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| Seniors, boomers 'right-sizing'
their homes |
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Brian Barrett of Re/Max Home Team Realty in Needham,
Mass., another SHMS specialist, said his job is to help seniors
make wise decisions "and to transition them from a bigger house
to another living situation where they feel secure."
A good agent for seniors will take the time to examine
the full financial picture and structure a sale accordingly for
a senior, calling on outside legal advice if needed, Barrett said.
They will also help the sellers explore financial-assistance options
and check with senior communities about available space and amenities,
Barrett said.
Here are a few home-selling suggestions for seniors
and their family members:
Choose trustworthy representation:
Enlist a real estate agent who is equal parts counselor and seller.
Seniors Real Estate Specialists (SRES) have been trained to work
with older customers, but are still relatively scarce (www.seniorsrealestate.com
has a listing). Otherwise, ask for an agent experienced with an
older crowd.
Be deliberate: Don't accept
a quick offer on a home, no matter how generous it sounds, especially
during a time of bereavement.
Chart a course: Before
putting the house on the market, determine what services will
be needed over several years in the future home and the lifestyle
that the senior's finances will support there, Field suggests.
Tax issues: Pay close
attention to tax and income-deferment strategies. Capital-gains
tax breaks, reverse mortgages, installment sales and equity-conversion
strategies can all be useful tools for many seniors and can mean
thousands in savings, said Barrett. Ideally, seek the advice of
a real estate or tax attorney.
Heirlooms: Start sorting
through family belongings well before the home goes on the market.
Enlist a sympathetic family member or friend to help with what
can be an emotionally draining, time-consuming process.
Minimize stress: A home
sale alone can be traumatic, let alone an estate sale attended
by unruly, bargain-grabbing strangers. Consider donating items
to charity or giving prized possessions to friends or family who
will appreciate their sentimental value.
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