10 Critical Elements to Downsizing
Are You Ready to Downsize? |
| This is a big decision. And one of the most important ones you´ll make in the years ahead. Use these Q&As to make it easier for you to sort through the issues involved in making this major lifestyle change. Remember, there are no right or wrong answersh trust your own judgement and good instincts. Only you can decide if you´re ready! 1. Should we move or can we stay where we are? 2. What are our health considerations? 3. How will our children and grandkids react? 4. What is our lifestyle? 5. How secure do we feel where we live now? 6. How does this change influence estate planning and taking on new a mortgage? 7. What type and size of community should we consider? 8. What do we need to know about home quality, design, price, and all those options? 9. How do we start downsizing? 10. Are we too old to make this move? 1. Should we move or can we stay where we are? This is the first question to ask. Not only is it the most important, it is often the most overlooked. There are two viewpoints that must receive careful and balanced consideration the practical and the emotional. From the practical aspect, take a look around your house and ask yourselves if your house is too big. Is it difficult to clean? Can you keep up with the house maintenance? Do you like your neighborhood now as much as you did when you first moved there? Can your home be adapted to suit your changing lifestyle and health situation? New Life Homes are spacious yet easy to maintain. You´ll find that it takes less time to clean, or you may even decide to use a cleaning service so you have even more time to play. Floor plans are designed without stairs, have wider entrances and sloping ramps. When it comes to options, you can elect for safety bars in the bath and other health related choices. Our communities are planned for active adults in beautiful settings which could be a big change from your current neighborhood. And most importantly, all of our plans are designed to be virtually maintenance free from inside and out to the lawn and landscaping. From an emotional perspective, there is a difference between a house and a home. A house is a structure, a building of brick, or wood or stone. A home is where friendship, affection and love grows and thrives. Your current home is filled with years of wonderful family memories. Fortunately, the memories are always in your heart and mind. They are the most portable of anything you own so it´s easy to take them with you, wherever you go. You´ll discover that living at a New Life Homes community still allows for family visits and gatherings, and the chance to create more special memories in a more livable home. 2. What are our health considerations? The best time to plan and prepare for a major change in your life is when you´re healthy and aren''t forced into an emergency decision. Something to think seriously about is whether your current home is adaptable for wheelchair or walker access. Remember stairs can present a serious challenge in some situations. New Life Homes plans are designed with wider door openings to accommodate wheelchairs and walkers. Ramp-style, sloping entryways are used for home and facility buildings and there are no stairs between the garage and the back entrance. Plus, we specifically designed each home as a ranch or with a "master on main" to make mobility much easier. 3. How will our children and grandkids react? Making the decision to downsize is an important one that not only affects you, but your children and grandchildren as well. Get your children involved as soon as possible in the decision making process. The sooner you do, the more likely they will be supportive of your choices. Share your ideas and ask for their points of view. You might be delightfully surprised with some of the good advice and ideas your children suggest. Having family, especially grandchildren, close by is a luxury not to be taken for granted! Most of our clients believe it was the best decision they ever made. Knowing that family is close by in the event of health problems is as important as having them around to share special occasions and create new memories. 4. What is our lifestyle? Many times you discover that your current living situation no longer matches your lifestyle. If you live in a single-family home, you might find that maintenance is becoming a burden. Cutting the grass, servicing the appliances, changing the air conditioner filters and painting are just a few of the chores necessary for the proper upkeep of a house. Where´s the fun in that? It´s hard to do and it cuts into the time you could spend golfing, playing bridge, visiting with friends or meeting with your family. In addition, you may find that you suddenly have too much house. As an "empty nester", consider the costs, both the physical and financial, of maintaining a large residence and the space in it that you only use a fraction of the time. This is just one of the many reasons that at New Life Homes we believe it´s time to maintain your lifestyle and not your home. 5. How secure do we feel where we live now? Times change and so do neighborhoods. Knowing your neighbors is an obvious benefit from a social standpoint, but it also gives people a feeling of security in your neighborhood. If you no longer know your neighbors, your neighborhood has started to change, or your are "single again", security may be a very important issue for you. Here are some questions to think about when it comes to home security. Will an alarm system in your home be sufficient to make you feel safer? What is the crime rate in your area of town? What has been the safety and the crime history in your community lately? Where are the police and fires stations? Will you be home most of the time or do you take frequent one and two day trips? The need for safety and security in a new home is very personal. Think about what you really need. New Life Homes are built with pre-wired security systems, which allow you to contract with a security company if you wish. Our homes are constructed from flame-retardant brick, stucco, and Hardie-Plank siding. In addition, all New Life Homes meet or exceed current, local building codes regarding fire walls and smoke detectors. In addition, you´ll get to know your neighbors and you all will develop a sense of what´s going on with one another and be able to help each other if an emergency arises. 6. How does this change influence estate planning and taking on new a mortgage? Make it a point to discuss the legal impact on your estate with your accountant and your estate planning attorney as you plan your move from a larger residence to a more conveniently designed home. These professionals will be able to evaluate the financial and legal implications and provide solid advice and guidance. Plan to talk to a financial adviser about whether you will need or want a mortgage. Ask the financial planner about the option of a term life policy to pay off the mortgage should something unforeseen happen to you. For some buyers, a mortgage is a way to relieve the tight monthly pressure on fixed incomes and it´s a way to get those other few options that will make you happier in your new home-like hardwood floors or the whirlpool tub you always wanted. Don´t let your age worry you in qualifying for a mortgage. Be assured there are numerous types of mortgages that are available for you and you will be able to choose from a wide selection of financing options. New Life Homes strongly encourages you to talk to legal and financial professionals so that you´ll have a high comfort level when it comes to purchasing a home in an active adult community. 7. What type and size of community should we consider? Guidelines to examine as you decide to move to an active adult community include the active adult profileh size of communityh community locationh clubhouse, recreation and amenities and the Homeowner´s Association. People who have moved to a New Life Home community have told us this information was extremely helpful in making their decision to downsize. The Active Adult Profile Typical buyers in the newer active adult communities are generally in their late 40´s to mid 70´sh one or both are in good healthh are above average in financial strengthh volunteer work is part of their lifestyleh they have been moderately social in their livesh the love their kids but have decided that their happiness in retirement is important tooh these people make "a few" good friends easily, and finally, they are ready to spend the next thirty years or so rediscovering the youthful lifestyle they enjoyed when they were just starting out. Size the Community For active adults seeking their perfect retirement home or community, size certainly plays a major role. Its importance to you can only be decided after you see the degree of ingenuity, design and good taste created at the community by the builder. This is what will change you from a casual "looker" to a serious "buyer". The size of New Life Home communities range from 50 homes to a little over 100, with various numbers in between. After careful study and lots of experience, we have found that these are the optimum amount of homes to provide the best environment when it comes to a beautifully developed area, ease of management and most importantly, neighborly people. Community Location When you are seriously considering an active adult community, take the time to drive around the nearby town. You´ll want to consider the population and "feel" of the townh tax rate and degree of planned stability of the townh proximity to shopping malls, hospitals and doctors, major interstate roadways, dining, movie theatres and the other places you like to goh travel time to children and grandchildrenh traffic patterns and access to walking and biking trails. Whatever your particular needs relative to community location, don´t let another 30 minute drive from your children and other family members stop you from buying somewhere you really like. We bet you are worth the extra drive for family and friends to visith especially if they know you are happier in your new home. Clubhouses, Recreation & Amenities All new active adult communities will have a clubhouse of some sort. As you look around, be aware that the more elaborate the clubhouse design, the higher the cost of the home. The more intense the package of amenities that are offered within, the higher the monthly maintenance fees. When contemplating what amenities are important to you think about what sports and activities you enjoy now. Decide which amenities are most important to you. Do you need a large clubhouse with round-the-clock, daily activities in order to "socialize" or can you meet people on your own? Will you bring a lot of guests to the community? Would you join a nearby golf or swim club or gym if these amenities were not available at your community? Do you think you need the services of a professional recreational director to "plan" your entertainment? The communities developed by New Life Homes all feature an attractive clubhouses with full kitchens where neighbors can gather as groups for bridge, other games and crafts, and it can be reserved for small, private family functions. Swimming pools provide a lively meeting spot for cooling off and exercising in the warm spring, summer and early fall. Fully appointed fitness rooms with treadmills, recumbent bicycles, and resistance equipment help keep you in shape. Homeowner´s Association Prospective buyers should know that a community with an HOA has some important differences from a regular home purchase where there is no association to deal with and should fully understand these differences. It´s important that you become familiar with the HOA rules and regulations before you buy. Make sure you understand them and that you can live with, and support´the conditions required by the HOA. An HOA is normally a good thing to have in an active adult community. Depending on volunteerism from the community residents to function and manage it (this saves costs on your annual HOA fees), the HOA is in place so that homeowners better enjoy their community. The rules and regulations are not meant to be a political machine or a police mechanism to restrict people´s rights. In addition, keep in mind that HOA annual fees may rise to meet actual expenses of the community at the discretion of the HOA management and voting homeowners. All New Life Home communities have an HOA once all construction is complete. The HOA is made up of residents just like you. Its purpose is to keep the community consistent in appearance and running smoothly. Don´t be afraid of the HOAh rather embrace it as an ally to help your home and community be more attractive, to maintain its appearance, and in many cases, to help increase property values. 8. What do we need to know about home quality, design, price, and all those options? Start your research immediately. Learn as much as you possibly can about the builder. This is a critcal factor to consider in a purchase decision. Quality starts with an analysis of the builder. Consider visiting communities he has built and look at the models. Talk to residents there if possible. Ask them for their opinion on the quality and reputation of the builder. Don´t forget to ask them if they are happy there, too. Find out if closing dates were met. Get accurate details about how many homes the builder has delivered over the past 5 years. Ask the builder if there are other communities he is currently building. Check with you Better Business Bureau to determine the builder´s reputation. If any thing raises a red flag, trust your instincts and investigate further. The Better Business Bureau is an excellent place to start checking credentials. New Life´s Home is proud of our reputation throughout the area. We are highly respected by other builders as well as our homeowners for quality home building at affordable prices. The architects and designers of today´s active adult homes and communities are challenged to develop home styles and designs to suit a broad range of lifestyles. Home plans in active adult communities range from five or six models to sometimes over 15! Don´t let a large selection overwhelm you. Sometimes simpler is better. Plus, with options, you´ll be able to make your home anyway you like it. You new house has to please you. Determine the size that´s right for you and don´t buy square footage you don´t need and won´t use. While you may have visits from the kids or grandkids, it´s likely that none of them will visit at the same time so less space is better. Most importantly, make sure your house is really maintenance free. Ask specific questions about what the community does to keep your house in tip-top shape and learn what your responsibilities are. All New Life Homes are maintenance free structures. Instead of worrying about cleaning and upkeep, you can spend time pursuing your interests and enjoying your life. The base price and the options you select determine the cost of your new home. It is essential to ask what is the base price and what are the interior design options and packages that cost extra. Don´t be misled by beautiful entertainment centers or fireplaces that don´t come with the house, and are probably options at an additional cost. In addition to the base price and options other factors that will contribute to the cost are extra charges for specific elevations and premium lots. Other than actual house construction costs, there will be fees for legal closing costs, mortgage charges, costs of moving, interim housing and storage and the fees for getting your old home ready for sale. 9. How do we start downsizing? Take inventory of what´s in your current home. Make a list of items you can´t live without and assign a replacement value to them for insurance purposes. Make special note of items that are difficult or impossible to replace. These might include photos and home videos, birth certificates, wills or other legal documents, stock certificates or computer backups of important files. Consider carrying these items with you when you move or insure them when they are shipped. Start "paring down". Moving can be an opportunity to get rid of all the extra "stuff" you´ve accumulated. Go room by room and be prepared to make tough decisions. Ask yourselves if an item has sentimental or monetary value, if anyone really uses it, if it´s worth lugging around. The most critical question is: Is there room for it in the new home? If the item doesn´t make the cut, ditch it! Plan a yard sale, post an online auction or simply donate anything that does not meet your criteria. (Remember you can take a tax deduction of items donated to charity.) Don´t forget that this could be a good time to start giving family heirlooms to children and grandchildren. You´ll get a lot of pleasure out of seeing them enjoy these keepsakes in their home. Be an "informed mover" by creating a "move" file. You´ll need a place to keep important information and receipts for moving-related expenses. Research your new community visiting the town´s on packet. Check out local entertainment, shopping and restaurants. Request a phone book and city map for your new location so you can research various service and health providers in your new area. 10. Am I Too Old To Do This ? There will be many times when you and your spouse will say things like "are we too old to do this?" or, "what did we get into this for?" It´s natural to stay with what´s familiar and question. However, New Life Homes believes that age has nothing to do with living. Realize it, and get on with the good part of your life. Are you ready for a maintenance-free lifestyle? We think you are. |