It’s not something talked about very often, but seniors and real estate in Saskatoon is an important topic to talk about. Sure, it’s not a sexy or flashy thing to discuss, but if handled incorrectly it can have disastrous results. Recently I sold a few properties for some local seniors, and it was eye-opening. In my interactions with multiple care homes, I met many staff members and gleaned some valuable insights. A recurring theme was how common it was for the people moving in – their only asset is their home.
In the broader context, the importance of a home as a financial resource for seniors is well-documented. For many, their home is the most significant asset they own. The median net worth of homeowners is substantially higher than renters, indicating the financial stability that owning a home can provide. However, this asset is not just a number in a bank account. It represents years of memories, emotional connections, and for some, the best financial decision they ever made.
However, many seniors find themselves ‘house rich but cash poor,’ struggling with living expenses despite owning their homes. The costs associated with maintaining a home can consume a significant portion of a senior’s income, making financial planning and decision-making crucial. Tools like reverse mortgages are becoming increasingly important, providing a way for seniors to access their home equity while still retaining ownership.
Therefore, when it comes to selling a property for seniors, it’s VITAL to maximize the sale price. Not only does this provide them with the necessary funds to enjoy their next phase of life comfortably, but it also respects the value — both financial and sentimental — that the home represents. As a real estate professional, it’s our responsibility to guide them through this process with sensitivity and expertise.
-Kevin Appl
