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8 Real Estate Leader, Thursday, July 28, 2011 $539,000 EFFIE DIMOU Sales Representative D L O S D CON Family restaurant located in Acton. 7 days of operation, serves breakfast and famous home made burgers. A great money maker. 648 Franks Place, Milton $289,000 Open House Saturday & Sunday JULY 29th & 30th, 2-4 P.M. REAL ESTATE CORNER By Lynn and John Drewry COMING OUT OF THE SENIOR'S CLOSET Whether you have admitted you are a senior, empty nester or almost either one, you are thinking about a change in lifestyle and that means a change in housing. That change usually involves a "less is more" concept so you are considering a smaller home and more modern to reduce utilities costs. WOW! What about all the belongings you have accumulated? Particularly in the attic, basement or crawl space, which you have not crawled into in years ­ it is full of stuff. Where will I move to? They tell me to avoid stairs as I get older. What are my choices? How will this affect my finances? Where do I start? This can be mind boggling. You feel exhausted and say to yourself, maybe I will wait a few more years. However, eventually you have to face it and decide what your alternatives are. The first step is to know your finances and that means you should know the value of your property and what you could expect to net after expenses. An experienced real estate advisor can provide this information and also discuss the price of alternate housing. You should also talk to your financial advisor and make a plan because your income will reduce at some point as you grow older. This plan must show you how much you can spend on alternate housing including purchase, taxes, utilities and maintenance fees/ costs. Now you go back to your real estate advisor (Realtor®) who can help you determine what options are available based on your financial plan. Our previous article described various options. Detached Family Home ¥ Bungalow ¥Townhouse ¥ Condo/Apartment ¥ Assisted Living Residence ¥ Nursing Home. You might also want to consider location. For example if most of your family lives in Victoria, BC you might want to put that into the mix. Your Realtor can refer you to a local Realtor. However, if you decide to stay in the Georgetown area your Realtor can serve you in finding your next housing option. This is the second 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 905873-0440. 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. HELEN PAVLOPOULOS Sales Representative (905) 456-1000 D AL L O S ION IT Realty Services Inc., Brokerage Independently Owned & Operated 39 MORDEN NEILSON WAY OPEN HOUSE SAT & SUN 1:30PM-4:30PM THOMAS MULVANY Sales Representative (905) 949-0070 HOMELIFE RESPONSE REALTY INC., BROKERAGE $479,900 SOUTH EAST GEORGETOWN CLASSIC 4 BR, KITCHEN/FAM ROOM OPEN CONCEPT, CERAMIC TILES, HARDWOOD THROUGHOUT, DECORATIVE COLUMNS, CORNICE MOULDING, WINDING OAK STAIRCASE, DOUBLE DOOR ENTRY AND THE LIST GOES ON. COME SEE. CONTACT TOM MULVANY 905-949-0070 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 Bank of Canada Rate to Double by Spring of 2012? A relatively strong Canadian economy will force the Bank of Canada to double its key lending rate by the end of the first quarter in 2012, says a new report from Citigroup Capital Markets. The analyst with Citi believes that by October the bank will begin tightening that will see rates jump 100 basis points in about six months. "There is still some time before the BoC may need to explicitly signal a hike, but with limited spare capacity in the economy, we doubt there is sufficient breathing room for the Bank to adopt a more dovish stance." With so many opinions out there on the economy, it is best to stay informed so you can make the mortgage interest rate decision that is right for you. 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