How Seniors Benefit from a Senior Retirement Real Estate Specialist
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Not only in Dallas but across the country, many older adults who own homes eventually get to a point where their home no longer accommodates them as it was originally intended. They may no longer need the large home, be physically able to take care of the home or can afford the cost of maintaining the home. In too many cases, health challenges compress the time needed to plan for a housing transition, find a new home or other living arrangements and/or sell their current home.
The Challenge
The adult children will find that there’s a plethora of resources, housing options, and price points to consider, so finding a home that is the perfect mix of warmth and proximity to health care providers and facilities while being functionally adequate for the challenges of aging means that much time and effort is involved in considering all of these options. Senior-specific financial and real estate considerations often must be handled by the children of seniors, while juggling their own careers and family life.
The Solution
If your aging parent or other loved-one needs to downsize or find a residence better suited for them, a SRES® - Senior Real Estate Specialist - designated REALTOR is best trained to handle your loved one’s real estate needs. They can sift through the options and present them to your parents, saving you a lot of legwork and time.
Many adult children of baby boomers rarely have the time that is needed to gather all the necessary information about the services that would be helpful to their aging parents. This means that the parents often remain in their ‘not so good situation or home for longer than warranted. But also, connected to this, is that often the adult child is trying to show the parents that it may be best if they no longer live in the family home that has functional issues related to the parent's current health conditions or lifestyle needs. The other challenge is for the adult child to find and provide solid information to parents without making the parents feel as though their child is ‘babying’ them or trying to take over., Seniors Real Estate Specialists like Jane Clark can help with all of this.
To be experienced in serving this demographic - seniors or baby boomers, the REALTOR must pass the National Association of REALTORS-designed course. Earning the SRES® designation means the REALTOR specializes in the needs of clients aged 50 and over who are buying and selling real estate.
Because an SRES® focuses on retirees and seniors, they understand the need to plan ahead and the challenges that face seniors as they age with regard to balancing finances, mobility, health, and personal needs. They have also been trained to understand that the right housing for today may not meet your needs a few years down the road. There are three main ways in which an SRES can guide you in planning your future housing needs.
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An SRES® understands senior housing options including simply aging in place in your current home or moving to an assisted living facility or retirement home. Additional options include things like planned senior communities with new homes designed for the needs of seniors.
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An SRES® can assist in dealing with financial options for real estate. An SRES is trained in capital gains and other tax issues relating to owning real estate to better help seniors decide if a rental property is really the best option. As part of this training, they learn about how using pensions, IRAs, 401ks, and other retirement accounts in real estate transactions works. They also understand reverse mortgages, both the positive sides and the potential downsides of that type of mortgage for senior
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An SRES® will refer you to the specialist you need including an aging-in-place specialist who can help you make a plan for modifications to your existing home in order to make your home safe and comfortable as you age
In addition, SRES® designated REALTORS are knowledgeable about other things that will save you a lot of time by handling them for you:
- Move Management Coordinators
- Counseling strategies to help in life transition planning
- Remodel/Renovation contractors in case they wish to age in place
- Factors and trends in housing, retirement income, and finance specific to those 50 and over
- Identifying and protecting seniors from finance, mortgage, and loan scams that target this demographic
- Aware of Housing for Older Persons Act (HOPA), senior communities, and housing restrictions
- Advisors for Home Equity Conversion Mortgages, Reverse mortgages, 401k accounts, IRAs, and pensions as part of wealth management and assist in real estate transactions
- Protecting a parent or senior loved one from losing access to Medicaid, Medicare, VA, or Social Security benefits when selling their real estate
Nitin Gupta, REALTOR, SRES provides holistic real estate services for the unique needs of older adults and their families in DFW. your Dallas Seniors Real Estate Specialist - Nitin Gupta - today
About us - Dallas Seniors Real Estate Specialists
Nitin Gupta is A Seniors Real Estate Specialist (SRES)®in Dallas, TX. If you are a senior or a family member of a senior in the Dallas Texas area, please know that I am sensitive to the emotional, financial, and practical aspects of seniors buying and selling real estate. If you are trying to help an older adult you love to begin the process of relocating, it’s important to take your time and find a realtor who understands the unique challenges that come along with selling a home when you are a senior.
Having a licensed real estate agent who knows how to help a senior and their family through this transition is important. That is why the National Association of Realtors created a special designation for realtors who work with seniors. The Seniors Real Estate Specialist® (SRES) credential means a realtor has gone the extra mile to learn how to be a true resource for older sellers. To qualify, a licensed real estate agent must complete a training program that helps them learn more about the challenges of moving when retired.
