I Want to Move…What Choices Do I Have?

Well, now you have reached that age…you know, that number that says it can’t be you, must be your parents! It is you and now you have some very important decisions to make. Like all of us, with longevity comes issues which are financial, physical changes and financial challenges. We all want our money to last. None of us want to rely on others for our well-being. Staying independent for as long as possible is the goal.

It is time to re-evaluate our future as none of us have a crystal ball as to the effects of the passage of time as we age. We may be in great health today, but we don’t want to wait for some sign from above in our future, that demands change quickly, especially when we are caught unprepared. It may be time to put the excuses and procrastination behind us and move towards facing who we are today and what our needs may be in the future.

What are the choices for a new type of housing based on who you are today? I am referring to those of you over 60, where your kids have moved out in many cases, and your home is too darn big!  Your second floor is being used as a storage facility for your kid’s and relative’s personal property and your laundry is in the basement where stairs may become an issue. Most of your long-time friends have moved out of the neighborhood and replaced with young families.

There are so many viable options in today’s senior living choices. They include condominiums, senior apartment complexes and senior communities with services. It seems so confusing and difficult to decide on what choice is the right choice where you won’t regret your decision as to where to move. Questions cycle through your mind causing sleep deprivation and unanswerable questions about moving. “I have so much stuff!” “How will I know if I made the right choice?” “I am shy and don’t make friends easily”. These are comments I’ve heard from my hundreds of senior clients who have successfully moved to a new lifestyle. When I first stop over, there is a ‘deer in headlights’ look in their eyes as if I brought a moving van to take them to some undisclosed location never to return! YOU ARE NOT ALONE!! You are human. You have emotions that run through the veins of every human being facing a significant change. It has been said that the stress of moving is second only to divorce!

CONDOMIUMS

Definition: A condominium is a building structure divided into several units that are each separately owned, surrounded by common areas that are jointly owned.

If you are considering this option, consider your lifestyle and needs in general. One advantage is that you own this property. That entitles you to certain benefits of privacy and appreciation in value. You can choose a ranch side by side unit that feels much like single family living. The downside is that there are HOA maintenance fees or association fees, and property taxes. There are rules and regulations such as restrictions on pets, number of cars, as well as noise (complaints when the grandkids stop out!). Also, if you have a health change that requires moving to assisted living or memory care, you then must sell your condominium when moving.

Senior Apartment

Definition: Senior apartments, usually 55+ in age restriction, are rental units usually requiring a security deposit and a one-year commitment. The advantage is that you have no maintenance fees and never pay for repairs in most or all cases. Another advantage is that you can move without having to sell. A disadvantage is that you usually will have a one-year commitment, so if moving is suddenly required, you may have to opt out of your lease which may be costly.

Senior Communities

There are several types of senior communities, such as independent, assisted and memory care or combination thereof. There also is life care which usually requires an endowment fee for a continuum of care. The advantage is that this can be a move that may not require another change of address in the future. If you choose a community with both independent, assisted care and some also including memory care, you can avoid a future move. This can give you the peace of mind that you are where you want to be for many years to come. If your health needs demand change, there is a likelihood that your needs can be met in the community you have chosen.

As you can see there are so many options to choose from when or if you decide to sell your home. What I can say from experience is that there is a common thread that seems to run through my clients that I have served. Almost all that had that ‘deer in headlights’ look when first beginning the process of moving have reported back to me that moving was the best decision they ever made. They wished they had done it sooner. That is comforting to know as you may be thinking that it just may be time to move to a new lifestyle that fits who you are today. The knowledge that so many of your friends who have made their moves and have not looked back can offer comfort and solace when deciding to make a move.  Living in a community, whether condo or senior apartments, allows you to interact with others which is what life is all about!

Bruce Nemovitz is a Senior Real Estate Specialist, as well as Certified Senior Advisor. Bruce has sold residential homes in the four county Milwaukee-Metro areas for over 40 years. He has published a book called “Moving in the Right Direction”, A Senior’s Guide to Moving and Downsizing. Bruce has written a second book for the children of seniors, “Guiding Our Parents in the Right Direction”, Practical Advice about Seniors Moving from the Home They Love. These books are now available at  https://www.brucesteam.com/bruces-books/. Past articles about moving and downsizing and other important information can be found at BrucesTeam.com. Bruce and his wife Jeanne hold seminars about selling your home of many years. Check their website for times and dates.  Bruce received the 2010 “Realtor of the Year” from the 3,800 membership of the GMAR (Greater Milwaukee Association of Realtors). Bruce is a featured speaker at several senior communities in the Milwaukee-Metro area. His discussions center on the challenge of moving from a long time home into a senior apartment or community. He has been listed in Milwaukee Magazine’s 5-Star Agents list for the last three years in a row. As such, he’s one of only a handful of Realtors who are continually included in the top 7% in client satisfaction in the Milwaukee Metro area. He’s rated A+ by the Better Business Bureau, and was a finalist for Concordia College’s Ethical Business Leadership Award.  He works with his wife Jeanne at Realty Executives Integrity.