We all want the best for our parents. We all want our parents to ride off into the sunset and enjoy their life when they retire. In some cases this means downsizing, and using that home as a cash cow for the remaining years of their lives.

In many cases this is the best option for your parents, but in some cases this may not be the best thing to do for them. There are many reasons to sell the family home and move into a smaller place or a retirement home. Here are some reasons why you should think about a few other options which may be available before convincing your parents to sell their home.

1. In this crazy market, downsizing may not save them much money. Going from a detached home and into a semi, townhouse or condo, may not make them as much as you think. Sometimes staying there longer, will be worth it until its absolutely necessary. The market is jumping so much, a few more years could mean a few hundred thousand dollars. There are also fees associated with moving, and you may have to do some renovations in a new home as well.

2. Moving to an old age home or retirement living may cost more to live monthly. These new places cost a lot of money to live in. It could be cheaper to bring care to your parents home. A few thousand dollars a month, is a lot of money for basic care. It may cost a lot less to hire somebody full time, and dedicate some space in the house to that care person. Or have the care come in daily instead. There are many options these days.

3. Moving a Senior to strange surroundings could affect their health. I have never been around a Senior that likes moving or moving out of a home they have lived in for a very long time. There are a lot of memories in a family home, and it might be very painful and could affect their health in a negative way.

4. Retrofit the family home. This is a great way to keep your parent at home, and do some home renovations to accomodate a new stage of their life. Turning the main level of a house into a one level home is easier than you think. There are many professionals who specialize in this type of renovation. You can use the rest of the house for storage or for full time care person.

5. Reverse Mortgage or Investing with Equity. There are many companies which will use the equity in the home to invest and pay you after a period of time. This is a great option to use the money that the equity is accumulating and re-invest it in other portfolios. Some Seniors choose to do a reverse mortgage, take the equity out and enjoy it right away. These are both options rather than selling to get the money out of the home.

Being an Accredited Senior Agent, has taught me that most children and parents first thought is to sell the house, but I have learned that there are many options that should be thought of before putting the “for sale” sign on the lawn. After these options have been exhausted, the next step may be to sell the house.

READ RECENT BLOG & ARTICLE POSTS BELOW

Senior Abuse an Unspoken Truth

We hear about abuse in the media a lot. We hear about teacher scandals, priest abuse and so many more of people in a power position. One area of abuse we do not hear anything about is Senior Abuse.  There are many forms of senior abuse. It is similar to all of the...

read more

Reverse mortgages

Seniors today are living longer, saving less, spending more and carry more debt. Unlocking their home equity is likely the most viable solution for a significant number of these people. Exclusively for Canadian Homeowners 55+  The CHIP Home Income Plan is a home...

read more

Moving For Seniors is Not the Same

In this Future, where people buy and sell houses like trading cards, moving is not the same for young people as it is for Seniors. Sometimes young people forget that a parent has changed with time, they still see them as the parent that they grew up with. Another...

read more

Hidden costs of buying or selling a home

It’s all gone like clock-work. You’ve been pre-approved for a mortgage, found the right home and know exactly what the future looks like. Or do you? Hidden costs could drive up the cost of a real estate transaction for both the buyer and the seller. The solution is to...

read more

Working With Seniors

Are you parents selling their house? Or is there an emergency in the family? After taking the ASA (Accredited Senior Association) Course and selling numerous Seniors homes this past year, I've learned a lot. If your parents are seniors, you might not even look at them...

read more

Get On The List

Once You Subscirbe you will receive new build specials, exclusive listings, and get on our sneak preview list. Join Now

You have Successfully Subscribed!

Pin It on Pinterest