Friday, June 1, 2018
Judy Marsales, Broker of Record
General Real Estate Advice
The "Baby Boomers" as they have been affectionately labeled in history representing the largest demographic in North America are at an interesting stage of life…. aging according to birth years but feeling young at heart. How do these two factors influence their housing decisions? The options often explored are: a) do they stay in their home and upgrade to accommodate mobility issues or b) do they sell their home and move into a condominium? c) do they sell their existing home and downsize to a bungalow or smaller property?
Let's explore the first option – staying in your home: The benefits of remaining in your family home are many –1) comfort with familiar surroundings; 2) no upheaval of moving; 3) mortgage is generally paid off. The negatives: 1) mobility up and down stairs; 2) finding the right support people to cut the grass and shovel the snow; 3) potentially dated mechanical equipment needing constant service. Let's explore the second option – purchasing a condominium: The benefits of purchasing a condominium: 1) no worries about constant upkeep and maintenance; 2) some social interaction with other owners; 3) no stairs – generally an elevator for the upper levels and parking garage. The negatives: 1) Condo fees and the constant discussion about the condominium board's priorities. 2) Feeling isolated at times from the neighborhood where one was comfortable. 3) Noise from other condo units and people.
Clearly, there is no right or wrong answer. Everyone must consider their own lifestyle and physical capabilities to make the decision that works best for them. However, it is a discussion which should involve participation from family, accountants, and real estate professionals. What is your home worth? Would it be better to stay put? Would it be cheaper to pay someone to cut the grass and shovel the snow? Or would it be better to consider moving? Decisions…. decisions. Please call us to help you with this process. We will provide you with a "no cost" Opinion of Value on your home which may enable a better decision going forward. We are here to provide the necessary information to assist you and your family. Call us, email us…. whatever works for you.
If you would like a free no obligation estimation of your home's value please complete our simple online Home Evaluation Request form.
Bay Observer Article – written by Judy Marsales, Broker of Record, Judy Marsales Real Estate Ltd. Judy is a frequent contributor of articles on the Bay Observer website.