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selling parents home

Can a Power of Attorney Sell Property in FL?

There comes a time when parents are no longer able to care for their affairs in a proper way. They may  have to sell their home. This can take place for a variety of reasons. It may be that you will need a power of attorney sell property option. The power of attorney is not just for selling property. It allows you to help them with many  legal matters. At least in most cases. People are often faced with the selling my parents house dilemma.

Power of Attorney sell Property

can power of attorney sell property for elderly parents

The power of attorney sell property is just one part of the authority that comes with a power of attorney. To get this there are some steps that one needs to go through.

The first thing that you need to do is talk to your parents. You want to do this while there are in good mental health. It can be more difficult to get a power of attorney if they are not. They have to give you power of attorney by their own free will . If they are  mentally capable of making this decision. If not you will need professional help. A medical professional will have to find them incompetent. From there lawyers will need to help draft up a power of attorney. It is for this reason that it is better to have the power of attorney once the parents begin to age.

It should begin by talking to them. They will most likely appreciate being able to put the major decisions in your hands. Big responsibilities like selling a house can be too much of a strain for them. It comes with a lot of decision making. They may prefer that you take on this task. It will become part of your willingness that comes with selling my parents house.

 Selling My Parents House

Once you have the power of attorney in place it allows you to make the decisions that are  necessary. One of these may be to sell your elderly parents home. You will be able sign papers on their behalf. It is not unusual that many people need to deal with the question of how to sell my parents house before death. They don’t realize there is the power of attorney sell property option. This gives the authority for you to make binding decisions on their behalf.

How to Get a House Ready to Sell

Once you have the power attorney sell property authority you need to know how to get a house ready to sell. It can be difficult if you are have the the sell my parents house before death challenge. It is because most likely the parents are still living n the home. When you go to sell your elderly parents home they can get confused and upset. Then when you start doing repairs on the home this is unsettling for them.

For Sale By Owner

can power of attorney sell property for my parents

You may decide with the power of attorney sell property authority to sell the home yourself. It is so it makes it easier on your parents. Meaning that instead of using a realtor you will do all the work. This presents extra stress and challenges for you. But, you may be thinking that it will be easier on your parents.

If you use a real estate agent it can be difficult for your parents. They will have one stranger bringing other strangers into their home. Yet, if you do a for sale by owner then you will be the one showing the house.

It means that you are going to have to to dedicate the time to this. The power of attorney sell property authority is creating a lot more responsibilities. Selling a house by owner will add to this.

Aside from having to show the house there are many other tasks that come with this way of selling. You have the job of letting people know its on the market for sale. But before that you need to do some research. You have to determine how much to list the home for. It can be difficult do the necessary research. You don’t have the tools and resources to do this in the proper way.

If you don’t list the home within a proper price range you won’t get any showings. Then you have to determine where you are going to list the home. You can do this in the local papers. Or even online if you know where to go on the web to do this. There is some level of danger to this . Strangers could come to the door unannounced. Your parents may be prone to letting them in when you are not there. This is not a position you want to put them in.

Sell Parents House Fast

can power of attorney sell property for my parents

You will be doing your parents a favor if you look at the sell parents house fast option. It is an option that allows you to sell the house for cash.  You can make this decision on behalf of your parents.  You have the power of attorney sell property authority. It is the one option with the least amount of hassle when you want to sell your elderly parents home.

There are professional investors who specialize in buying homes for cash. They will determine a fair price for the home. They will take into account the condition of the home. At the same time they will not expect you to do any repairs or upgrades. They will want to buy the house as is. Plus, they are willing to pay the total amount in cash and in a quick manner. Also, you won’t have the expense or hassle of trying to sell the property yourself. There are no real estate fees so you are saving money there. Also, you have saved money on not having to do any repairs.

The power of attorney sell property is the best option to sell fast.  The sell for cash is a clean hassle free simple way to sell the house.

Sell Your Parents House Without The Hassle

Selling your parents house is stressful. Although there are lots of ways to do it, using power of attorney takes time and money. Don’t wait for the house to get sold. If you need your parents house sold ASAP then selling to a cash buyer is your best option.

Here at PHP Houses we specialize in closing on houses quickly so that you can move on to more important things in your life. Selling a house has a lot involved, but not if you’re selling to us. You don’t have to repair your home, we’ll buy it as-is! Have a question about the process or want to get your no obligations offer today? Give us a call at 407-641-1531. We’d love to talk to you!

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Categories
selling parents house

Do Senior Citizens pay Capital Gains Tax When Selling Their Homes in FL?

As senior citizens get older and find themselves in situations where they have to sell their house, there can be many details involved. First of all, how do you know the right time? When should seniors sell their homes? It is just when they need to pay for medical expenses or to cover the costs of senior living facilities? Do you need to sell parents house to help them out? What about some of the costs, like the capital gains tax when selling homes? Will they still be required to pay that? The good thing is that there is not always a large capital gains tax when selling homes whether it is put up for sale by owner or if you choose to sell parents house for them. The capital gains tax when selling homes is contingent on certain factors.

What is the capital gains tax when selling homes?

power of attorney and capital gains tax when selling homes

Anyone who sells any capital asset needs to understand the taxes involved. It’s not just about houses though. According to the IRS, nearly anything you own is a capital asset, even if you didn’t purchase it as an investment technically. Basically, if you sell something for more than you paid for it, you made a gain and you should report that profit on your taxes. The good thing is, as far as capital gains tax when selling homes is concerned, most of the time they are exempt. Your home is likely your single biggest asset. Certain factors exempt your home from paying capital gains tax when selling homes including:

  • If you owned the home for at least 2 years out of the 5 years before the sale was made
  • If the home was your primary residence for at least 2 years in the same 5-year period
  • If you haven’t excluded the gains from another home you sold in the two years before you sold this home

In most cases, you can exclude $250,000 of any gain if you are single or $500,000 if you are married.

When should seniors sell their homes?

Since residency can affect the capital gains tax when selling homes, when should seniors sell their homes? Remember you have to live in the home 2 years before you sell it to avoid the tax. However, for those seniors who have moved from their house to a nursing home, the ownership and residency is lowered to one out of five years. And if they still own the home, but are in a nursing facility, it still counts as ownership.

Do I need a Power of Attorney to sell property belonging to my parents?

what are capital gains tax when selling homes

When addressing exactly when should seniors sell their homes, you will likely discuss the possibility of you needing to sell parents house. The next question would be what legal right do you have to sell someone else’s property and do you need a power of attorney to sell property that is not technically yours? The easy answer is yes. In most cases, you will need to have power of attorney to sell property belonging to your parents. Be sure you are granted the right POA to handle this type of transaction on their behalf. There are several different types and only certain one permit you to handle financial matters for others. You will need a durable power of attorney to sell property on their behalf if they can no longer handle their own finances.

How do I get started to sell parent’s house?

Once you have become aware that it is time to sell parents house, you may have a lot of questions about how to get started. You may consider talking to a real estate agent or putting it on the market yourself. The decision to sell is the first step, then it’s all about the how. You have options other than going through a real estate broker. You can put it up for sale by owner if you want to handle the transaction. Or you can consider selling your parents house for cash.

Can I advertise my parent’s house as for sale by owner?

One of the options you have available if you don’t want to sell the house fast is to advertise it for sale by owner. First, make sure you have all the paperwork in place and that you can legally handle the transaction. However, it can be a difficult endeavor to try to sell a house yourself. You will be responsible for everything from advertising, to scanning potential buyers, to completing all the paperwork. Selling your parents house for cash is hard any way you choose but having to do it all yourself can be a burden and can be time-consuming and expensive in the long run.

Is there a way I can sell a house fast?

sell capital gains tax when selling homes

If you need to sell house fast, there is a way to do that. A real estate investor buys property that can be resold for a profit. They will look at your parent’s house and make an offer. They will pay you cash for it and then complete all the paperwork. It is the best way to sell a house fast and without any hassles. There is also no waiting for closing or for a potential buyer to qualify for a loan. They make you an offer and if you accept it, they pay you in cash and it’s over.

Getting the House Ready if you are Selling Your Parents House for Cash

Perhaps one of the best things when selling your parents house for cash is that you do not have to do a single thing to make it ready for the sale. Any other type of home sale and you will have to make repairs and do all kinds of work to get it ready to show, and then to sell. But when you are selling your parents house for cash, you literally do not need to do a thing. It is an as-is purchase. This means the investor will take it as it is. It’s the fastest way to sell a house and the least amount of hassle.

At PHP Houses we specialize in a quick sale so that you can get on with the more important things in life. Don’t stress out about selling your parents’ house. In the event you need to sell your parents’ house before death, give us a call at 407-641-1531. We would love to answer any questions about the house selling process that you might have.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Categories
selling parents home

Need to Sell Your Elderly Parents Home in Lake Mary, FL?

It’s come time to prepare to sell your elderly parents home. Everyone typically puts it off as long as possible, but as parents age, the cost of caring for them rises and in most cases, it’s inevitable that you’ll have to face selling your parents house. Caregiving takes its toll financially as well as physically and emotionally. Some medical expenses are covered by Medicare, Medicaid or insurance, but there is always something popping up unexpectedly. Sometimes it’s those midnight runs to the ER or urgent care than take a toll physically and prohibit you from working the hours you need to just to make ends meet.

For many, the toll of caregiving only leaves them the option of selling. As much as you probably hate to face it, you’ll likely need to sell your elderly parents home. It’s important to know how to get a house ready to sell, and how to handle the sell. You may have several questions like Do I know how to sell my parents house?  Can I put it up for sale by owner?  Or How do I sell my parents house before death?  There are plenty of questions and plenty of answers when you are in the position to sell your elderly parents home.

Can I sell my parents house before death?

need to sell your elderly parents home fast

One question that comes up a lot is, “Can I sell my parents house before death?” And the answer is yes. You can, and may need to, look at selling your parents house before they are deceased. You may need that money to help pay for their care in one way or another. You will need their consent or be named their power of attorney with specific stipulations for handling decisions pertaining to property and finances. Read this paperwork carefully and discuss it with a legal professional as there are different types of PAOs that allow for a third party to handle different types of decisions.

How can I put up the house for sale by owner?

If you want to look into the option of advertising the property for sale by owner, you will need to be the “owner.” This method may get the house sold, but it can be a long, drawn-out process for you as well as for your parents. Selling the house yourself rather than going through a real estate agency can save you some money, but then you’ve got to deal with the responsibility of handling all the marketing, finding a buyer and making sure they can handle it financially. You’ll also need to handle all the paperwork and closing costs in order make the sale.

Tips for Selling Your Parents House

tips for when you need to sell your elderly parents home

Selling your parents house can be a huge undertaking. Selling any house can be difficult, but it can be emotional and challenging when you are trying to sell your elderly parents home. Here are a few tips for those asking about how to sell my parents house.

  • What financial obligations are still outstanding?
  • Are the utilities on and are they in your parent’s name?
  • Do your parents have a will? Have they spoken with an estate planning attorney?
  • Who has power of attorney and authority for selling your parents house?

How to Sell Your Elderly Parents Home

You may still be asking Am I sure I know how to sell my parents house?  Having to sell your elderly parents home is not an easy decision and it’s not easy to prepare it to put on the market either.  When they go into assisted living or a nursing care environment, you may have to deal with a lot of stuff they cannot take with them.

How to get a House Ready to Sell

repairs for the house when you need to sell your elderly parents home

If you need to sell your elderly parents home, you may wonder how to get a house ready to sell. Typically, you’ll need to make repairs, make sure everything is working correctly, hire a landscaper for outdoor areas and just get everything in shape in general. This can be a costly endeavor as well as time-consuming. You may need to paint the house inside and out and do all sorts of things to make it marketable. Most of the time if you go through a real estate agent, they will give you a long list of the things that need to be addressed before even putting it on the market. However, before you ask how to get a house ready to sell, look at one more option. You may consider the option to sell your elderly parents home to a cash buyer.

How to get a House Ready to Sell to a Cash Buyer

Are you still asking, how can I sell my parents house before death? And how can you get it ready for a cash buyer without upsetting your parents? It’s actually simpler to get your parents house ready to sell to a cash buyer. You literally don’t need to do a thing except make a phone call. Just call the investor, or contact them online and ask them to come look at the property. They will come out and take a look at the house and make you a cash offer. When an investor buys a house, they make the purchase as-is. That means they take it just like they see it. You don’t have to make any costly repairs or make any renovations. It’s much easier than other options like going through a marketing agency or putting it up for sale by owner.

Selling your parents house is stressful. Although there are lots of ways to do it, using power of attorney takes time and money. Don’t wait for the house to get sold. If you need your parents house sold ASAP then selling to a cash buyer is your best option.

At PHP Houses we specialize in a quick sale so that you can get on with the more important things in life. Don’t stress out about selling your parents’ house. In the event you need to sell your parents’ house before death, give us a call at 407-641-1531. We would love to answer any questions about the house selling process that you might have.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Categories
selling parents home

I Have to Sell Parents House to Pay for Care

There are many people in a situation where they need to sell parents house to pay for care. Parents often reach the point where they can no longer take care of themselves, or it’s not safe for them to live independently and they need other arrangements. Sometimes when the elderly have the option of living in an assisted living facility, an elderly community or need 24/7 nursing care, their adult children have to sell parents house to pay for care. How does that work? What are the available methods of selling a parents house? Can you sell parents house after death, or do you need to do it before that time comes? Here are a few tips to help you with these difficult decisions.

Tips for Selling Parent’s House

sell parents house to pay for care tips

When selling parents house, there can be many details that need to be discussed. You will need to make sure if there are any remaining financial obligations and if selling the house will prevent them from getting medical housing. Whether you sell before, or sell parents house after death, these are some of the organizations and businesses you’ll need to discuss your parent’s situation with.

  • Check with the bank to ensure there are no outstanding debts or obligations
  • Contact the Social Security Administration
  • Make sure you have necessary paperwork such as power of attorney to make decisions on your parent’s behalf
  • Check the state of the will if you are going to sell parents house after death
  • Discuss the situation with the rest of the family or other interested parties
  • Contact insurance carriers or other services providers such as home insurance providers
  • If you are to sell parents house after death, check with estate planning or will planning attorneys

How to Sell a House by Owner

how to sell parents house to pay for care

Another option you may consider when you need to sell parents house to pay for care is how to sell a house by owner. If your parents are able, and they own the property, this option might work. However, many times when someone needs to sell parents house to pay for care, this is not a viable option. If, however, your parents gave you power of attorney and the legal right to manage and sell their property, you would have this option. However, if you want to use the sell a house by owner option, then you will be doing all the work yourself instead of hiring a real estate agent. There are some benefits to doing the process yourself, but if you don’t know what you are doing, or how to market the house so it will sell, then you may be biting off more than you can chew. You could get stuck sitting on the property indefinitely trying to find a qualified buyer and paying out of your own pocket for your parent’s care. For most people who need to sell parents house to pay for care it is not the best option available.

Can I sell my Parent’s House After Death?

You may also find yourself in a situation where you need to sell parents house after death. If you have power of attorney and the legal right to do so, you can sell parents house after death. But if you don’t, it could end up in probate and take you an extremely long time before you finally end up selling your parents house. It’s much easier in most cases if you can end up selling parents house before they pass away. It can be more complicated to figure out how to sell a house by owner once they are deceased. This is especially true if they did not deed the house to you before their passing, or you did not inherit the house in their will. But if you either inherited the house, or they deeded it to you, it’s much simpler and you may be asking, “How can I sell my house for cash?”

Can I sell my House for Cash or sell parents house to pay for care?

sell parents house to pay for care to cash buyers

If your parents willed the property to you, or deeded it to you, or just gave you the legal power to sell you may be asking, “can I sell my house for cash?” The answer is yes. Selling parents house for cash is often the best choice you have available if you need to sell parents house to pay for care. It’s easy, it’s fast and there’s no hassles involved. You don’t even have to spend the time fixing the house up if you choose to sell it to a cash buyer. There’s no staging, there’s no repairs and you don’t have to wait for a buyer to qualify and secure all the needed paperwork. An investor will make an offer and if you accept it, they will pay you cash on the spot. They also help get all the paperwork done so there’s no waiting for closing. So, if you wondered if you could,” sell my house for cash,” the answer is Yes!

Sell Your Parents House Fast and Simply

Selling your parents house is stressful. Although there are lots of ways to do it, using power of attorney takes time and money. Don’t wait for the house to get sold. If you need your parents house sold ASAP then selling to a cash buyer is your best option.

Here at PHP Houses we specialize in closing on houses quickly so that you can move on to more important things in your life. Selling a house has a lot involved, but not if you’re selling to us. You don’t have to repair your home, we’ll buy it as-is! Have a question about the process or want to get your no obligations offer today? Give us a call at 407-641-1531. We’d love to talk to you!

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Categories
selling parents home

Can I Sell My Parents House Before Death?

When parents age there needs to be some changes made. It often means that the kids have to attend to this. One of the factors may be that I have to sell my parents house before death. This is a big task for you. It is not one that you do everyday. So it is not one that you are familiar with. The sell my parents house before death task is one that many people face.

Sell Your Elderly Parents Home

sell my parents house before death when they're elderly

Selling parents house means that you have a lot to learn. First, you have to know what options are available to you. I have to sell my parents house before death may mean fewer legalities. It is when it’s compared to selling your parents house after they have passed away. This usually means even greater legal issues.

You have some decisions to make  to sell your elderly parents home. It includes which options are you going to pick to sell my parents house before death.

Sell My Parents House Before Death Preparations

Before thinking about selling the house, it has to be ready for sale. For several of the house selling options you have no choice but to do this. Most home buyers will want a home inspection done. If you don’t do the repairs it may not pass inspection. There will be some disappointments when potential sales fall through. All because it didn’t pass inspection. This brings another challenge for you. Now you have to do the repairs which may be unsettling for your parents. Then there is going to be a cost involved.

Legalities for the can I sell my parents house before death question

sell my parents house before death and other leagalities

Added to all of this are the legalities. Permission has to be obtained in answer to the question can I sell my parents house before death. You may need the power of attorney for them. It is a legal document that allows you to act on their behalf.

Sell House By Owner Options

You may be familiar with the sell house by owner option. For awhile it became quite a trend. After seeing how difficult it can be many people no longer try. Still you need to know what it entails. You need to look at all the selling parents house options.

You may decide that to sell my parents house before death this is the best method. Perhaps you are looking at it as a way to save money on real estate fees. It is true that you can do this. But chances are you will have higher legal fees.

There are a lot of legal documents that come with selling a house. If these are not prepared in a proper manner  it can cause problems. It could cause the sale of the house to fall through. It may mean you need to hire a lawyer to do extra work. This is the work that in normal situations the realtor would do.

You also have to accept to sell my parents house before death that this option is difficult. It means you will be the one that always has to be on call for showings. Plus, you are going to have the task of marketing the house. This is time consuming. Plus, it takes a certain amount of expertise. You don’t have all the resources that the real estate agent has. Then added to this is how to set the price. You want a fair price when you need to sell my parents house before death. Chances are they need the money from the sale to live on. They are going to have to move. Finding new accommodations costs money. You need to decide if you have the time and expertise to see my parents house before death. If you are going to use this option.

Using a Real Estate Agency

sell my parents house before death with a realtor

Think about using professionals. It is another option to consider for the sell my parents house before death task . It means now relying on a real estate agent. This will help with some of the burden of selling someone else’s home. For the most part they will look after the marketing. Plus, they look after a lot of the legal paper work.

There are going to be several downsides to this. Your parents may feel unsettled. They have a stranger looking after some of their affairs. This unknown individual is going to be bringing strangers through their home. Then it could take weeks or months for the sale. During this entire time it is stressful for your parents.

The Sell House for Cash

There is one more option for the sell my parents house before death task. It the sell house for cash opportunity. There are professionals investors that are willing to pay cash for the house. In this situation a cash deal may be perfect.

It means that there won’t be any strangers coming through the home to view it.  It eliminates the needs for the repairs that may need doing. Cash buyers will not expect the completion of any repairs . This is a huge relief because it cuts down on the disruption to your parents.

Your parents are now going to have to move somewhere. It may mean they need cash to do this. Buy using the sell house for cash there are no mortgages that need arranging . Which can often be a problem with other buyers.

Then there are the savings  on the real estate costs.  The legalities for selling the house this way are far less of a burden. It can mean a lot less cost in lawyers fees.

The transition that takes place with the sell house for cash is smooth and hassle free. It creates the ideal situation for your parents. For you the sell my parents house before death is a problem solved. You no longer need to worry about where you are going to get the time to do this. Plus, you don’t have to educate yourself about home selling. Your parents don’t need to stew over about what is going to happen to the house. Having cash offered to them may be a great incentive for them.

The cash offer can help to offset the disappointment they may be feeling. It can be upsetting for them to leave their home. The cash is going to give them something to look forward to. There are no worries about home buyers coming back with complaints. Nor is there the frustration of having to deal with real estate transactions. Especially when they  that tend to fall through.

Need to Sell Your Parents’ House Now?

sell my parents house before death to cash buyer

At PHP Houses we specialize in a quick sale so that you can get on with the more important things in life. Don’t stress out about selling your parents’ house. In the event you need to sell your parents’ house before death, give us a call at 407-641-1531. We would love to answer any questions about the house selling process that you might have.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Categories
Real Estate Market

The Many Benefits of Aging in a Community

There’s comfort in being around people who share common interests, goals, and challenges. That comfort in a community doesn’t wane with age – it actually deepens. Whether it’s proudly talking about grandchildren or lamenting the fact that our eyes aren’t as good as they used to be, it helps to be around people who not only understand what we’re saying but actually feel the same joys and concerns as well.

That’s why many boomers are deciding to move into an active adult community. In the latest 55places National Housing Survey, they were described by one out of three seniors as an “outgoing, social community of likeminded people.”

Bill Ness, Chief Executive Officer and Founder of 55places.com, explains:

“Baby boomers are now reaching the age when moving to an active adult community is the ideal opportunity for them…Many boomers now want to downsize, experience a maintenance-free lifestyle, and pursue more social opportunities. It’s exciting that there are so many choices for baby boomers.”

There’s still a desire, however, among many seniors to “age-in-place.” According to the Senior Resource Guide, aging-in-place means:

“…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”

The challenge is, many seniors live in suburban or rural areas, and that often necessitates driving significant distances to see friends or attend other social engagements. A recent report from the Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults addressed this exact concern:

“The growing concentration of older households in outlying communities presents major challenges for residents and service providers alike. Single-family homes make up most of the housing stock in low-density areas, and residents typically need to be able to drive to do errands, see doctors, and socialize.”

The Kiplinger report also chimed in on this subject:

“While most seniors say they want to age in place, a much smaller percentage of them actually manage to accomplish it, studies show. Transportation is often a problem; when you can no longer drive, you can’t get to medical appointments or to other outings.”

Driving may not be a challenge right now, but think about what it may be like to drive 10, 20, or 30 years down the road.

There are also health challenges brought on by a possible lack of socialization when living at home versus a community of seniors. Sarah J. Stevenson is an author who writes about seniors. In a recent blog post for A Place for Mom, she explains:

“Social contacts tend to decrease as we age for reasons such as retirement, the death of friends and family, or lack of mobility.”

Thankfully, research from the same article suggests if you’re spending time with others in a community, thus reducing the impact of loneliness and isolation, there’s less of a risk of developing high blood pressure, obesity, heart disease, a weakened immune system, depression, anxiety, cognitive decline, Alzheimer’s disease, and early death.

Though the familiarity of our current home may bring a feeling of warmth, comfort, and convenience, it’s important to understand that staying there may mean missing out on crucial socialization opportunities. Living with adult children, joining a retirement community, or moving to an assisted living facility can help us continue to be with people we enjoy every day.

Bottom Line

“Aging-in-place” definitely has its advantages, but it could mean getting “stuck-in-place” too. There are many health benefits derived from socialization with a community of people that shares common interests. It’s important to take the need for human interaction into consideration when making a decision about where to spend the later years in life.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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Categories
Buying a House

Does “Aging in Place” Make the Most Sense?

Group of an architect feel stressed after working on architecture model together with shop drawing paper on table in office

A desire among many seniors is to “age in place.” According to the Senior Resource Guide, the term means,

“…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”

There is no doubt about it – there’s a comfort in staying in a home you’ve lived in for many years instead of moving to a totally new or unfamiliar environment. There is, however, new information that suggests this might not be the best option for everyone. The familiarity of your current home is the pro of aging in place, but the potential financial drawbacks to remodeling or renovating might actually be more costly than the long-term benefits.

A recent report from the Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults explained,

“Given their high homeownership rates, most older adults live in single-family homes. Of the 24 million homeowners age 65 and over, fully 80 percent lived in detached single-family units…The majority of these homes are now at least 40 years old and therefore may present maintenance challenges for their owners.”

If you’re in this spot, 40 years ago you may have had a growing family. For that reason, you probably purchased a 4-bedroom Colonial on a large piece of property in a child-friendly neighborhood. It was a great choice for your family, and you still love that home.

Today, your kids are likely grown and moved out, so you don’t need all of those bedrooms. Yard upkeep is probably very time consuming, too. You might be thinking about taking some equity out of your house and converting one of your bedrooms into a massive master bathroom, and maybe another room into an open-space reading nook. You might also be thinking about cutting back on lawn maintenance by installing a pool surrounded by beautiful paving stones.

It all sounds wonderful, doesn’t it? For the short term, you may really enjoy the new upgrades, but you’ll still have to climb those stairs, pay to heat and cool a home that’s larger than what you need, and continue fixing all the things that start to go wrong with a 40-year-old home.

Last month, in their Retirement ReportKiplinger addressed the point,

“Renovations are just a part of what you need to make aging in place work for you. While it’s typically less expensive to remain in your home than to pay for assisted living, that doesn’t mean it’s a slam dunk to stay put. You’ll still have a long to-do list. Just one example: You need to plan ahead for how you will manage maintenance and care—for your home, and for yourself.”

So, at some point, the time may come when you decide to sell this house anyway. That can pose a big challenge if you’ve already taken cash value out of your home and used it to do the type of remodeling we mentioned above. Realistically, you may have inadvertently lowered the value of your home by doing things like reducing the number of bedrooms. The family moving into your neighborhood is probably similar to what your family was 40 years ago. They probably have young children, need the extra bedrooms, and may be nervous about the pool.

Bottom Line

Before you spend the money to remodel or renovate your current house so you can age in place, let’s get together to determine if it is truly your best option. Making a move to a smaller home in the neighborhood might make the most sense.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram