As we age, we are faced with major decisions in life. Many of us in the sandwich generation” are not only taking care of our children but, may also be making decisions on behalf of our aging parents as well.
Because our homes are such an integral part of our lives, decisions related to real estate can become extremely challenging in mid-life and beyond. Of course, when having these discussions, it’s important to always be empathic and remember to treat your loved ones with the dignity and respect they deserve.
Questions to start a conversation …
Should we downsize to a condominium or townhouse? When children leave home after graduation it’s a good time to reflect on the cost of upkeeping a larger residence. It’s also a relevant conversation to have with your parents who may be experiencing physical or financial obstacles related to staying in the family home.
Should we build a guest house or apartment for the parents? A compact separate residence within or near your home can be one solution to this challenge. The grandparents can enjoy a good quality of life while providing childcare, cooking or other welcome help on the home front. At the same time, they retain their independence which is a high priority for so many seniors today.
Should we suggest the parents move in with us? For some, who have a large enough home, this is a workable solution, especially if a parent needs extra attention with daily living skills. Often a basement or attic is remodeled to meet these needs, or a new wing is added to the home for this purpose.
Should we start shopping for a home with Universal Design features? Universal Design adaptations provide a sound way for you or your parents to prepare for the future. These features help anyone with a disability or limitations due to aging to live more easily and comfortably at home. Accommodations are designed not only for wheelchairs but to ease walking, bathing, cooking, sleeping, gardening and more using advanced technology within and without. The goal is to prolong independent living at home for everyone in the family.
Should we consider a reversible mortgage looking ahead? There are serious pros and cons to this decision which is designed to pay off an existing mortgage on your home while you still live there. This is a decision that should only be made after an in-depth discussion with a Realtor® well versed in all facets of this viable option.
Lombari Real Estate Wealth Advisors understands the complexity of answering these and other crucial questions. We specialize in helping you make compassionate, strategic and timely real estate decisions that may involve and impact everyone in the family.
Experience, expertise and empathy when you need it most!
Richard Lombari is proud to be a SRES®-certified Seniors Real Estate Specialist ® who is trained to understand the real estate opportunities available to homeowners over the age of fifty. Senior homeowners have different needs, financial means and options available to them than traditional homeowners.
With this unparalleled training, Richard is equipped to explain the ins and outs of choices available to you such as reverse mortgages and retirement real estate investing. Backed by this important designation, Richard can protect you, as well as your aging family members, when selling, buying, relocating, or refinancing residential or investment properties.
He will also connect you with his vast network of movers, attorneys, financial planners, home inspectors, mortgage lenders and other experts to help you through every process.
For more information about Lombari Real Estate Wealth Advisors’ portfolio of services please visit www.lombarirealestatewealthadvisors.com or phone 310-903-6509.