Ticket to a New Life
No doubt, the best possible way to get the most ROI on your property is by selling it. It could even be as straightforward as selling your old home and using the proceeds to buy a smaller and more accessible one or move into an assisted living facility, as well as have enough left over to cover your care and living costs.
Of course, this is an ideal world scenario, and reality requires more due diligence and consideration. At the most basic level, you will need to get to know the real estate market and find out what your home will realistically go for, as well as how much your potential new residence will set you back. Needless to say, it’s crucial to have a budget and really stick to it, so you can stay on track and choose a home you can afford.
At the same time that you want to take care of yourself during your golden years, you may also want to continue looking after your family. This is why many seniors choose to pass on the family home to their children. The sentiment is also another reason: The family home should be kept in the family. Lastly, there’s also the opportunity to relieve yourself of a sizeable tax burden.
Despite the upsides, it does come with caveats, many of which are not at all judicious. For one thing, gifting your home may make you ineligible for benefits such as Medicaid. For another, you may inadvertently pass on a number of tax consequences to your kids. Luckily, there are ways to avoid the tax implications, so make sure to do your research before going down this route.
Source of Income
Your home is probably the most significant investment you’ve made during your life, so it does make sense to get your returns at this point in time when you are in need of them. A great way to do so is to rent it out, making it a steady source of income that you can rely on to cover your healthcare and living costs, as well as any expenses associated with the house, such as property taxes and mortgage payments. This also gives your property room to appreciate further, as well, which you can choose to leverage later.
However, the downside is that this comes with a great deal of responsibility, which you may not be up for at this stage in your life. This includes vetting and dealing with tenants, concerning yourself with maintenance, and keeping up with payments.
An even bigger concern is being sure that what you’re earning from the rental and/or your fixed income is enough for the cost of moving into an adequate and senior-accessible home for you. So, not only do you have to consider your care and living expenses, but you also have to think about down payments and the like. It’s a good idea, therefore, to know what you’re up against as a whole, as well as what’s expected of you, before you choose this option.
At the end of the day, living your twilight years comfortably and safely relies on the smart decisions that you make moving forward. Downsizing your home may just be the first step, but it’s the most important one you’re likely to make.
Thanks to Jim Vogel at Elderaction.org. He can be reached at: email@example.com
Statistically, anxiety is heightened and leads to stress, overspending, and weight gain all happen around the holidays.
So BEFORE the crazy starts, what can you do to counter these things from hitting you this holiday season?
KNOW where your anxiety comes from. The three top sources are:
I know, but if you are like me, natural light is also great for your mood too.
So from my research, here is what I have learned:
Depending on your architectural style skylights might or might not work for you. If you can, go & experience skylights first hand....and then let your creativity take over!
Have a great weekend peeps! And stay curious!
Quick & dirty comparison of skylight vs. solar tubes.
So really, how much stuff do you use in a year, not counting reuse of the same thing?
Did you know that average American home has between 200,000-300,000 items in it? And we wonder why we cannot find stuff, talk about an inventory control problem!
So, again, what do I really need (NOT WANT)?
I thought about it and realized, not much, was even less before we had kids.
One couple spent a year going through ALL belongs, room by room. They dated each item. If the item had not been used in 365 days, they let it go. This was their 365 day rule. Sounds bloody marvelous.
Their only exception is heirlooms--of which they sorted through and chose their favorites. Rather than keeping all 107 childhood books, they kept 10, and so on.
Most that choose to downsize this drastically do it to more to a tiny home. My closest comparison is moving continents, but I know I left a trail of possessions in my path as well.
The more full my life gets, the more things to get done, the more a tiny home appeals to me. Does anyone else feel the same?
What is your motivation for making life more simple and streamlined?
Whatever the reason, don't give up, go for it!
"We are living our lives with more intention, clarity, & awareness -- which is empowering."
This tiny home is always spurring me to learn more about skylights. More on that next week.
Have you ever had one of those weeks where you are thinking, URGH! It is over yet? How do I escape those that make uninformed decisions? How do I find calm?
That is my week. I am trying to search for sanity it seems. As usual, I over analyze & it got me thinking. Does our home calm me or stress me out? Or is there a specific place in our house that I find calming?
Hi, I am Summer, real estate agent in NE Iowa. This blog is about life, of which Real Estate is a part of. Happy reading!