Written by Ted James @ tedknowsmoney.com
Has the time come for your parent to move into a smaller home? Letting go and downsizing during retirement can free seniors from financial responsibilities and maintenance costs. It’s also a process that can cause added stress for an aging parent and even family caregivers without careful planning, particularly during the era of COVID-19. With that in mind, here are some tips from Carson Law to help you put a downsizing plan together for your loved one.
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Be Aware of Any Long-Term Care Needs
Is your senior parent struggling with activities of daily life? These essential daily care tasks, which are also known as ADLs, can include bathing and eating, and these routines are essential for survival and health. So if your loved one can no longer sustain these ADLs without assistance, or if he/she just doesn’t feel safe living alone, transitioning to assisted living to receive this basic long-term care may be best.
To find assisted living information, you can use online search and information tools. With a few clicks, you can compare assisted living facilities in your preferred area, and also get information that will help you vet those options and decide on the best facility to provide your aging parent with care.
Since downsizing can be a costly process, you should also be aware of assisted living costs for each community. In Canada, Elizz notes senior care costs anywhere from $1,500 per month to $6,000 per month and up. Knowing these costs can help you determine what to do with your parent’s home since leveraging a home is one of the most common ways to pay for long-term care.
Hire a Real Estate Pro to Sell or Buy a Home
Whether you are thinking of selling your parent’s home to cover assisted living costs, or your parent just wants to move to a smaller home, you should hire an experienced real estate pro who knows the area. If you elect to purchase a property “as-is” you should take things even further and hire an attorney to review your agreement, and hire a licensed contractor to evaluate the structure.
To make the most of this professional connection, you should also be sure to have your senior loved one ask the right questions when looking at potential properties. The new home should be in a safe location to start, but many seniors may prefer neighborhoods where other retirees live as well, so they have some opportunities for socializing.
If your parent intends to age in place in this new home, it can also help to ask whether potential properties include any accessibility features. Features like stepless entryways and single-level floor plans can provide a safer environment, which can provide comfort for your parents and some added peace of mind for yourself.
Assist With Any Other Downsizing or Selling Tasks
If your parent needs to sell their home, you should also be prepared to help him/her with any recommended staging steps. As a general rule of thumb, properties should be decluttered and cleaned before being shown to potential buyers, and you can ask your real estate agent for more specific staging tips that will help your home stand out to local shoppers. For many seniors and family members, decluttering and downsizing can cause added emotional stress during this sort of move. So if your loved one has not started this essential project, consider stepping in and organizing his/her efforts.
After decluttering the home, your loved one will need to stage it in order to attract buyers. If this sounds like an overwhelming task, enlist the help of a professional to make the process quicker and less stressful.
Moving to a new home, whether it’s a smaller one or assisted living, can be a jarring transition for seniors. As you use the tips above to provide more practical support, be sure to provide emotional support, too. Stay patient as your parent processes this major life change, and take whatever steps are needed to ease the transition for you and your parent.
Carson Law has provided valuable legal advice and customer service to the Burlington, Ontario area since 2008. Contact us today by calling (905) 336-8940.
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The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting members of Carson Law, Carson IP, or their own legal counsel regarding any specific legal issues. Carson Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.