Real Estate community has recognized that this shift in demographics will result in a new set of housing demands. And almost every issue dealing with housing will have its own special twist related to Seniors. Consequently, a special training program has been developed to help REALTORS® understand these requirements and opportunities. And those who take this special training are awarded the SRES designation.
Some of the topics covered which can be unique for Seniors include the following:
-Homes with features specifically to accommodate the needs of Seniors
-Overall concept of “Universal Design”
-Taxes
*Capital gains issues with death of spouse
*Tax base transfer when moving
*Tax base step up with death of spouse
*Tax deferral on investment property through Internal Revenue Code 1031 Exchanges
-Aging in Place resources and services
-Services available to assist in logistics of moving and downsizing after many years in one home
-Estate Planning issues and need to utilize an estate planning expert
-Housing alternatives for Seniors
Recognizing the constantly changing rules and regulations, SRES provides us a newsletter and frequent programs to help monitor all of the relevant changes. In addition, we participate in organizations and meetings like the Senior Roundtable to develop a network of service providers for Seniors so that we can bring the best expertise to our clients when needed.
I will be pleased to discuss housing issues with anyone who may be thinking about making a change. Also check my earlier postings, Staying in Your Home or Downsizing, http://wgseniors.blogspot.com/2008/11/staying-in-your-home-downsizing-or.html and Caregiving for Seniors, http://wgseniors.blogspot.com/2008/11/caregiving-for-seniors.html.
I hope you're farther along with your holiday preparations than I am! I really should start doing some shopping soon!!!
Best regards
Tom Binder
Showing posts with label Downsizing. Show all posts
Showing posts with label Downsizing. Show all posts
Friday, December 12, 2008
Thursday, November 13, 2008
Is now the time to sell your home??
I was talking to an 84 year old client and she has decided that it is not prudent for her to continue to live alone in her current house which is way too big for her now. She asked if she should consider selling her home of 35 years in the current housing market. As with many questions, the first answer is often “It depends”.
1)Timing: If she is going to definitely move within the next 2-3 years, now is probably as good a time to sell as anytime soon. Nobody knows what the housing market will do in the near term future, but there isn’t a lot of hope for a positive change soon. And with prices in most areas declining, selling sooner would seem better than selling later.
2)Equity: Since she has owned her house for many years, she probably has a significant amount of equity built up in her home. Three years ago, home equity seemed to be a great place to hold your assets. But that isn’t true now and a good financial planner could assist her in taking the proceeds from selling her home and investing in much safer income-producing assets.
3)New home: And where she intends to live after selling her home will affect her decision. If she wants to downsize to a smaller, single story, ground level condo, then she needs to also work on the issues of buying a new place, and now is a great time to do that. But if she is planning to move into a Senior Community, then financial stability and investment cash flow numbers need to be worked out.
And things like capital gains tax and tax base transfer all need to be considered.
Let me know if you have any related questions about selling your home.
Tom
1)Timing: If she is going to definitely move within the next 2-3 years, now is probably as good a time to sell as anytime soon. Nobody knows what the housing market will do in the near term future, but there isn’t a lot of hope for a positive change soon. And with prices in most areas declining, selling sooner would seem better than selling later.
2)Equity: Since she has owned her house for many years, she probably has a significant amount of equity built up in her home. Three years ago, home equity seemed to be a great place to hold your assets. But that isn’t true now and a good financial planner could assist her in taking the proceeds from selling her home and investing in much safer income-producing assets.
3)New home: And where she intends to live after selling her home will affect her decision. If she wants to downsize to a smaller, single story, ground level condo, then she needs to also work on the issues of buying a new place, and now is a great time to do that. But if she is planning to move into a Senior Community, then financial stability and investment cash flow numbers need to be worked out.
And things like capital gains tax and tax base transfer all need to be considered.
Let me know if you have any related questions about selling your home.
Tom
Tuesday, November 11, 2008
Staying in your home or downsizing
As a large segment of our population ages into their “Golden Years”, the great majority of them want to continue living in the home that has been their castle for the previous 20+ years. Many of the reasons to want to stay-put are very understandable and can include:
– Location/Convenience
– Family
– Social
– Lifestyle
– Independence
– Familiarity
However, as we age, there are other issues that should make us evaluate whether staying in the same home is really the best decision. These can include things like:
• Home Maintenance
• Available Services
• Financial Requirements
• Transportation
• Family/Neighborhood/Transportation
• Caregiver Access
• Health/Safety/Security
There are many circumstances that can cause the challenges to outweigh the reasons to stay put, and downsizing can then be the best alternative. In addition, downsizing to a new location can actually better solve many of the perceived reasons not to move. A better location can make vital services more convenient and help resolve the general transportation problem. And most important, a new home can be selected to specifically solve some of the difficulties being encountered in your existing home: steps to negotiate, narrow hallways, inaccessible storage areas, and availability of a required caregiver.
What is the best alternative? What do you think?
– Location/Convenience
– Family
– Social
– Lifestyle
– Independence
– Familiarity
However, as we age, there are other issues that should make us evaluate whether staying in the same home is really the best decision. These can include things like:
• Home Maintenance
• Available Services
• Financial Requirements
• Transportation
• Family/Neighborhood/Transportation
• Caregiver Access
• Health/Safety/Security
There are many circumstances that can cause the challenges to outweigh the reasons to stay put, and downsizing can then be the best alternative. In addition, downsizing to a new location can actually better solve many of the perceived reasons not to move. A better location can make vital services more convenient and help resolve the general transportation problem. And most important, a new home can be selected to specifically solve some of the difficulties being encountered in your existing home: steps to negotiate, narrow hallways, inaccessible storage areas, and availability of a required caregiver.
What is the best alternative? What do you think?
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