Real Estate With Seniors In Mind

By Diane Stewart

Many seniors struggle with the decision to sell their longtime family home and move to a smaller residence, but delaying sometimes can be unwise. Waiting to make the move oftentimes means selling at an inopportune time, under pressure or in an unfavorable real estate market. Also, neglected home maintenance can result in a lower sales price for the home.

The better approach is to focus on the positive aspects of living in a smaller home. A smaller home means fewer and less-costly maintenance responsibilities, and down-sizing can mean more disposable cash for hobbies, travel and other expenses.
The U.S. tax code now permits home sellers to exclude $250,000 (single) or $500,000 (married couple) in capital gains from income tax if certain requirements are met. The former requirement that the gain be “rolled over” into a subsequent residence is no longer part of the tax code.

Right now interest rates are as low as they have been in 42 years, since the Kennedy Administration, hard to imagine, huh, so if you’re thinking about selling or buying, now is a good time.

The Cost of Housing
Comparing the total cost of different housing option can be simplified with a checklist of expenses and the cost for each option. Here are some items to consider: Mortgage, Repairs, Association fees, Lawn and garden care, Property Taxes, Casualty and liability insurance, Maintenance, Utilities and heating/cooling