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Working with Empty Nest Sellers: Age in Place or Downsize?

Sellers that have reached a certain age are often faced with a dilemma: Do I age in place or downsize and move on? A conundrum for many but can be simplified by addressing current lifestyle conditions. Given the sensitivity of the situation a Realtor may find him or herself being part therapist, advisor, diplomat, and part business partner all rolled into one.  When electing to age in place the sellers need to have peace and serenity in their lives.

These bullet points can make reaching a suitable decision much easier:

  • Costs and Expense: Real estate taxes, school taxes, community taxes, mortgage if any, utilities, maintenance, repairs, insurance are all considerations.  Weigh the actual cost of these currently versus the estimated cost to move and compare.
  • Community: Currently the sellers have a network of doctors, professional services, friends, family, shopping, and entertainment which give security, peace of mind, and identity. To what extent will a new residence meet or exceed these conveniences in place.
  • Mobility: How easily can the day-to-day living be achieved versus how easily they could be achieved? The answer may surprise everyone.
  • Accessibility: Is the current home adaptable for potential disability needs of the residents should the need arise.
  • Family: Meet the extended family if possible. Sometimes the truth is hard to find and the sellers may not be forthcoming about all circumstances. Diligence and patience is required as is integrity and confidentiality.

If these are not much of a concern, it is probably safe to age in place. If not, it may be best to find an alternative.

Check back for our next segment: Downsizing means Rightsizing