Category Archives: Transition Management

Is Downsizing Right for You?

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A recent study by market research firm, Edelman Berland showed 1 out of 3 people thinking about selling their homes plan to buy a smaller house in the future.

Why?

Here are a few thoughts from well-known financial expert, Dave Ramsey. Ramsey discusses three financial advantages that can come from scaling down your home.

  • While a smaller home does means you’ll have less space, it also means you’ll spend less time and money on maintaining your home. This usually means a lot less stress.
  • Plus, you can save more money. For example, if you saved $500 a month on your mortgage payment, you’d be able to put $1–1.6 million more in the bank to help support you as you get older.
  • You can also eliminate your mortgage by taking the proceeds from the sale of your old, bigger home and paying cash for a smaller, less expensive one. If that’s not an option, you can at least do a 15-year fixed rate mortgage. You can get about a 3% interest rate with a 20% down payment on your new home. So you could add the $500 you save every month to your new mortgage payment. You could pay off a $200,000 mortgage in just over 10 and half years and save nearly $16,000 with this strategy.

Read the rest of this article at www.savannahsouthernliving.com

Thinking of Selling? Find out how much your home is worth.

The Difficult Decision – Should I Move My Parents?

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Elder care expert, Stella Henry, R.N., author of The Eldercare Handbook  (HarperCollins, 2006) says moving your parents in with you, to a nursing home or assisted living facility  “is probably one of the hardest decisions a child will ever have to make.”

If you’re facing it you know that’s true. It is a very emotional issue, but it is also a practical issue, affecting your finances, your time and your lifestyle.

It taxes you emotionally because sometimes your parents aren’t realistic about what it takes to live on their own.

So experts advise you to start talking about it sooner, rather than later. You don’t want to have your hand forced when there are no other good options. Instead, you want to make a smart decision with as much of your parents input as possible.

Henry says “ninety-five percent of [her] clients come to [her] in crisis situations.”

In the end that can lead to strains on your relationship with spouses and parents. I can also lead to a disorganized move and the forced sale of a home, which can cost you and your parents a lot of money.

Moving is Stressful Enough

Studies have shown that moving is the third most stressful life event — behind death and divorce. And that’s just a “normal” move, not one that involves the emotions of relocating parents or loved ones.

I am a real estate agent, not an eldercare expert so I am not going to tell you how or when to make that decision, but I can give you a few tips on how to handle the practical side of things.

To Delegate or Do It Yourself

While, it is tempting to think you can manage it all yourself, you need to be honest about what else is on your plate. If you have a busy schedule, it’s probably best to go ahead and get someone else to manage your move.

Here’s a quick list of all the details you’ll face beyond just selling the home:

  • Creating a moving plan
  • Cleaning out and up the house
  • Minor and major repairs
  • Selling, storing, or giving away unwanted stuff
  • Get mover estimates, hiring movers, packing

Whew! That’s a lot and it’s why we offer our clients an added service — not only do we help them sell their property, we also have transition coordinators who help plan and execute their move from beginning to end. In addition, we have a network of highly-skilled professionals who sell high-end valuables and antiques, liquidators who purchase just about anything else, and charities that receive donations and provide tax deductions for unwanted items. We can also help you pack, set up movers and clean and repair a  home for a  quicker sale.

This works great because you only have to deal with one point person. It’s also a lifesaver if you live in a different city than your parents.

Let Us Help You Through a Tough Transition

If you’re facing this difficult decision or transition, contact us. We can help you understand your options and answer your practical questions. You can reach me at 912-844-9000 or fill out a contact form at www.myhomesavannah.com/contact.