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18 Real Estate Leader, Thursday, July 21, 2011 REAL ESTATE CORNER By Lynn and John Drewry WHAT IS A SENIOR? The word "senior" is kind of a catch-all term depending on the perspective of the user of the word. To a "teen or twenty something" person, a senior might be anyone over the age of thirty. As we get older our concept of "senior" changes. When we are 60 a senior is someone over 70. And so on. Only the mirror knows for sure. When applied to housing and real estate the term "senior" actually refers to a process people follow as they get older and shed responsibilities for their children. It used to be that the kids could not wait to get out of the house and now they stay longer or even come back after moving out. That is a subject for another story. To most of us you almost become a senior when you find yourself an "empty nester" and know it is time to make a change ­ usually to downsize to a smaller home, bungalow or townhome. Some even choose to live at the cottage, move to Florida/Arizona or buy a boat and live there for half of the year. Downsizing is the usual choice. In any event you decide to sell and downsize the house which you really do not need any more and find something more appropriate to your new lifestyle. After 20+ years in the same house moving is a daunting prospect and you realize you need some professional help. Most people do not want to get too far from family and friends so their next step is to choose a bungalow or even a townhouse. At this stage most people don't choose a condo because it makes them feel prematurely old. We referred to the term "senior" as a process. That is because the first step is usually not the last. Consider the likely possibilities as you get older and accumulate more health issues: Detached Family Home ¥ Bungalow ¥ Townhouse ¥ Condo/Apartment or live with the kids ¥Assisted Living Residence ¥Nursing Home. You might skip a step or two along the way but this is a natural progression and taking the first step probably indicates that you are a Senior. Lynn and John have actually begun this process themselves and now reside in an executive townhouse. They have also moved Lynn's Mom from a detached home to the Sands Condos and most recently to the Mountainview Residence. This is the first of a series of articles on Seniors and downsizing. We encourage you to send us your questions and ideas for future articles to lynn@lynnandjohn.ca or 905 873-0440. Lynn is a qualified Accredited Seniors Agent. John is a Real Estate Broker and Chartered Accountant (FCA). Lynn and John work and live in Georgetown. They are sales representatives with Re/Max Realty Specialists Inc., Brokerage. Victoria Gardens Renovated Penthouse Suite! New Hardwood, New Granite Counter, New Backsplash, Freshly Painted, Crown Mouldings! Open Concept! What A Super Layout. South East Bright & Sunny Exposure with 9 and a Half Foot Ceilings! Close to GO! Short Walk to Historic Downtown Georgetown! John Watts Sales Representative Direct: Office: 416-574-3500 416-443-0300 OPEN HOUSE - SUNDAY, JULY 24th - 2-4 PM 5385 Fourth Line & Hwy. 124, Guelph-Eramosa custom built 4 bedroom family home country kitchen large enough for multiple cooks + harvest table and chairs main floor family room features woodstove, cherry wood wainscotting and mantel harvested on the land & sliding door to patio main floor laundry and 3 pc bath - well designed layout for active family living horse barn with box stalls, tack room, wash stall, hayloft and annex leading to the riding arena built 2006 paddocks and pasture MLS# 111664 well maintained property - commuter convenient location drop by Sunday and see for yourself or call Bonnie for a private viewing at your convenience Bonnie Mullen 519-837-1300 INC., BROKERAGE Sales Rep. or Toll Free 1-877-374-7653 Movers' & Shaker's Marketplace Feel TOP What $$$ the T I P Buyer Feels! Remember the emotional response you evoke in a buyer is often what seals the deal! MORTGAGES Your Credit Score... Your credit score is a snapshot at a particular time - a summary of how you are using your credit. This score is used as a reference by lenders to determine the risk that you pose and determines the rate that you will pay here are some points that you should be aware of: Less late payments the better. When you're making a payment on your credit card, it doesn't matter if you're making a minimum payment as long as you make it by the due date. It's better to have a few cards with lower balances than a couple of cards with near-to-limit balances. Using your credit card as often as possible and making payments on time will get you the best rate come negotiation time. Send your mortgage questions to pmotem@mortgagealliance.com for answers. 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