Downsizing Safely and Effectively in Your Senior Years

Are you thinking that now’s the time to leave your big-house life behind? If so, you’re in luck. Despite the pandemic, the real estate market is strong, interest rates are low, and it’s still a great time to sell and buy. But you can’t go into the process blindly. Here are some tips to get you started on the right track.

First on your to-do list: Work with an experienced agent like those of us at Golden Real Estate. After all, an agent who knows the area can price your home correctly and help you find the right replacement home for you. We know the local market and whether a neighborhood is senior-friendly. You can ask us questions and get knowledgeable answers about local amenities, such as public transportation, fitness centers, and local senior facilities that will enrich your life.

If you prefer to downsize into a rental unit within a senior community, we can advise you on those communities and that process too, so feel free to ask us.

We can also help you determine a budget. As a buyer, keep in mind that it’s a seller’s market, and having us on your side can help get your foot in the door. If you’re moving locally, we can also save you a bundle with our free moving truck and our in-house movers.

You want to take a look at your budget to determine what you can afford. Our preferred lenders offer free affordability calculators. They allow you to input data, such as your home price, down payment, and monthly expenses. This can help you determine your potential future living expenses.

Once you have an agent and a price range, it’s time to compare what you can afford with what you need, and then make adjustments to your list as necessary. Many seniors, according to Home Tips For Women, look for features including those which lower utility costs. These, along with things like single-level living and wide doorways, allow for greater mobility, an important consideration if you’ve already begun to experience mobility issues.

Something to keep in mind during the downsizing process is that moving into a smaller home will require downsizing your belongings as well. Once you have chosen your future home, you can evaluate the belongings in your current one. This is an emotional process which takes patience, and, ideally, you’ll have cooperation from your friends and family. It’s often best to give certain things to your children and grandchildren now so you’re not tight on space in your new home. You can use our truck for that, too (and for trips to Goodwill).

If you’re moving outside the metro area, choosing the right moving company is something else that deserves special attention. Movers charge different prices, even for what appear to be the same services. Your moving company will factor everything from whether you need an entire truck to how far you’re moving, to the overall weight of your household goods into the price. Previous clients have given us feedback on their experiences which we can share with you.

Finally, make your move while you’re in good health and don’t wait until you have to move. And let yourself enjoy the process. Your retirement is a time of change and to feel all the excitement associated with it. Moving is not always easy, but the end result of downsizing can be more financial freedom and a better quality of life during your senior years.

Downsizing as a senior presents a significant lifestyle change, but it’s one to embrace. If you still have questions, don’t be afraid to reach out to us. My broker associates and I (see below) are here to make the process as seamless as possible and can be a valuable resource not to be overlooked.

Jim Smith— 303-525-1851

Jim Swanson — 303-929-2727

Chuck Brown — 303-885-7855

David Dlugasch — 303-908-4835

Carol Milan — 720-982-4941

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Tyler Scrable — 720-281-6783

Here’s a Good Resource for Seniors

Colorado doesn’t rank high in the percentage of our population that’s 65 and over. In fact, seniors represent only 14.2% of our population, ranking Colorado 46th among the 50 states.

Recently I was made aware of a website with tons of Colorado-specific information for seniors. Here’s that website’s address: https://www.seniorhousingnet.com/seniors/senior-living-us/colorado

Just Listed: Patio Home in a Friendly 55+ Lakewood Community

2677 S. Johnson Circle – Just listed at $475,000

If you are 55 or older, this home in the Village at McCoy Jensen is meant for you. The subdivision’s 41 patio homes form a close-knit community built around a single circular street with a wide common area and gazebo in the middle. Come in the morning and meet many of the neighbors taking their morning walk around the circle. Afternoon get togethers are also common! Each homeowner gets a hand-out with everyone’s name and the phone numbers of those willing to share it! This home is perfectly located at the far right corner of the subdivision with an expansive back yard (maintained by the HOA, of course). It has three bedrooms and three full or 3/4 bathrooms and 2,195 finished square feet of living space, plus 678 unfinished square feet in the basement. To fully appreciate this great home, see more pictures and watch a 7½-minute narrated video tour at www.LakewoodPatioHome.info, then call your agent or Jim Smith at 303-525-1851 to arrange a private showing. More pictures below…

Eat-in Kitchen – all appliances include, even washer and dryer
Living room and dining room – Open floor plan
Master suite with vaulter ceiling overlooks large greenbelt
Covered patio overlooks expansive greenbelt maintained by the HOA
Gatehouse on Yale Avenue. Notice the gazebo and greenbelt beyond

Finding the Right Senior Living Community for You Can Be Confusing!

Buying and selling a single family home can be confusing enough, but it pales in  comparison to shopping for the best senior living community.

According to Jenn Gomer of CarePartrol (more about her later in this article), there are no fewer than 400 senior communities in the Denver metro area, and the variety of living options and business models can be overwhelming.

There are pure rental facilities and rentals with buy-ins. The size and terms of those buy-ins can vary greatly, too.  Some facilities are on a campus with continuous care options as your health changes, ranging from independent living to assisted living to nursing home care, to memory care to hospice.  Personally, I like the idea of not having to move again if my health changes, but not all senior communities include that feature.

Financing, of course, is a huge consideration. If you own your current home and have lots of equity in it (little or no mortgage), that can provide a nest egg that could hopefully outlive you, if managed correctly and spent on the right facility. But not everyone has that luxury.

It’s important to get the right advice from someone who is not looking to drain more of your limited funds. We think we have found that person in Jenn Gomer. Jenn and her associates at CarePatrol don’t charge for their services.  Jenn’s company is paid by the communities that she helps you visit, analyze and ultimately select. She has all the important information about those 400 senior communities that I mentioned above. She knows their safety records, their health records, their reputation in the industry, their financial conditions, their charges, their amenities, and so much more.

If you own a home which you’ll want to sell, it makes sense to bring Jenn and me together to meet with you in your home and discuss your options.

Everyone’s situation is different. Let us learn your specific needs and wants. If working with Golden Real Estate and/or CarePatrol isn’t a good fit for you, we’re going to tell you so. Such a meeting carries no obligation to work with either of us.

Call me at 303-525-1851 to arrange such a meeting.