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Retirement - A Time to Sell

by The Hat Team

With more and more Baby Boomers reaching retirement age, they will be asking themselves if they should sell their homes. This is a time in their lives to finally enjoy the fruits of their labor and the last thing many want is to have to take care of a large home or be tied down to a big mortgage. Today’s housing market has low inventory of starter and trade-up properties, meaning there are a lot of buyers out there competing for homes.  So, the question retirees need to ask themselves is, “should we sell now?”.  Consider these questions to find your answer:

  1. Will you be able to afford your home once you have retired?  It’s important to think long term about the monthly costs of staying in your home.  Even if you have paid off your mortgage, you will still be responsible for Property Taxes, insurance, HOA fees, and utilities.  Then there are home repair costs.  If you are living on a limited monthly income, an unexpected, costly home repair can be devastating. 
  2. How much Equity  do you have in your current home?  If you have a lot of equity built up in your current home, you can use that to purchase a retirement home and have little or no mortgage, freeing up your monthly income for other things. 
  3. Can you keep up with home maintenance? Maybe you are someone who enjoys yard work and other home maintenance tasks, but depending on your age and health, these chores can become more challenging with time.  A condo with an HOA fee might be the way to go so that you can enjoy your golden years with the peace of mind in knowing that you don’t have to do maintenance work yourself.
  4. Do you feel secure in your home?  Criminals prey on the elderly.  It’s a sad, but true fact.  Elderly homeowners are often targets for scams and break-ins.  Home security systems are helpful, but living somewhere that has 24-hour security, such as a manned gate-house and resident only access can provide you the security you need to be able to relax and enjoy retirement.
  5. Is your current home set up property for limited mobility?  As people age, getting around can get more challenging.  People are living longer, more active lives these days, but that doesn’t mean that you will always want to climb the stairs to your bedroom. And what if you must use a wheel chair at some point?  Are your doorways and hallways wide enough? Will you have easy access to a bathroom and shower?  Homes in retirement communities are built with these things in mind and often offer the best of both worlds…activities to keep you busy and entertained and accommodations for any physical needs you might have in the future.
  6. Is your current home in a convenient location?  There are many things to consider about location.  Are you close to a hospital and drug store?  Can you easily get to shopping and entertainment venues?  Are your grandchildren close by?  Maybe you are living in a fantastic school district, which was great when your kids were growing up, but doesn’t really serve you now.  If that’s the case, take advantage of the resale value that will give you and sell so that you can find a home that is more conveniently located for you.

If you are considering selling so that you can find your perfect forever home, contact Sandra Nickel, a Seniors Real Estate Specialist (SRES), and her Hat Team of professional Realtors and let them help you get your house on the market and sold for the best possible price. Call them today at 334-834-1500!

Photo Credit: forbes.com

Baby Boomers are the Trendsetters in Montgomery AL Real Estate

by The Hat Team
We know that the Baby Boomers account for a large part of the real estate owning population in America. It should come as no surprise, then, that these folks – not the typical “trendy” crowd - may be the latest trend-setters in Montgomery AL real estate also.
 
As this article in the Wall Street Journal explains, designers and architects are catering more and more toward this fast-growing segment of the population. Research has shown that more Baby Boomers planning to stay in their homes through retirement as opposed to moving to “assisted living” or a retirement community.

This influx of aging home buyers has triggered home renovations and new construction including halls and doorways wide enough for walkers and wheelchairs, and master suites and laundries on the ground floor so residents can avoid stairs. Now, the technology behind home appliances and fixtures is catching up – making all kinds of appliances and home design elements more senior-friendly. 
 
Some of the innovations in home design and appliance re-design include:
  • Stoves that monitor pots to prevent boiling over
  • Adjustable typeface on appliance control panels
  • Faucets that turn on and off with just a touch anywhere on the spout
  • Dishwashers designed to be mounted at a more comfortable height
  • Refrigerators with doors and storage designed to reduce bending over
  • Adjustable volume/pitch of oven alarms 
Last but not least – yes, there is even a toilet on the market with an electric-blue nightlight built in and a motorized heated seat cover that rises with the touch of a button. I don’t think you’d have to be a senior citizen to enjoy that kind of amenity during a late-night bathroom visit!
 
The impact these trends will have on the real estate market as a whole is uncertain, but with more Baby Boomers purchasing Montgomery AL real estate, light-up toilets may be a standard amenity before you know it! 
 
To learn more about trends in Montgomery AL real estate, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com. You may also request a complimentary market valuation of your home atMontgomeryHomeInfo.com.

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