Tag: aging in place

Real Estate

The Sandwich Generation

Lupe Ruiz, REALTOR®/Broker

You might be wondering what is the sandwich generation. This generation usually is between their 40s and 50s; still have children under 18 or grown children they financially support. This generation also cares for elderly parents. A Pew Research Center study found that almost 50% of this generation takes care of a parent 65 years or older and a child under 18 years old. As much as you would like to be there all the time, it can be difficult and you may even have guilty feelings, but there are ways you can still care for your parent and balance your everyday life.

Tips for Caring for Aging Parents

1) If your parent is at home, hire a caregiver or ask a relative to stay with him or her. You can arrange a schedule when assistance is needed the most.

2) If your parent is in a senior home but you are worried about what is going on with the pandemic, consider building a small studio or an accessory dwelling unit where your parent still has privacy and independence but is close enough to you.

3) Consult with a senior care manager to help with coordination and other resources.

4) If space is a concern, consider moving to a bigger home. But, more importantly, take care of yourself; talk about it; and ask for help when you need it.

Real Estate

5 Things Seniors Need To Consider Before Selling Their Home

Lupe Ruiz, REALTOR®/Broker

There is a lot of emotional attachment in homes where we have created valuable family memories.  It also makes it difficult when circumstances force us to make decisions.  However, it does not need to be this way.  There might be ways that are more beneficial for you.  Here are five things that will help you decide if it is the right time to sell your home.

  1. Do you have financial need? – If you are facing a savings gap, it might be advisable to sell your home to use the profits on a smaller place.  Selling might lower your cost of living but it is important that you move into a location and home that will require you to spend less.
  • Can you afford to stay in the home? – It is important to evaluate the moving expenses first. Besides property taxes, homeowners insurance, utilities, and routine maintenance, you could get unexpected repair expenses.  Are you able to afford this?
  • Would a reverse mortgage benefit you? – If you are a homeowner age 62 or older, you might be able to receive some of your home equity as a lump sum or a line of credit.   This could allow for you to remain longer in your home.
  • Is your health declining? – Do you find yourself depending on others more than usual to take care of your health?  This might be a hint that you either need to have someone move in with you to help with your health needs, have some modifications done on the house, or sell and move to a place that is safer for you.
  • Is the house right for you? – Have your children moved out and the house is too big f now?  Are you living in a two-story home and have a hard time going up and down the stairs?  Does it require too much maintenance?

Whether you choose to sell your home or age at home, there are various resources available to you to help you choose the best option for you.  Make sure you surround yourself with a caring support system.  And, remember you can always contact me to help you how to reach the best decision for your individual circumstances.