Downsizing is a great option for seniors who are looking to make a move, but it can bring a lot of questions even as you’re trying to answer a few. Knowing the right time to downsize is important. You may be thinking about how to make your post-retirement years as safe and comfortable as possible, but it’s important to ensure that your finances are in check and that you’re able to find a home that meets your needs while staying within your budget. This can be tricky depending on the area where you’re looking, so it pays off to do some research before you make any decisions.
Preparing for a downsize can be a lot of work, because it includes not only the packing and moving, but it also means going through all your belongings to figure out what you’ll bring to the new home. Keep in mind that the more items you can discard, the more room you’ll have, which helps eliminate fall hazards, one of the most common causes of injury in seniors.
If downsizing is on the horizon for you, here are a few tips on how to get started.
Check out the area first
If you’re thinking of buying a home in a particular area or neighborhood, it helps to check it out first. You might rent a vacation home there for a week to get a feel for the weather, the people, and the community. This is also a great way to test the waters and see what you’d like to have in a home, from the size to the location. You should also scope out the housing market in the area you decide to live in, to see if you can actually afford to live there. In Bay Shore, average home prices have been an average of $356,000 over the past month.
Don’t overlook the details
It’s important to know what to look for in a new home when you’re downsizing. You may find a great home that’s just the right size, but if the details are wrong, it might not be the best fit for you in the long run. Take a look at all parts of the home. A one-story two-bedroom might just be perfect, but if there’s a large yard to take care of, you may end up regretting it down the road. Does your chosen house sit in a neighborhood with an HOA that will cost potentially hundreds of dollars per year? Are there grab bars in the bathroom? If not, you can always purchase them later, since they’re easy to install. (You can find grab bars on Amazon for $23.37 each.) Make sure you know the ins and outs of the home and the area before making a commitment.
Staying organized while you pack and declutter is essential because it helps keep your belongings separated from the items you plan to get rid of, and because it enables you to reduce stress while you’re preparing for such a major life change. Make packing lists as you go, and clean at the same time so you’ll have less to do on moving day. Try not to make a “maybe” pile when going through your belongings, as it’s best to be definitive. Donate, trash, or sell the things you know you don’t want to take, and measure the rooms in the new house to make sure your furniture will fit.
Get some help
These days, many cities have companies that specialize in helping seniors downsize, so look to see if there’s something like that available for you. These professionals can help you declutter, pack, transport, and unpack your belongings. You can also ask friends and loved ones to help you get everything organized and ready for moving day, and have someone help you clean the old house when all is said and done.
Downsizing is one of the biggest decisions you’ll ever make, so it’s crucial to ensure that you take your time and research your options. Finding the right home for your post-retirement years takes a lot of careful thought, but it’s well worth it if it keeps you safe and healthy.
Written By: Mike Longsdon
If you have just bought a home or are in the process of buying one, you may have a good idea what mortgage insurance is. It is quite possible you’re paying it right now. To make things affordable for homebuyers, one of the prerequisites of opting for a mortgage via any lending organization is getting mortgage insurance on specific varieties of loans.
The fundamental advantage of mortgage insurance is securing the lender and shielding it from a financial risk or uncertainty on behalf of the homebuyer. But it also makes accessibility for the homebuyer easy even if they do not have a truckload of money to pay for it up front. Sure, there is no doubt that acquiring a mortgage with mortgage insurance can help you get your dream house quickly ,however, you have to understand the flipside of it – which is the fact that mortgage insurance payments will stack up higher and higher in the long run.
If you’re getting that butterflies in the stomach feeling, there is no need to worry at all. We have compiled a handful of effective and simple ways to lessen the burden of paying for mortgage insurance. Check it out…
Wrap Your Head Around LTV
Eliminating mortgage insurance heavily relies on what type of loan you have acquired – as well as that loan’s LTV and mortgage insurance specifications and requirements. LTV is short for (Loan-to-Value) ratio, and it basically calculates the amount of equity you have stacked in your home.
You can easily calculate this by dividing the amount of your current loan (the balance that remains) by the original value of your real estate, then multiply the total amount by 100. Remember, the higher the number of payments you make, the lower the loan-to-value ratio. If your LTV is 80% or higher, you don’t have to pay mortgage insurance. This means that if you make a down payment of at least 20% of the home value, you can avoid mortgage insurance.
Paying Mortgage Insurance? Here is How You Can Stop!
For FHA Loans
If you have acquired an FHA loan, you have to understand that you don’t have an option to cancel making FHA loan mortgage insurance. So what do you do? The best way out of this is to transfer your loan into a conventional loan via refinancing. The fastest way to do that is if you have a low loan-to-value ratio or if you have drastically enhanced your credit score.
For Lender-Paid Mortgage Insurance
If you have acquired a lender-paid mortgage insurance, the first thing you have to understand is that no lender is going to be paying for your insurance contrary to what they have advertised. What happens is the lender pays for your mortgage and then asks you to make repayments to cover that cost with a slightly raised interest rate.
Sure, this might have sounded awesome to you when you first acquired the loan. However, you may want to reconsider your refinancing options, especially if you’re eligible for a brand new loan without the need to pay any mortgage insurance, interest, or either.
When the Value of Property Increases
If your vicinity’s market has gone up, and you have already spent quite a bit of money making improvements to your house, your house’ true value (and equity) probably has gone up too since the date of purchase. And this may very well mean that your loan balance falls below 80% of the home value. If this happens, the lender has to remove the mortgage insurance requirement.
So now you know that ditching mortgage insurance is possible. More importantly, you know how to do it. Who doesn’t like canceling a monthly payment? Feel free to discuss this with us and see what’s the best way out of mortgage insurance for you.
Moving from an old home to a new place can be exciting yet tedious. The move becomes exciting when well-planned and executed but the opposite when done impromptu. Moving entails a lot more than you could ever imagine. Packing and hiring a truck can take a toll on you, however, your approach and preparedness towards it can reduce the burden.
Here are some tips to make your move more comfortable and exciting.
1. Schedule your move
When do you want to move? Plan the time you want to move and prepare accordingly to avoid unnecessary delay and procrastination.
2. Place items you will need first in clear plastic containers
At your destination, you will immediately need items like scissors, cutters, some eating bowls, and phone charger, etc. so pack these items in clear plastic for easy identification.
3. Acquiring packing boxes
One of the first steps to ensuring an easy move is acquiring packing boxes for your smaller belongings. You can acquire boxes from warehouses, retail outlets, and grocery stores, etc.
4. Labeling your boxes
Labeling your boxes according to their contents is essential for easy identification. So for instance, you can categories the boxes into clothing, jewelry, appliances, kitchen sets, and other accessories. This will reduce future stress when searching for a particular item.
5. Make an emergency luggage
We always wish for the best, but also prepare for the worse. You planned to get to your new destination at a set time, but long traffic and other emergencies beyond your control can prolong that scheduled time. Therefore, having an emergency luggage becomes essential. The emergency luggage can contain your bath set, toiletries, clothes for the evening and next day and other necessities.
6. Sort your items
Don’t just mix up things because you are in a haste. Carefully sort your belongings according to their categories. Sort kitchen items into breakables and unbreakable. That means glasses and plates should be in a separate box and well cushioned to prevent breaking. Pack all the breakable dishes vertically to keep them more secure. Other cooking utensils and unbreakable can be in a separate box.
Also, separate your office dresses from your casual and daily wears for easy access in case you need them. In addition, don’t mix up the belongings of different people. Each member of the family should pack t
heir properties separately. For instance, mommy and daddy’s belongings shouldn’t be in the same place.
As mentioned above, jewelry and other dressing accessories must be in a separate box. Before packing, you can wrap your necklaces, earrings, and bracelets in toilet rolls.
7. Keep drawer items in them
Unless you want to discard a drawer, don’t remove the things in them. Instead, lock or wrap them with plastic wrap. Items in your drawers will be just fine when properly wrapped.
8. Keep liquids separate
Avoid staining your belongings with liquids like cooking oil, and soaps among others. Pack all liquids in one box and cover their openings with tapes. Also, note that strongly scented liquids should be packed separately.
9. Discard unused items
As you move to a new place, you may have some stuff that are of no use anymore. They can be old furniture, electronic appliance, or clothes. Don’t bear the burden of transporting those items to your new place. Donate or discard them
10. Ask for help from friends
The best farewell your friends can give you is helping you pack your belongings into your hired truck. This gesture will save you from hiring movers, which comes at a cost. This can also be the time to share memories and receive special and passionate farewells from all loved ones.
Take a photograph
You can’t leave your old home without taking a picture of it. If not for nothing, it will serve as a memory. Don’t forget also to take photographs with your friends and neighbors. Good memories are shared in pictures.
A well-planned move should not bring you undue stress and anxiety. It should instead be one of your fondest memories. Before you even think of moving, prepare and get all your needed materials intact to make the procedure a smooth one.