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A "SENIOR" MOMENT
By Carol C. Cummings, R/CRS/GRI/SRES
As a proud member of the “Baby Boomer” generation, I have recently had to give some thought regarding, not only the needs of my husband and me, but issues related to my parents, who are now super seniors. The Boomers born between 1946 and 1964 are between 44 and 62 years of old, with parents in their sixties, seventies, eighties, and beyond. As a designated Senior Real Estate Specialist, I may have received instructions on issues relating to the needs of Seniors, but the real life situations provide more lessons than any real estate course.
Here are a few issues/decisions facing the seniors of today:
It's Time to consider selling the 2-story home and moving to a single story home when:
1. the knees start aching from climbing 14 steps to the second floor bedroom, and
2. the 2-story house must be painted professionally, rather than a do-it-yourself job, and
3. you start “planning” trips upstairs,
4. you are content to fall asleep in the living room downstairs rather than retire to the bedroom,
Consider a Retro-Fit
If there is great emotional attachment to one’s home, its yard, and/or setting, it may be fitting to allow a senior to continue to live in the place he or she loves. However, consider some safety retro-fits for the property:
1. Assist bars in bathrooms, hallways, walkways, and stairs.
2. Non-skid strips in bathtubs, showers, and on stairs and sidewalks.
3. Solar lighting in walkways and yard.
4. If necessary, ramp installation for access of the home.
Home Remodel
Although it may not be necessary at the time, when the homeowner is remodeling, he/she should consider handicap accessible changes, which can be subtle and save conversion costs in the future:
1. Low, wide countertops which can provide wheelchair accessibility.
2. Tub with a seat.
3. Step-in shower.
4. Consolidating many small rooms into a flowing floor plan with few rooms.
Assisted Living
As the demand has increased, there are more assisted living condos throughout our island, state, and country. There are a wide variety of facilities, both long-term rentals and those available for purchase. Some of the onsite amenities of assisted living homes include:
1. Dining Hall and meal plans.
2. Routine cleaning.
3. Exercise room and/or onsite fitness classes.
4. Shuttle service to nearby shopping and commerce.
5. Arts, Crafts, and Music fellowship.
6. Onsite Beauty Salon
Holding Title
It is a good idea to periodically consult an estate planner, financial advisor, and attorney regarding holding title to property. How title is held may affect government benefits, as well as probate process and inheritance tax obligations of one’s heirs.
Death of Title Holder
Upon the death of the title holder of a property, it is again advisable to seek sound advice. An appraisal of any inherited property is suggested, usually within six months of taking title. In the event the property is sold at anytime in the future, the appraisal will establish a property value at the time of inheritance.
The importance of real estate issues facing seniors today is magnified when one realizes almost 8,000 people will turn 60 in the United States each and every day this year. Nationwide, in households headed by someone 65+, real estate is the largest asset held by the household. At some point in time, each of us may be faced with decisions with regard to ourselves or loved ones. Informed decisions will make a world of difference for generations to come!
Contact the experts at Kauai Realty, Inc., for all your Kauai real estate needs.
Call Toll Free (800) 645-1651
or (808) 245-1651
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