Where will you spend your golden years? - Marnie Bennett

When I was starting out in real estate, it was pretty common – almost expected – for retirees to sell the family house and move to a picturesque little town for some peace and quiet. Maybe they would winterize their cottage and move in year-round, or maybe they’d join the ranks of snowbirds who headed south each winter. But the prevailing idea was that, after decades of working hard and raising a family, retirees were ready to get away from it all.

 

It never fails to amaze me how quickly times change. In recent years, the trend has begun to swing the other way. More and more often, I’m seeing retired clients who are ready to sell their suburban or rural homes and purchase something right at the heart of the city.

What’s the appeal of an urban retirement? Well, there are the usual suspects: arts and entertainment, restaurants and shopping, social groups and recreation, all right at your doorstep. For baby boomers who have spent huge portions of their lives driving to and from work, ditching the car and hopping on public transit feels like freedom.

Yet another big draw for some retirees is that the city brings them closer to children and grandchildren. For those who are widowed or divorced, the city often offers greater possibilities for making connections with others. The simple truth is that where some people find comfort in quiet surroundings, others find isolation.

Finally, some are attracted downtown for the most practical of reasons: you can’t beat the big city for health care. Even if they’re fit as fiddles, today’s retirees are taking the long view.

I don’t want to overstate it: many boomers still embrace the classic ideal of the fishing boat, a heap of novels and gorgeous lakeside sunsets. But many others are suited to cottage life for just a few weeks a year. These clients tell me that they finally have the time and energy to pursue all the interests that have been on the backburner for so many years –  whether it’s seeking out live jazz, exploring world cuisine or joining a racquetball club. And no place offers them more than the vibrant, ever-changing city.

I suggest you examine your own retirement dreams – and have fun doing it!

 

Marnie Bennett, Broker

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Marnie Bennett - Moving on When the Marriage Ends

I’d love it if every one of my columns could be about the rosy side of home ownership. But the reality is that a fair number of my clients will, at one point or another, face the unhappy prospect of divorce. In my role as an Ottawa realtor, there are several ways I can help them get through this painful time.

While a lawyer is the go-to expert on legal matters, I like to make sure that my clients have taken stock of their financial resources and weighed every option before deciding whether to sell or to stay. Unless you’ve got a pre-nuptial agreement, the value of your home will be equally split between you and your partner. While one partner sometimes refinances the existing mortgage, most of my divorcing clients agree to sell the matrimonial home and find individual residences.

It can be tempting to install that For Sale sign right away, but taking the time to find a realtor who is responsive to your needs will ultimately lessen your stress level. The right realtor will provide valuable insights on choosing a next home, given your change in circumstances. When the breakup is particularly angry or awkward, your realtor should feel comfortable mediating between you and your ex-partner during the selling process. And finally, a great realtor will guide you to a skilled professional stager.

Staging your home for sale is always important, but never more so than when you’re selling because of divorce. It’s a fact that buyers will pick up on subtle signs of a house divided; either they’ll be turned off altogether, or they’ll treat it as an invitation for rock-bottom bids.

With that in mind, do your best to reveal nothing about your estrangement. There’s no need to hang a giant wedding photo above the bed – but do maintain the bedroom as though it’s a shared space. If possible, clothing from both partners should hang in the closets; if one partner is using a spare bedroom, it should appear to be a welcoming space for guests. Naturally, legal papers should always be kept in a safe, secure place.

As your surroundings become more neutral, and your emotionally-loaded personal items are boxed up, you’ll find it easier to begin planning for the next stage of your life. Have faith: your home, sweet home is out there.

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Marnie Bennett Presents at the Ottawa Home and Design Show

THIS WEEKEND SEPTEMBER 27^th to the 29^th

Looking for all the latest trends in interior decoration?

Join our very own Marnie Bennett and Kristi Blok this weekend at the Ottawa Home and Design Show and learn "The Top 7 Must Knows of Condo Buying PLUS the The New Normal for Condo Decorating"

Marnie and Kristi will be presenting from the
Design and Décor Stage at the following times:

Friday at 1:00 pm
Saturday at 4:45 pm
Sunday at 4:00 pm

Attend one of our presentations and you'll receive "The Ultimate Ottawa Condo Guide" and be entered to WIN a 2hr consultation with Kiki Interiors.

We look forward to seeing you there!

Visit www.bennettpros.com for all your real estate needs

Downsizing and the Empty-Nest

After your children have moved out, either to start their adult lives or to attend college, your once-busy-and-full home can seem strangely quiet and empty. Many older adults who find themselves in this situation decide to downsize and move into a smaller Ottawa home. Downsizing can be financially beneficial, but it can also be a long and involved process if you aren't careful.

The Two Sides of Downsizing

Downsizing involves selling your current Ottawa home and purchasing (or renting) a new and smaller one. If you plan it correctly, you can save a considerable amount of money when you sell your Ottawa home and purchase a new one. But, keep in mind that home prices have risen since you first purchased decades ago. You might be surprised at the asking price for even a small home in your area.

You might have some emotional attachments to your current home that might get in the way of you effectively selling it. Typically, there's the urge to price your home high, since the home has so many memories for you. But, remember that your emotions are not the same as the emotions of the buyer.  So, you need an objective person to help you sort out these emotion-laden thought and ideas.  This is where a real estate agent can help you determine the price for your home based on a comparative study of the prices of similar homes in your area.

Weigh the cost of purchasing a new home carefully. Depending on how old you are and your financial goals, you might want to purchase your empty-nest home outright, instead of getting another mortgage. Paying cash for your new home means you may actually pay less in the long run as well as you will incur no interest charges. Obtaining a mortgage can also be financially beneficial if you utilize this money to buy other investment properties or other holdings.

Another way to downsize and save money is to move in with your grown children.

Making Room

When you move to a smaller Ottawa home, you can't take all the possessions in your current space with you. Although this fact is undeniably true and a physical reality, some downsizers are depressed by this fact.  Others, however, are elated.  Regardless, downsizing means trimming the items you own, not just reducing the size of your house. Your children can help you purge items from your current home.

To encourage them to clear out their childhood bedrooms, hold a family clean out day. Each grown child can focus on cleaning out his or her old room, deciding what to do with their old belongings themselves. If your kids aren't interested in cleaning out their stuff themselves, you can take it upon yourself to discard it or to donate useful items to any of a number of worthwhile local charities.  Some may actually give you a tax deductible receipt for these donations.

Some of your possessions may in fact be of interest to a museum or library and again a tax deduction receipt may be obtainable for those donations.

Deciding what to do with the rest of your possessions can be difficult. To make the process easier, you might want to start with the bigger pieces. For example, if your new home doesn't have a separate, formal dining room, you can probably safely donate your old dining set. If the new home only has a small living room, you can easily decide to donate your large sectional.

Things can become more complicated as the items become smaller. You might have a accumulated a large collection of knickknacks over the years. The best way to sort through these items is to do it quickly. Only handle an item one time before making a decision about it. If you keep returning to an item because you aren't sure if you want to keep it, it will take you a long time to purge your home.

Other means of purging yourself of your extraneous possessions is to hold a garage sale or a neighbourhood give-away day, or to advertise your items in a local newspaper or on Kijjiji (or another on-line site) or you can hire the services of an antique dealer or an estate auctioneer. Finally, some items may be usable by a local church charity or by building material re-cyclers or an organization such as Habitats for Humanity.

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Condo Living and the Single Woman

Every day, I meet intelligent, independent and motivated women who are no longer waiting for the perfect partner before settling down: they’re taking the reins. According to the 2011 TD Canada Trust First Time Homebuyers Report released in June, nearly one third of Canadian women will purchase their own first home. These women come from every age bracket and all backgrounds. Some are young women just starting out, while others, with a wealth of experience behind them, are looking for a place to call their own after divorce or widowhood. Thankfully, the old-fashioned stigma around being single has gone out the window.

There’s no denying that, financially, double-income purchasers have an advantage: most single women aren’t prepared to spring for a giant house complete with a giant mortgage. But the great news is that the Ottawa market is just popping with incredible condominium options. New condos of every description – traditional, open-concept, townhome, loft-style – are available at a variety of price points.

Many of today’s condos put emphasis on features that may have been overlooked by builders in the past – terrific closet space, for instance, more expansive kitchens and deep soaker baths.

Security is a major concern for many single women. Condominiums can provide this in varying degrees, from buzzer systems to security cameras to 24-hour concierge service, depending on your personal comfort level. That’s something that a traditional suburban home simply can’t offer.

In accordance with your monthly condo fees, amenities may range from basic to over-the-top. Many women opt for condos with equipped gyms, allowing them to forego the cost of a gym membership and to work out in the comfort and safety of their own buildings. Party rooms are another popular amenity: by reserving these spaces for special occasions, a woman needn’t feel that she can’t entertain in large numbers because her living room is too confined.

After a long day at work, most of us would rather not scoop leaves from the eavestroughs. A lot of single women – and men, too – are drawn to condos for the maintenance-free lifestyle they offer.

Finally, condos tend to be situated in vibrant neighbourhoods and to attract people with similar lifestyles. After all, “single” isn’t a synonym for “isolated”. Condominium living offers the comfort of knowing you’re surrounded by neighbours and, at its best, provides a sense of genuine community.

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Identifying the housing needs of Generation Y

Identifying the housing needs of Generation Y

When considering future trends in housing, builders need to take a long, hard look at demographics. The young adults of today are the homeowners of tomorrow – or so we hope. Generation Y (which ranges roughly from teens to 30-year-olds) has been analysed from here to eternity; the group is usually described as eco-conscious, tech-savvy, urban, exceptionally social and prone to postponing marriage and children. Given labels like these, builders are left to consider what type of housing will appeal to this generation. Let’s take them one by one:

Eco-conscious. It’s not hard to believe that this generation is “greener” than those before: these kids have been taught about saving the planet throughout their school years, and have been recycling their entire lives. Many of them will be drawn to homes with green features – the splashier, the better. Homes with green roofs and solar power, for instance, will catch their eye.

Tech-savvy. Naturally, this generation will look for homes that are wired for current and future technologies. To sell a home that’s truly “internet-ready”, developers may consider purchasing package deals at a discount from the provider, with fees to be bundled into condo fees. But where Gen Y’s technomania will really come into play is in the way homes are marketed: through social media, smartphone apps and whatever else is headed down the pipe. This is beginning to happen, but soon it will be the norm.

Urban, Social and Single. It’s true that many Gen Y (or echo boomers, as they’re sometimes known) are drawn to bigger cities for school, work, the culture and the nightlife. To satisfy their social needs, their ideal home might be situated in a lively, walkable downtown area, close to cafes, restaurants, trendy shops and dog parks. Condominiums are the most likely bet to meet all these criteria; they can also function as meeting-places, if they’re outfitted with rooftop patios, gyms and lounges. Condos are usually the most affordable option for buyers with a single income; and buyers without children are typically less likely to miss backyard space.

It’s also been well documented that many Gen Y-ers live at home with their parents – never having left or having “boomeranged” after college or university. (This fits with one of the other stereotypes about this group – that they are emotionally close to their parents.) Some are wisely saving for a downpayment on a home, but certainly not all. Gen Y-ers are just beginning their career paths, and many of them don’t make a whole lot of money. Many rent their own places and will continue to rent for a long time.

So, what’s the answer? As far as urban homes go, it might be a radical downsizing of condos and apartments. “Pocket condos” have been around forever in New York City, and are now showing up in many major cities. They can combine location, thoughtful features and terrific common spaces at an affordable price. The only question is whether Generation Y is willing to make the trade-off: fewer possessions for a greater urban experience. Only time will tell!

 

Visit www.bennettpros.com for all your real estate needs.