9 Ways to Help Your Parents Downsize

Consumer Newsletter – August 2014 www.sres.org By Elyse Umlauf-Garneau

You get the call every child dreads. It’s about a sudden illness or accident. You 2. Up-to-date information. Gather all catch a red-eye flight to get to your parent’s the information about a home’s bedside that night. systems and appliances, repairs, warranties, and so forth. Also list the In addition to getting through mom’s or changes and upgrades that have dad’s immediate health crisis, you realize been made to the property and when that you probably have to sell the house. the projects were completed. These could include the roof, HVAC Some seasoned Seniors Real Estate system, and appliances, along with Specialists® (SRES®) weighed in and renovations, aesthetic offered 9 ways to make the process of improvements, and green (solar preparing and selling your parents’ house panels, energy efficient windows, efficient and less stressful. and so forth) upgrades.

1. Legal hoops. Identify the 3. Pick a pro. Pick a real estate challenges you’ll need to manage to professional who really understands get the house sold. Get a power of your parents’ market beyond just the attorney so you can sign paperwork business side of real estate. The for your parents. If your parent has person needs to understand local died and you’re selling a property, senior housing options, universal check if there are barriers like liens design principles, and the or back taxes to settle. Determine challenges of aging. You also benefit whether the mortgage is paid off or if from someone who can connect you there’s a reverse mortgage. with local resources and services, such as home stagers, mortgage professionals, moving companies, and home healthcare providers. 4. Location, location, location. The family detached home frequently old real estate saw about the trumps a “worry-free” lifestyle. importance of location can be critical to a seniors’ well-being, especially as they face the limitations (mobility challenges and an inability to keep 7. Decisions. Unless your parents driving, for example) that aging can’t make decisions, your role is to brings. So look carefully at transit help them find the perfect home. options, access to medical facilities, Don’t rush them or force them into offerings by community and options that you consider ideal. For example, you may be wowed by a recreation centers, and proximity to home’s design, aesthetic upgrades, retailers, restaurants, parks, and and fancy appliances, but your other things that are part of your parents may not care about those parents’ lives. When you’re vetting things. Maybe they’d prefer the properties, also consider how house with old appliances and a accessible such places will be if your dated kitchen because they love the parents are no longer able to drive. spectacular garden. Weigh in with your opinions, but let them decide.

5. Daily fun. Especially if your parents are active, be certain that they can 8. Right-size cautiously. You may still do the things they enjoy--walking consider your parents’ collections on the beach or golfing or doing and things a bunch of junk, but to daily swims, walks or bike rides. them, objects may hold memories and they may consider certain things treasures. Be gentle and respectful when you’re purging household goods and deciding what to donate, 6. 55+ living? No thanks. Not every sell or toss. senior wants to live exclusively with other seniors, so don’t assume that the local 55+ community or assisted living facility will provide quick fixes for your housing dilemma. Often 9. Clear timeline. Seniors often are seniors are most comfortable staying concerned about details of the in a neighborhood where they’ve selling process, especially if they’re lived and want a town where there’s still living in the house when it goes a mix of ages. So look at your on the market. Be certain that your budget and examine condo and real estate professional is sensitive smaller single-family home options. and outlines the timeline for activities For example, your parents may associated with listing and marketing prefer to devote the money that the house. Those include the date they’d spend on fees at a 55-plus the home will go on the market, community to paying someone to do when flyers and MLS tours will be yard maintenance, plowing, available, when a lock box will be cleaning, and other household tasks. installed, when broker tours will For some, the privacy of a single- begin, and what to expect during showings and open houses. Real Estate Matters: News & Issues for the Mature Market (Company) (Address) (City, State, Zip) (Agent Name and Designations)