If retirement is in your future, consider "right sizing" before you sell
By Patricia Nugent
The old term “downsizing”—describing baby boomers, empty nesters and seniors getting rid of their large homes in favor of smaller ones—isn’t quite current anymore.
Denise Zervos, who along with her husband, Mark, heads up The Neighborhood Experts at Platinum Real Estate, says there’s a lot more at stake and reports they like to call the transition “right sizing.”
They’ve just published a free checklist, “What to Consider when Right-Sizing Your Next Home,” to offer people helpful guidelines covering the seven factors to evaluate in your home’s ability to adapt on the road to retirement.
In this Mimi Magazine series, we explore each of the seven factors. This month, it’s affordability.
“Baby boomers in America rank their homes as their number one best means of investment,” she says, referring to the graphic above. “Times have changed. In 2011, more people thought of gold as the best investment, and now it ranks the lowest in the study in perception of value.”
So, if more people believe that real estate is the most valuable portion of their portfolio, they’ll be looking to invest more money into their next home.
“We help people ask all the right questions to find a solution that’s the wisest investment for them,” Denise continues.
“For instance, if it’s a senior community and there are HOA fees, how do they compare to what you would have to pay to maintain your existing home if you no longer wish to do so? And how much equity is built up in your existing home versus purchasing a new one?”
She also explains the emotional connection.
“The current generation of baby boomers has lived in their homes for at least 20 years,” she says. “It’s often the home they’ve raised their children in, and they might not be as eager to move as younger generations. The average person today will move more frequently, every five to eight years.”
Platinum Real Estate has seven offices in Northeast Ohio and five in Southern Florida. To receive the free checklist, “What to Consider When Right-Sizing Your Next Home,” call 216-990-2100 or 440-974-SALE, and visit YourNeighborhoodExpert.com for more information.