One of the hardest things that adult children must sometimes do is to assist their parents in downsizing.  Most of the time, this means also getting the parent(s) to agree to sell the home, perhaps also to move into a seniors facility (independent living, assisted living or skilled nursing) or perhaps to move in with one of the adult kids. Very often, leaving the house also means leaving a good deal of memories and perhaps independence.  It can be terribly difficult for everyone involved.

Sometimes our older family members can live at their own home until they die, which is what they want and what makes everyone happy. As they age, there are services which can come to them (cleaning, meals being prepared or dropped off, errands being run.driving services provided when reflexes slow or eyes fail). In those cases, perhaps worrying about real estate can wait.

For others, though, either medical needs or social needs drive the change to a place with many other seniors. For some, this infusion of new friends can be an emotional lifeline that greatly improves the quality of life.  Particularly for those who lose the ability to drive and move about independently, a transition to a seniors facility can mean a reconnecting with others which was lost due to lack of independence.  I have seen that with some of my own relatives.  (more…)

Recently I read an article on Realty Times about the tax credit for non-first time homebuyers. Did you know that it may be used for “move down” buyers as well as “move up” buyers?

There are some caveats – the home cannot cost more than $800,000 and a couple cannot earn more than $255,000 per year.  Owners must have been in the home for five consecutive years of the last eight.  This may be the ideal help for Silicon Valley seniors wanting to downsize.

To read the article on Realty Times, click here.