Melissa Harmel - LESS HOME, MORE LIVING

LESS HOME, MORE LIVING

Melissa Harmel

Table Of Contents

Home Is Where The Heart Is

What Are You Looking For In Your Next Home?

Single-Family House Or Townhouse

Condo Or Apartment Living

Community Living

Is Selling Right For You?

Understanding The Home-Selling Process 44

Common Seller Mistakes

Improve Your Chances Of Selling

10. Upgrading With ROI In Mind

11. The Negotiation Process For Sellers

12. What You Need Vs. What You Want

104

13. A Guide To Searching For The Right Home

112

14. Common Buyer Mistakes

120

15. A 12-Step Guide To Buying A Home

126

16. Home Loan Shopping 101

142

17. Negotiation Dos And Don’ts For Buyers 152

18. How Agents Help Sellers And Buyers

162

19. How To Hire A Fantastic Agent

170

CHAPTER1 Home is Where the Heart is e the Heart is Picture your life in 3, 5, even 10 years from now. What does it look like? Do you look upon the future with trepidation? Or are you excited to make the most of your post-retirement years? If you identify with the latter, I want you to know you’re not alone. When we’ve spent the better part of our lives raising families, establishing careers, and building meaningful relationships, imagining such a drastically different life and lifestyle can seem impossible — and even scary. But I’m here to tell you that while the future may be drastically different, it can also be equally wonderful.

Now, I want you to think specifically about your home.

In 10 years, are you still living in the same house? Is it still the perfect home you once thought it to be? Is that house still meeting your needs? Are you spending too much time trying to keep up with all the space you have (but likely don’t need or use)? And while you may not want to consider this possibility, are you finding it more difficult to maintain your home due to age, a lack of time and interest, health issues, etc.? Now, picture your neighborhood and surrounding community. Have they changed considerably? Have most of your neighbors and friends moved away? Are younger couples and families

moving in, leaving you feeling like you no longer “belong?” Has the overall sense of community changed? Is your home no longer meeting your needs? Many homeowners who are empty nesters — nearing retirement and entering their senior years — need to consider their current and future living situations. However, many enter this process with apprehension, instead of picturing the possibilities! You could be living your best years yet in a new home, in a living situation that suits your new needs and lifestyle. You’ve heard the saying, “Home is where the heart is.” Many homeowners who have lived in their family homes for a long time — sometimes decades — take this to mean that their house is where the heart is. Homeowners don’t want to think about letting go of their longtime family homes because of all the memories they hold. However, I’d like to amend that age-old expression to “Home is where you are.” Wherever you live will become your home, even if it’s hard to let go of the space you currently call home. Moving toward retirement and your senior years is not what it used to be. Nowadays, more and more people are looking forward to this stage of life. It doesn’t have to be a scary or overwhelming time, or one that gives you a sense of dread that your best years have passed you by. With this book, I hope to show you that you’re simply entering a different stage of life, and it can be a very rewarding and exciting one. In fact, your post-retirement years could just be your very best yet. They don’t call them the “golden years” for nothing. There is plenty to look forward to as you enter this next phase of your life, and where you plan to live is one exciting element to consider. Think about the future and all its possibilities.

What if I told you that you could live out your golden years with more money, more time, more freedom, more peace and security and less stress? Imagine making a profit from the sale of your house and having increased cash flow in your future. Imagine saving money on bills and gas. Imagine naturally becoming more organized and reducing your consumption of “stuff.” Imagine better accessibility. Imagine putting less pressure on your adult children as you age. Imagine enjoying more free time and less stress! You would say “Sign me up!” right? These benefits could all be yours in the future as you think about changing your living situation. Even if you can’t picture exactly where you’ll live in the next 10 or 20 years (or what type of home you’ll move into), that’s OK! The options are endless when you move toward empty nesting and retirement.

This book is for you if you:

• Are just starting to think about moving to a new home. • Are considering moving but aren’t sure about the best way to go about it. • Are taking the first steps toward saying goodbye to your home and preparing to say hello to a new one and a new, exciting future. • Have questions or doubts about moving. • Feel overwhelmed about the process, especially if you’ve accumulated a lot of “stuff” over the years and need to do a major decluttering overhaul. • Aren’t sure about the benefits of moving. • Don’t know which repairs or updates to make before selling.

It isn’t easy to say goodbye to your longtime home, and there are certainly valid reasons for hesitation. But that’s not to say you can’t start fresh, making new memories and enjoying a new lifestyle in a new home, all while taking advantage of the many benefits of living in a more manageable, and lower-maintenance space.

Remember, home is where the heart is, not the house.

In this book, we’ll talk about the following:

• Why you should consider moving to a home more suited to your future needs • The options for your next home • The necessary steps to take for a successful home sale • A detailed guide for a successful home-shopping and home-buying experience • Why you should rely on an agent to help you through the process As an experienced real estate agent, I understand the intricacies of selling and buying homes, and I want to help you see why moving might be the right choice for you — plus help you navigate this journey as smoothly as possible so you have less stress and more time to enjoy your life. In the first part of this book, we’ll talk in much more detail about the different types of homes you can consider and the best type of dwelling to suit your needs (and what might influence your decision). Then, we’ll discuss the selling and buying processes, including how things may have changed since the last time you sold or 5

bought a home.

If you’re not sure whether you should consider moving — and potentially downsizing — the final part of this book will address some hesitations you may be having and also point out some of the benefits of moving to a home better suited to your future wants and needs. Let this book serve as your guide to navigating this important, yet exciting time in your life as you think about where you will ultimately live your best years in comfort and style.

CHAPTER2 What Are You Looking ou Looking for in Your Next Home? xt Home?

We just talked about how much you have to look forward to as you move into the next season of life. But before you even consider selling your longtime home, you need to consider your next home and the life you want to live in it.

So, what are you looking for in your next home?

Many empty-nesters find themselves with an excessive amount of living space they no longer need. That’s why many choose to downsize when they’re searching for their next homes. In many cases, your new home post-retirement will have less square footage than the home you currently own, but it may also just be a different type of home — for example, a 1-story home opposed to a 2-story home, perhaps with similar square footage; or a home of equal size with less bedrooms and more space dedicated to other areas of the home. This is called “rightsizing.” Rightsizing is all about finding a more manageable home than the one you currently own. Before we get into the details of the different types of housing options, let’s talk about some of the benefits of downsizing or rightsizing, including some surprising or even unexpected benefits of selling your current home and moving into another one. For the purposes of this chapter, we’re going to focus specifically on the benefits of downsizing, though many of these same benefits 8

apply to a “right-size” property.

10 BENEFITS OF DOWNSIZING

1. Profit

Simply put, you could make a profit by selling your current home and moving into a smaller home — bonus points if you’ve already paid off your mortgage because you might just be able to purchase your next home outright. You might even stand to make a sizable profit (this is all dependent on your individual market and how much your current home is worth) and feather your nest egg. If you’ve been delaying retirement because you don’t think you can afford it, selling your larger home and moving into a smaller one could allow you to finally retire in peace and comfort.

2. Lower Bills

Downsizing also presents another money-saving opportunity: lower (often significantly lower) energy or utility bills! Who doesn’t want to save on bills? Choosing to live in a smaller dwelling space can reduce housing costs. Think about it: It costs significantly less to heat and cool a smaller home. Smaller homes also typically have less wasted space. Less square footage decreases the amount of overall energy expended. Something else you might not have considered are the potential tax benefits and savings that you could be eligible for, if you’re over a certain age. This will, of course, depend on not only your age but also your location, as there are different rules and requirements and benefits in each state. Before you sell your home, ask your real estate agent to help you do some research about the different tax- saving options available to you in your state.

And don’t forget about the impact on the environment. Moving into a smaller home reduces energy, which is better for the environment and helps to keep your home “green,” reducing your carbon footprint.

3. Reduced Consumption

It’s a fact: The more space you have, the more likely you will feel the need to fill that space with something. If you’re an empty nester, it may be tempting to fill the extra space in your big house with stuff, even though you likely have more than enough of it. One of the great perks of downsizing is that it automatically reduces your consumption of “stuff ” because you first have to declutter before you sell and move. You will have less space to store your possessions — whether old or new — in your next (smaller) home. Downsizing can help you focus on your priorities in life so that you bring only what is truly necessary into your home or what you treasure most. The fact is, if there’s no place to put something, then you’re less likely to buy it. You won’t want all that decluttering to go to waste, so you’ll naturally buy less of everything — food, clothing, consumer goods, household décor, furniture, etc. You will focus more on what you need rather than what might be “nice to have” and avoid impulse spending.

4. Organization

Downsizing forces you to become organized. Decluttering might seem like a disadvantage to downsizing. After all, it’s time- consuming, exhausting, and sometimes even heartbreaking to go through all the stuff you’ve accumulated throughout the years and

get rid of much of it.

But the short-term hassle is worth it. You’ll be forced to eliminate all that clutter and end up with only what you need and your most valuable items. This will free up space in your home and in your mind.

5. Accessibility

For many individuals entering retirement — especially those with health or mobility issues — accessibility within a home becomes increasingly important. Stairs are one example. As much as we all might not like to admit it, as we age, mobility can become more of an issue. Stairs are often barriers that prevent people from enjoying the full use of their homes. Stairs can also significantly increase the risk of falls and subsequent injuries. Your longtime home might have served you well over the last few decades, but it could become more challenging and riskier as you age. Mobility issues present an even greater challenge. However, downsizing from a two- or three-level home into a smaller, one-level house, condo, or apartment can give you greater accessibility, allowing you to live in your new home for longer instead of needing to switch to an assisted-living facility before you need one.

6. Less Driving

One unexpected benefit of downsizing is that you will probably drive less. If you’ve lived in a larger home in the suburbs for years, you’ve likely become used to driving to most places, including work,

shopping, entertainment, visiting, etc. Many people who live in suburban communities feel isolated in retirement. Proximity and accessibility aren’t the only concerns. Many aging homeowners wish to reduce the amount of driving they do due to one (or all) of the following reasons: • Health concerns (often related to eyesight challenges or mobility issues, or both); • Cost (you can save money related to gas and ongoing maintenance); • Environmental concerns (Many Boomers are becoming more concerned about their carbon footprint and the state of the environment they’re leaving for their children and grandchildren.)

7. Less Work for Your Adult Children

Deciding to downsize can mean reducing, or even eliminating, a lot of work for your grown children — something that many empty nesters find to be important. Adult children are often left with the arduous, time-consuming, and often unnecessary task of sorting through, giving away, selling, and storing the possessions of their parents after the parents become ill, are immobilized, move into assisted-living facilities, or pass away. Is this something you want your own children to deal with? While paring down your possessions is definitely better for you as you go through the process of downsizing — for decluttering, organization, making the most of your new space, and even mental health — it’s also considered a gift to your adult children because they won’t have to sort through all of your stuff down the road. 12

Too often, aging parents hang on to sentimental possessions in the hope — or assumption — that their children or grandchildren will desire them some day. However, the truth is that many children don’t even want these items their parents have “saved” for them. Before you save anything for your children or other family members, ask them if it’s something they might want in the future. I know someone who saved his extensive record collection, retaining them through several moves, only to find his nephew, whom he had been saving them for, didn’t want them. He eventually sold them to someone who treasured them as much as he did, and he made a healthy profit in return. When you do go through these more personal items, make sure to approach the process fairly to avoid any conflicts or confrontations about who gets what. Downsizing can prevent all this hassle, as you’ll be forced to declutter and become more organized.

8. More Time

Besides the money-saving opportunities, one of the biggest benefits of downsizing is more time. If you sell your current home and move into a smaller space, that means there is less square footage, fewer rooms, and less stuff. This, in turn, means there are fewer household tasks, less to clean, less to maintain, less to organize, and less to worry about! This, in turn, means there are more hours every day to do something else — whether it’s a leisurely walk, exercise, volunteering, a neglected activity or hobby, time with family or friends, travel, or even just resting with a good book. By

downsizing, you’ve now claimed more time for yourself and your priorities in your golden years.

9. Less Stress

Who doesn’t want less stress? This is a major motivating factor for many areas of life. Homeowners who have gone through the process of downsizing are generally much happier in their new home, and their new lifestyle, as they’re no longer overwhelmed by the demands that owning and maintaining a larger home often brings. The increased cashflow, along with less responsibility and more flexibility will, when added together, reduce stress considerably. Paring down your possessions (decluttering) as you downsize helps you to truly appreciate your new home and increase your enjoyment of it, which helps to reduce stress. It’s been proven that too much clutter increases stress because it’s just not conducive to a comfortable living situation. There’s just too much stuff, which can get in the way, and you’ll have a hard time finding things. By having less stuff and becoming more organized, you will simplify your life while enjoying reduced stress levels.

10. More Peace and Security

A major benefit of downsizing is the peace and security that comes with making that big decision and having successfully downsized from your current home into a smaller dwelling. You will have peace of mind that you downsized before it was too late — that you didn’t wait too long to organize yourself and your home, declutter, and get rid of possessions you no longer need. You won’t have to worry about doing this in the future when you’re older and/or in poor health, and having to leave all the work for your grown children.

Downsizing also brings security. You’ll have financial security in the sense that you were hopefully able to make a profit and enjoy increased cashflow to help you throughout your retirement. The security also comes in knowing that you’ve successfully sold your home and you’re going to be OK as you age, whether you’ve downsized into a smaller house, condo, apartment, or community living. And, as I’ve already pointed out, you will have more time and less stress.

WHAT ARE MY OPTIONS?

There are plenty of options when you’re looking to downsize and live a simpler, more carefree and stress-free lifestyle, and you need to consider these options carefully. There is no one-size-fits-all approach to deciding where you should move after selling your house. The decision will depend on a variety of factors, including your budget, your family situation, your lifestyle, and your needs and wants. Some living situations suit a certain type of homeowner more than others. So, read through these next few chapters of the book so you can make the decision that’s right for you. When downsizing, there are generally three options to consider (and different variations of each):

• Smaller single-family house or townhouse • Condo or apartment • Community living

To help you become clear on which option is right for you, ask yourself the following five questions, and keep them in mind as 15

you read through the next three chapters.

1. What is your main motivation for moving? (You will likely have more than one, but focus on your primary reason.)

• To be closer to family? • To be free of homeownership burdens?

• To be closer to a city or town so you can walk to basic amenities, as well as social activities, and not have to worry about driving? • To stay in the same area but in a smaller, more manageable home? • To move to a location with more favorable weather conditions (for example, moving from a snow-prone area to a warmer location) • To make new friends around your age who share similar interests and life experiences? • Flexibility, so you can visit family or travel or relocate easily without worrying about maintaining a large home? 2. Do you want to find your “forever” home, or just a home for the next few years?

3. How much independence do you want and need?

4. What specific features are you looking for in a new home?

• One-story living, free of stairs? • A particular number of bedrooms (i.e., the ability for family and other guests to visit and stay with you)? • A low-maintenance yard (or no yard)? • A garage?

5. What sort of lifestyle do you hope or expect to lead?

• To continue to live similarly to how you’re spending your time now? • To have access to a wide variety of extracurricular activities and hobbies? • To have someone to take care of certain needs for you?

Key Takeaway:

Once you’ve decided to sell your home, the next big question is, where should you move? The options are essentially 1) a smaller single-family house or townhouse; 2) a condo or apartment; or 3) community living. The right choice for you will be based on a variety of factors, including your motivation for moving, whether you expect this to be your final home, your desired level of independence, the features you’re looking for, and the type of lifestyle you want to enjoy.

CHAPTER3 Single-Family House or Townhouse This chapter will focus on the option of moving into a single- family house or a townhouse. I’m going to discuss five benefits of choosing this type of living situation: 1) independence; 2) personalized space; 3) homeownership pride; 4) space for company; and 5) utility savings.

1. You can maintain your independence.

Many longtime homeowners who are considering a move don’t want to sacrifice the independence of owning, maintaining, and living in their homes. This is especially true for new empty nesters or those nearing retirement. If you’re not ready to give up the independence of living in your own home, then a different single-family home or a townhome might be the right choice for you. In many cases, this home will have less square footage than the home you currently own, but as I pointed out in the previous chapter, it may also just be a different type of home — for example, a 1-story home as opposed to a 2-story home, even if it has similar square footage. But for the sake of this chapter, we’re going to assume the home is a smaller size.

2. You can create your own personalized space.

If you choose another house or townhouse for your new home, rather than a condo, apartment, or community living space, think of this as your chance for a fresh start in a new home! You can 18

create your own personalized space — a space that’s truly your own — and design your home however you like (without having to consider the needs of children). If you love creating, designing, and stylizing your own space, this could be a great option for you. And the added benefit is that you’ll have less stuff, since you’ll already have decluttered by this stage in the downsizing process, so it won’t take as much time, energy, and funds to design your entire home.

3. You can take pride in homeownership.

There is definitely a sense of pride that many people feel in homeownership. If you loved owning your own home and aren’t quite ready to give that up, then another single-family home or a townhome could be the perfect option for you. You can still be an independent homeowner, but enjoy things like less maintenance and upkeep, which will save you time, freeing it up for things like leisure activities, family, and travel.

4. You can still have enough room for guests.

Some homeowners worry about downsizing because they assume they will no longer have enough space to host children, grandchildren, other family members, and out-of-town guests for the night (or longer). However, if you downsize into a smaller house or even a townhouse (instead of an apartment, for example) that has an extra bedroom or two, you can still have that bit of extra space to host overnighters when you need it. Choosing a smaller house or townhouse over an apartment can help ensure you have that space.

5. You can save on utilities.

As I mentioned in the previous chapter, if you downsize your

home, you can also save money on some of your bills! If you choose a smaller single-family home or townhome, you can save a significant amount on utilities, such as electricity and gas. Smaller houses are often considerably more energy-efficient than older, larger homes because they have less space to heat and cool, which means more savings for you, as well as a lower ecological footprint. Likewise, single-story homes can be easier (and less expensive) to heat and cool than 2-story homes, even if they share a similar square footage.

House vs. Townhouse

There are certainly differences between choosing to downsize to a single-family home vs. a townhome or carriage home. There are benefits to living in a townhouse compared to a smaller detached house. For example, some homeowners who are downsizing prefer complete privacy and independence, and aren’t ready to give that up just yet — but also aren’t ready for community living. Compared to a townhouse, a smaller single-family house has more privacy and provides greater independence. Though likely smaller than your current home, a single-family home may offer a beautifully landscaped backyard with a garden, a fenced-in yard, a garage, and the freedom to be able to do what you want with the home, including repainting the exterior and adding some outdoor home improvements. These options aren’t necessarily available with townhouse living, as there may be standards and bylaws preventing you from making the changes you want. Of course, there are benefits to living in a townhouse compared to a smaller single-family house:

• Price: In general, townhomes and carriage homes are less expensive than single-family houses. But they still offer much of the space and flexibility you’re probably looking for. But keep in mind that most townhomes also include monthly HOA fees to cover things like landscaping, plus any other amenities in the community. • Flexibility: Besides the price factor, townhome living tends to give you more flexibility. It has the added benefit of the low-maintenance lifestyle that comes with condo or apartment living, but generally includes more space, as well as more flexible options when it comes to function (such as parking spaces) and leisure (backyards for private or semi-private entertaining). • Practicality: Sometimes, it’s the more practical option. For example, a downtown three-bedroom townhouse might actually be a better investment option than the little two- bedroom house down the street. • Community: Townhouse living can also offer a similar sense of community to an apartment, but generally with more privacy and fewer neighbors. However, many homeowners would prefer to move into a condo or apartment, and there are many solid reasons for that, which we’ll take a look at in the following chapter.

Key Takeaway:

Thinking about where you would like to live when downsizing is a big decision, as there are many options to consider. We’ve looked at the benefits of choosing a smaller single-family home or a townhome, which can offer things like independence, privacy, pride in homeownership, space for family, and savings on utility bills. 21

CHAPTER4 Condo or Apartment Li Apartment Living

Maybe you aren’t interested in purchasing another house, whether it’s a small detached house or a townhouse, then dealing with many of the responsibilities that come with that. But maybe you aren’t yet ready to jump into community living either. Consider purchasing or renting a condominium or apartment instead. Condos and apartments are popular choices for homeowners looking to downsize who aren’t interested in owning a house or moving into senior housing. These types of dwellings are often the perfect size for many downsizers. Finding the right type of condo or apartment in the right neighborhood that meets your needs, with the right amount of space, can actually improve your quality of life. Here are some of the advantages of condo and apartment living:

1. You’ll have less upkeep and maintenance.

Less overall upkeep is a major benefit — and one of the most attractive — for many homeowners when downsizing from a larger house to a condo or apartment. First, there are fewer indoor chores to manage since you have less space and fewer rooms to clean and maintain regularly, including tidying, dusting, sweeping, wiping down, and scrubbing. Second, most condos and apartments include homeowners association (HOA) fees that cover maintenance of the grounds and community amenities. You won’t need to worry about mowing your grass, weeding your garden, shoveling snow off

walkways, and other landscaping issues.

Third, if you rent, whether it’s a condo or an apartment, you won’t need to worry about common maintenance issues. Property owners are responsible for taking care of their tenants, so most of them will pay to fix leaky sinks, handle plumbing issues, replace broken appliances, and repair a malfunctioning furnace or air conditioning system, among other issues.

2. These homes offer increased accessibility.

Condo or apartment living, particularly if you’re centrally located, can offer more accessible living, as you’ll be closer to amenities and services (groceries, doctor’s offices), as well as entertainment and social activities (dining, concerts). It will be easier to walk to these places, or, if it’s something you enjoy, cycle. There’s also better access to public transportation so you don’t have to worry about driving as much.

3. You’ll have even lower monthly utility bills.

A second and important benefit of downsizing into a condo or apartment is that you’ll be able to save even more on utilities and reduce your monthly bills — more than by purchasing a smaller house or townhouse. Most condos and apartments take up less square footage than a single-family home or townhome, and considerably more than the larger family home you’re leaving behind, so you’ll pay much less to heat and cool your space, especially if you can find a good deal. “You’ll use less electricity, heat and water in an apartment, and some monthly bills may be eliminated altogether,” reports Nationwide Mutual Insurance Company. “For instance, the monthly cost to rent a water softener to manage hard water is unlikely inside an apartment. Some of your utility costs may be included in your rent, too, such as your waste management or

water bill.”

Besides saving money, you’ll also be making a good choice in sustainability, both environmentally and financially. For example, many modern condo and apartment buildings are being built with an eco-friendly, more energy-efficient, and “greener” approach.

4. You can meet new people.

While some homeowners in the process of downsizing prefer to move into a small house so they can maintain their independence, enjoy privacy, and reduce the possibility of dealing with annoying neighbors, other downsizers hope to meet new people, get to know their new neighbors, socialize, and make connections. If this is you, condo or apartment living would make a fantastic choice — especially if you’re looking for a sense of community without moving into senior housing or an official retirement community. Living in close proximity to your neighbors means there is ample opportunity to meet new people — and even try new activities. You can easily walk down the hall to drop by and say hello, catch up over a cup of tea, ask for an ingredient you’re missing for dinner, play a game of cards, go out for a nice stroll, or take up a new leisurely activity together. Nearby neighbors are also handy for things like feeding your cat or watering your plants when you’re away, or keeping on hand a set of spare keys. These are all much easier and more convenient to do in a condo or apartment than if you lived in a house.

5. You can take advantage of amenities.

Many condo complexes and apartment buildings include access to fantastic amenities, akin to what you might find in some hotels.

Think game rooms, party rooms, swimming pools, fully equipped gyms and wellness centers, tennis or basketball courts, and club houses. Some more upscale options include libraries, rooftop pools and hot tubs, rooftop terraces, outdoor kitchen facilities, and concierge services. Upscale amenities alone can attract downsizers who want to live a relaxed, leisurely lifestyle. These extra amenities can be included in the price of purchasing or renting the unit — or will be included in a monthly HOA fee. It’s important to find out if there are any additional costs before you buy or sign a lease, and also to check whether those amenities are regularly maintained. Also, if these types of amenities are important to you, make sure you do your research to find out which condos and/or apartments within your budget offer the ones that are most appropriate and realistic for your lifestyle.

6. You can save money on “things.”

By downsizing to a condo or an apartment, you can save money by avoiding unnecessary purchases. Simply put, having less space means you’ll be less inclined to accumulate stuff, because there’s really nowhere to put it. However, with a smaller space, you will naturally make more intentional decisions and purchases, focusing more on what’s needed and what makes sense and what works in your new home, rather than buying impulsively. A condo purchase, or renting a condo or apartment, will most likely set you back a lot less than a typical house purchase would, which leaves you with extra funds for things like leisure activities, travel, and investments. And don’t forgot those all-important utility bill savings (see #2). People consume much less energy in apartments and condos when compared with their energy consumption in houses (factoring in the same usage by the same number of people).

7. You get to start fresh.

Finally, choosing a condo or an apartment can give you a new outlook on life, especially if you’ve never lived in a condo or apartment before. “The apartment represents a new beginning without home burdens such as high property tax payments and larger mortgage or rent payments, depending on the location of the apartment. It can feel liberating to start a new life chapter, and it may inspire you to make other freeing decisions, too” (Nationwide Mutual Insurance Company).

Key Takeaway:

For many homeowners who are downsizing, the prospect of purchasing another smaller home isn’t appealing, but neither is jumping into retirement community living. Condo and apartment living can provide a happy medium, offering the “best of both worlds.” Living in a condo or apartment means less upkeep and fewer expenses — especially when it comes to utilities — as well as time to meet people, engage in activities, and enjoy various amenities.

CHAPTER5 Community Living

If none of the options we’ve discussed thus far appeal to you when you picture your life and your future, then perhaps you might consider community living as an option. However, some homeowners nearing retirement and entering their senior years balk at the idea of community living or senior housing. “I’m far too young to consider moving to a retirement community!” Maybe you’re thinking the same thing. Maybe you’re worried about losing your independence and freedom. Maybe you’re worried about losing your uniqueness and sense of self. If this sounds like you, then you probably have some misconceptions about everything a retirement community can offer. As I’ve said before, you can look forward to the future with hope, anticipation, and even excitement! You’re entering a new stage of life, which can be very rewarding, and downsizing into retirement community living can get you there! But if you hold common misconceptions about senior housing, then prepare to be pleasantly surprised. These aren’t your mother’s senior living arrangements! In fact, there are many different types of community living options available, and what you choose will depend on a variety of factors, such as your health and activity level, how much or how little independence you seek, and what types of leisure and social activities and environments interest you the most.

LEISURE AND ACTIVE ADULT COMMUNITIES MMUNITIES

Leisure and active adult communities offer homes that are mainly geared toward empty nesters, although often both younger and older adults are welcome. These communities are designed for those who enjoy more active lifestyles, and offer leisure activities and amenities with that in mind. If you like to keep active and enjoy activities such as golf, tennis, yoga, swimming, hiking, etc., then this might be the perfect type of community for you.

INDEPENDENT LIVING COMMUNITIES MMUNITIES

Independent living communities are another option, designed more for older adults who prefer or require additional services, such as central dining facilities, housekeeping services, maintenance, transportation support, etc. There are also age- appropriate leisure activities available, such as adult classes, gardening, games, and social events or outings. These communities are usually age-restricted with noise level limits, which is a big attraction for many people in this stage of life. They offer rental or ownership housing options with additional features that improve accessibility for those entering their senior years.

CONTINUING CARE RE G CARE RETIREMENT C TIREMENT COMMUNITIES MMUNITIES

Continuing Care Retirement Communities (CCRCs) offer a combination of an independent living lifestyle with assisted living and nursing care. Essentially, they’re semi-independent living facilities for those who don’t need continual health care supervision, yet offer a continuum of care — housing, services and supports, and nursing care — all in one convenient location. You would be able to maintain some level of independence and privacy and enjoy various activities and friendships, while having access to the supports and health care you might need.

Another benefit is physical and financial security, allowing you to enjoy your post-retirement years comfortably and pursue your interests and goals. Finally, CCRCs come in a wide variety of housing options, anything from apartment style to campus style to individual homes, with many of them offering various amenities for you to enjoy.

ASSISTED-LIVING FACILITIES CILITIES

Assisted living is designed for people who need help with certain activities and household management. It’s not full care — hence the term “assisted” — so residents are still technically living on their own, but they still offer varying levels of assistance. Some communities offer all three of the above types of living arrangements/housing — leisure, independent, and continuing care.

BENEFITS OF COMMUNITY LIVING

Regardless of which type of community living arrangement would best suit your needs as you look forward to the future, there are many benefits to choosing community living over purchasing a small house or townhouse, or over moving into your own condo or apartment. Here are some of the most notable benefits of community living.

1. You don’t have to worry about home maintenance or yard work.

Looking for a simple and stress-free lifestyle in your future? Consider moving into a senior housing arrangement. While this also applies to condo and apartment living, not having to worry about home maintenance or yard work is a significant benefit of community living. Every time there’s a problem that needs to be dealt with, it’s someone else’s problem.

Say farewell to making small repairs around the home and keeping up with landscaping, gardening, snow removal, and more. These services are provided as part of community living, and are included as part of a monthly fee. Depending on where you choose to live, you might even have the added benefit of adding housekeeping services on top of home maintenance and yard work. While some people think of moving into community living as a loss of independence, they don’t consider all the freedom it brings — freedom from regular home maintenance, in this case.

2. Pay one monthly fee for your expenses.

Community living is probably more affordable than you think! While I certainly won’t lead you to believe it’s inexpensive, when you compare the monthly fee to what you currently spend a month on everything across the spectrum — think property taxes, utilities, and entertainment — they’re pretty much on par. Keep in mind that you probably won’t need a car — or use it very much — because you will have almost everything you need on site and have access to carpooling and public transportation services. You can save a considerable amount on vehicle-related expenses (gas, maintenance, repairs, insurance).

3. Enjoy nearby amenities and explore new activities.

While there are certainly cost savings related to having so many services, activities, and attractions, there is also the sheer convenience. Healthy and high-quality dining options staff by professionals? It’s there. Fitness options, adult classes, hobbies, community outings, special events, and entertainment (speakers, comedians, musicians, movie nights) are onsite too.

You can take up a new hobby or activity that you’ve never tried

before but have always wanted to, whether it’s gardening, golf, hiking, yoga, woodworking, or arts and crafts classes. “It takes more intentional effort to be bored in a retirement community than it does to stay entertained” (SeniorAdvisor.com).

4. Make new friends who share your interests.

Community living offers a fantastic opportunity to meet new people and make new friends. Some people find that their social circles grow smaller as the years go by, but you can look forward to enjoying the benefits of new friendships within a community living environment through many of the available onsite activities and events. You might even end up forging a close bond with someone who shares similar life experiences or interests.

5. Reap the rewards of safety and security.

Concerns of safety and security tend to grow as people age, particularly when they consider their next homes. Worried about falling and not being able to get up when you’re older? What about catching the flu or developing any number of conditions or ailments? If an older person lives alone and falls, or develops an illness quickly, the results can be devastating. But you can basically throw these worries out the window if you decide to join the ranks of seniors who have decided to embrace all the benefits of community living. There will always be people around to help, helping you to live as safely and securely as possible.

6. Avoid moving in the future.

Picture your life with the peace and security that comes with never having to move again! This can be your reality if you choose community living in your retirement to enjoy your golden years without stress.

As people age, it becomes increasingly difficult to go through the process of downsizing, regardless of where they choose to move. If they are experiencing changes in their physical and mental health, then it becomes even more challenging, and the burden of selling and moving might fall on someone else’s shoulders, most often their adult children. But if you choose to move into a retirement community before you experience any decline in your health, you’ll be ahead of the game, and you’ll be able to enjoy all the benefits and perks of community living without the hassle of worrying about selling, buying, and moving down the road.

7. Choose your independence.

One of the best things about community living in your senior years is that you have flexibility in choosing how much — or how little — independence you need and want. Many people mistakenly link senior living directly to assisted or nursing home living — and those certainly are great options if you’re looking for an increased level of care and dependability. But you can choose to start out as independently as you would like, then, depending on your situation and your changing needs, you can usually transition to more dependent living in the future, as many communities offer these types of facilities. This way, you don’t have to move (a bonus, as discussed previously) or start all over again, and you can keep your social circle, the staff you’ve come to trust, and the activities you’ve been enjoying. Remember, there’s no right or wrong way to live in a retirement community. There is no “one-size-fits-all” approach. You are able to pick and choose whatever

works best for you!

For example, maybe you’d like to keep your independence in the kitchen and prepare and cook your own meals. That’s entirely possible! There are independent living apartments with full kitchens, yet you can still be part of a community and make social connections and enjoy new hobbies and interesting activities. However, if you don’t want to cook — whether it’s matter of never wanting to cook a meal again, or being unable to, then choose a senior housing situation where you can eat meals prepared by staff on site.

Key Takeaway:

Retirement community living is a fantastic alternative to moving into a smaller house, townhouse, condo, or apartment for many homeowners nearing retirement, offering many benefits you might not have considered before. Today’s community living options offer much more than they did decades ago, allowing you to have less stress, more time, and opportunities for social connections, leisure activities, and amenities.

CHAPTER6 Is Selling Right for You?

While you might already be highly motivated to sell your current home, others may need convincing. I can imagine that many of you reading this book already have in place a long list of reasons you wouldn’t consider “uprooting” yourself and leaving your current home for another, potentially smaller, one. (If you are happy where you are, why make a change?) I can give you plenty of reasons to consider moving at this stage in your life (but we’ll get into that soon). For now, I want to recognize that those of you who are hesitant, or even resistant, to the idea of moving, are completely justified in your reasons. But my guess is that you haven’t taken the time to fully consider the potential positives of doing so. Here are six of the most common objections longtime homeowners have to selling for the purpose of downsizing. For every common objection, I will address an upside.

1. “I don’t want to deal with the stress of moving.”

Moving, regardless of when, where, and why, can often be a stressful process. Downsizing is no different. There are many different steps involved, which can be overwhelming and time- consuming. The stress of moving often boils down to decluttering. After all, moving from a larger home — one that has collected many memories and belongings — to a smaller one requires getting rid of a lot of stuff because you literally won’t be able to take

it all with you. And remember, many of today’s Baby Boomers have millennial adult children who prefer minimalist lifestyles and don’t necessarily want to inherit their parents’ stuff. The thought of having to sort through all of your possessions, keepsakes, and knick-knacks that you’ve collected over the years can be daunting. What to keep? What to toss? What to give away? What to recycle or donate? What to sell? What to do with family heirlooms? Plus, just the idea of packing everything up and moving it out of the house can make potential sellers postpone selling. But think long-term gains vs. short-term hassles. Sure, decluttering can be stressful, but it’s something you’re going to have to do at some point, so why not now? Also, some people actually really enjoy the process of decluttering, and find it both rewarding and freeing. Further, moving from a larger home that you no longer need to a smaller space will likely lift major burdens off your shoulders and give you a less stressful life — physically, emotionally, and financially.

2. “This has always been my home.”

Many homeowners who have lived in their homes for a long time have a difficult time with the concept of letting it go and moving on. A home that’s been lived in for years comes with memories inextricably linked to that home. Maybe this is you. Maybe you cringe at the idea of letting go of your longtime family home. Maybe you can’t picture a different family living there. Maybe you can’t picture yourself living anywhere but that house. Downsizing can be emotional, even if it’s the right thing to do and you know it’s time. It’s completely normal to go through the different emotions that can crop up. Allow yourself to feel these

feelings. It’s part of the process. But as you walk down memory lane, remember that a house is just that — a house. You can take the memories with you, and then create new ones in your new home with family and friends.

3. “But this is where my kids grew up.”

While some empty nesters actually prefer to downsize soon after their kids leave home in order to have a fresh start, many others are reluctant to do so. They might not yet be willing to part with a family home where their children were born and/or grew up. Sometimes, homeowners are not yet ready to accept the fact that they have become empty nesters; they might need some time to get used to the idea. Does this sound like you? If so, consider this: Eventually, all that unused extra space is going to end up being a pain. Plain and simple, you don’t need all of that space now. You can pack up the most valuable (and functional) items and take those memories with you. They don’t belong to the house. So while you can still find a new place to meet your needs and beyond, you don’t need to stay in a large house forever. All that space is a pain to clean, and maintenance and repairs can be costly. For example, if you’re working on paying off your mortgage, then keep in mind that you’re spending more money than you should on space that you don’t need. This includes extra costs for heating, cooling, water, electricity, and gas, and basic home maintenance, upkeep, and cleaning. Maintenance of a larger home alone is often reason enough for empty nesters and new retirees to consider downsizing. When you factor in cleaning, yard work, and upkeep, think about how exhausting and time-consuming it can be. But life in a smaller house can mean more time for relaxation, leisure, and family time.

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