Real Estate for Boomers and Beyond

Tom Ph.D Kelly

Description

Adult children and their parents are faced with many housing decisions— from deciding whether to move into a more energy efficient home or remain in the family home. In addition, they'll need to answer tough questions including: "Is a reverse mortgage right for me?" and "What can I do if I'm house rich and cash poor?"

In Real Estate for Boomers and Beyond journalist, boomer and real estate analyst Tom Kelly answers these and hundreds of other questions as Baby Boomers and The Greatest Generation plan their lifestyle and housing needs. According to the US Census Bureau, nearly 80 percent of older population own their home. And as they have begun to look at their homes as their greatest asset—not just as physical shelter, the time is ripe for concise guidance on managing the most expensive investment they've likely ever made.

In this complete guide to senior real estate, Kelly highlights the social trends driving the market, and shows readers precisely how to apply this information to their own retirement plans. Chapters examine the myriad housing options for seniors and future retirees: moving closer to the kids or to the sun, adapting the family home for senior living, considering an assisted living community, staying in place, and more. Interwoven throughout are real-life stories of seniors exploring new living arrangements.

With this book as a guide, members of the "don't-want-to-borrow" Greatest Generation and the "loan-crazy" Baby Boomers, will learn how to protect and capitalize on their most precious asset—the home.

Sujets

• Vie de famille
• Parentalité et Éducation des Enfants
• Real Estate
• Employabilité, métiers et formations
• Economics
• Business

Informations

• Publié par: eBookIt.com
• Date de parution: 21 février 2013
• Nombre de lectures: 0
• EAN13: 9781456606473
• Langue: English

Extrait

Real Estate For BOOMers and Beyond:
Exploring the Costs, Choices and Changes for Your Next Move
 
 
By
Tom Kelly
 


Copyright 2011 Tom Kelly,
All rights reserved.
 
 
Published in eBook format by eBookIt.com
http://www.eBookIt.com
 
 
ISBN-13: 978-1-4566-0647-3
 
 
No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems, without permission in writing from the author. The only exception is by a reviewer, who may quote short excerpts in a review.
 
About the author
As author, nationally syndicated newspaper columnist and talk-show host, Tom Kelly has carved a niche as one of the foremost journalists and thought leaders specializing in baby boomers, seniors or anyone who is considering a second home.
 
A former real estate editor of The Seattle Times, Tom’s column is now carried in more than 40 newspapers including The Washington Post, Houston Chronicle, Miami Herald, Louisville Courier-Journal and Portland Oregonian and syndicated to thousands of websites via Inman.com.
 
Tom’s radio program, Real Estate Today, featuring home and loan experts with listener call-ins, is now in its 19th year originating from the CBS affiliate in Seattle.
 
His ground-breaking book How a Second Home Can Be Your Best Investment (McGraw-Hill) is one of his five real estate books. His first novel Ice Cold Crossover will be released in June, 2012.
 
Tom and his wife, Jodi have four grown children and live on Bainbridge Island, near Seattle.
 
Acknowledgments
This book is dedicated to my godparents — Tom and Joan Cooney — the pride of San Francisco, California and McCall, Idaho who have provided caring, memorable insights in all aspects of living and loving in my 56 years on this planet. They have been the logical sounding board, the different set of eyes that has allowed me to see outside my often too-focused world. They are truly ahead of their time and have been an inspiration for so many adventures, including this book - displaying the same energy and creativity in their 80s as they did four short decades ago.
 
My genuine thanks to the many individuals from home building, mortgage lending, tax and accounting that have aided me for years in my newspaper writing and radio work and who also provided creative insights and useful information for this book. I have called upon them often and their patience, interest and kindness have been extraordinary. Leading this list are Mary B. Good, Joanne Elizabeth Kelly, Renee Mindas, Jeff Jenkins, Darryl Hicks, Rob Keasal, Bradley Inman, Richard Morse, Jim Hawkins, Christine Hrib- Karpinski, John Tuccillo and Kevin Hawkins. I also am grateful to the numerous consumers who shared their stories.
 
— Tom Kelly
 
Preface
Thinking about moving from the family home? How do you deal with 46 years of memories and possessions?
 
My mother, at least on the surface, chose to take the matter-of-fact road to move out of the family home, a two-story, stucco structure near Hollywood that had become more than an anchor of stability for family and friends: Call the seven kids, have them come and get what they want, give the rest to charity, close the door and keep moving.
 
Don’t look back.
 
The decision was very un-Kelly like. Certainly there would be an appropriate prayer of thanks and gratitude, perhaps supplied by the parish priest or the popular Jesuit from the local high school where five Kelly boys left their marks — a few even academic. Clearly there would be another backyard barbecue, a fitting send-off to the home that was headquarters for so many celebrations, tears, reunions, broken bones and broken hearts. I left blood and sweat on its basketball court, hid cigars in the garage as a teen and, more than 30 years ago, stood shaking nervously in an upstairs bedroom over the thought of actually losing my bachelorhood as our wedding rehearsal dinner guests arrived at sunset in the festive garden below.
 
Mom could not, and would not, host another celebration or gathering (“always labeled a “session” by Dad) without my father especially one down this memory lane. That sentimental journey would have to wait — perhaps even after the final stages of Parkinson’s had taken my Dad, then her gentle partner of 55 years. He would be with her only in spirit, which may be the only way she could digest moving from this very special place.
 
Mom had made up her mind that there was simply too much physical work to do to deal with feelings and emotions. This had always been her way, and now she, at age 78, needed again to lean on her way despite the expectations. My Dad, then 83, never wanted to leave the house. While several of his buddies headed to the safer beach cities to be closer to their grown kids, there was no doubt Bob Kelly “was staying put.” “Really,’’ he always said, “What could be better than this”?
 
It was fewer than three blocks to church - and he made an appearance virtually every day. It was about a driver and a nine-iron to the country club where he enjoyed the food (“best chow around”) and people (“Bud Rice said to say ‘hello’.’’) more than the golf (“I’m still lousy.”).
 
The subject of moving never surfaced when the kids lived at home. However, it had been nearly 20 years since there have been more than two full-time residents. I followed older brothers Mike and Bill to the Pacific Northwest three decades ago, while Pat, Kate and Maureen had called the San Francisco Bay Area home for nearly as long. The youngest, John, is the only sibling who stayed. Had he known the number of family members that would be seeking sun and relaxation at his Manhattan Beach home, he probably would have relocated elsewhere.
 
The most less-than-subtle hint at moving my parents out of the family home occurred about 12 years ago. Some of the siblings suggested the folks get an electric gate and floodlights to guard the yard and driveway. The house had been burgled a few times in the later years, including one ugly night when the car was stolen.
 
But as much as I would have liked to have seen my folks move, it did not surprise me that they stayed. You could see it in my Dad’s face — the place was crammed with too many memories for him to pack off to an unknown place. And, probably most importantly, it was still the perfect ball yard for the grandkids that arrived for vacations and holidays like we did a generation ago.
 
When it became clear that my Dad would not be coming home from a local nursing home, the size, maintenance and emptiness of the family house became too overwhelming for my Mom. After my sister and I took our families home a few days after a Christmas visit, Mom said it was time to move on.
 
I remember feeling relieved and pleased she had made the choice. I believe it’s far easier to leave the family home when both spouses are still alive. That way, all involved can at least begin to grieve the loss of the home before the overwhelming loss of a partner or parent.
 
The last of the heavy furniture had been moved to my Mom’s new address — a nearby condominium. I pulled the silverware tray from its familiar place in the kitchen drawer and placed it on the floor of the rental car. I had time for one more shuttle trip to the new condo before visiting my dad in the nursing home. Then, it was off to the airport.
 
I walked out the front door, turned around on the lawn that had served as host to so many football games and stared up at the house one last time. I thought of the countless number, and variety, of people who said goodbye on that exact spot in the past 46 years.
 
I also thought of my Dad, and how he never really left there. He did not sell and move to the beach. And I knew, very clearly, why he never wanted to say goodbye.
 
The day I said goodbye to the home in which I was raised was also the last time I saw my father. He died a few weeks later at age 83 of complications of Parkinson’s disease. My mother was already in the nearby condo, nicely appointed by many of the familiar pieces of furniture from the old family home. Her children had been given, or assigned, the beds and desks that took up most of the space in the bedrooms of the old house. She chose to have a two-bedroom condo unit so the kids and grandkids could continue to visit. The second bedroom also afforded the possibility of live-in care down the road. She remained in close proximity to her friends, church, golf, physicians and favorite stores.
 
However, not all seniors want, or are able, to remain in the same area, especially after the loss of a spouse. While some do choose to stay and “age in place” alone, others head to a community near an adult child or longtime friend. Many seniors want to remain independent and choose a small, single-family home while others choose to try out an apartment, at least for the short term. Seniors often have specific issues and needs, the same issues and needs Baby Boomers are now just beginning to face.
 
I am the fourth of seven children and I am also smack dab in the middle of the Baby Boom. Most of our kids are grown and gone. What will we chose to do, and when? What have we learned from my parents’ living situation, including the lack of preparation for my Dad’s in-home care and my Mom’s move to the condo? I’m not sold on staying in our home forever; but it’s a great space, especially for future grandkids. In fact, I would welcome the chance to introduce them to my old, comfy baseball glove and my four- seam fastball in the front yard.
 
This book is an attempt to help parents, partners, friends - and my family - answer housing questions and explore critical living options that could be just around the corner.
 
Introduction: Understanding the Habits of Boomers and Beyond
An American turns 50 every seven seconds.
 
Every day, the 50+ population is growing by 10,000 people and this trend is expected to co