PREPARING YOUR HOME FOR RETIREMENT

WHAT SHOULD 45- to 60-yearold homeowners or buyers do when deciding on their next steps to living their later years comfortably? Time tends to creep up on you, and before you know it, retirement is here! People live well past 65, are in good health, and continue working past the traditional “retirement age.” Whilst still enjoying the income, it is wise to plan your future.

There are different drivers for the continued price increase in each price segment.

Some opinions indicated that houses averaging $750,000 to $1.5 million were often multigenerational houses that were in demand. The number of properties purchased in the two-tothree-million-dollar price range within the past three years has increased with young, married, professional Bermudans moving back home after the pandemic to be with extended family.

If you own property in Bermuda, an assessment of your current living environment may be just what you need to take you into retirement. House sizes in Bermuda have generally increased over time, but a smaller house may be more practical.

We all dream of taking off on an adventure around the globe, and for most people, that time comes when the kids have moved out, vacation time is available, and money is no longer an issue. For this reason, there may come a point where you want or need to consider downsizing.

Failing to plan is a plan to fail. The big house may not be necessary anymore, so what are your options? Trends indicate that the ideal property is a two-bedroom, two-bathroom house or apartment that is easy to maintain, preferably on a single storey, and that can be locked up and off your mind whilst you’re travelling.

The two-bedroom, twobathroom property allows you to have kids, grandkids, or close friends visit and have their own bathroom. This also allows you to seamlessly adjust to having a live-in caregiver.

For empty nesters, it is important to plan your next steps. OBMI can assist you in preparing your retirement home if you wish to downsize, buy new, or build. The residential market for senior living is expected to continue to increase. Without adequate senior living residences in Bermuda, our options for redefining our current homes may be the best option, allowing you to age in place.

OBMI is a link partner with Age Concern and has advocated for senior living for over 10 years.

INSIDER’S GUIDE

With so much to explore in Bermuda, you may just want to make this a permanent vacation. Here are our top picks for island real estate.

Keller Williams Bermuda

9 Berry Hill Rd., Paget

Tel: 236-0737 www.kwbermuda.com

Keller Williams Bermuda should be your first choice when considering buying or renting Bermuda residential or commercial property. Formed between an affiliation with global real estate giant Keller Williams Worldwide and local Bermuda company Moura & Associates, Keller Williams Bermuda has the benefit of combining experienced agents in the Bermuda market along with the leading-edge technology provided by Keller Williams Worldwide, their proven models for success, and access to an unsurpassed global network. Their agents are equipped with the training, tools, and skills to handle all your real estate needs, knowledgeably and professionally, to the very highest standard. As part of the Keller Williams Worldwide family, Keller Williams

Bermuda is now part of their Luxury Division; and they look forward to providing exemplary service for their high-end real estate clientele. Whether they represent the sale, purchase, or rental of a luxury home in Bermuda, Keller Williams

Bermuda is best qualified to assist you through the process.

THE PROPERTY GROUP LTD.

Nautilus House

82 South Rd., Warwick

Tel: 234-6900 www.property-group.com

The Property Group Ltd. is the finest of Bermuda’s real estate companies. They represent the most desirable properties available in every sector of the residential market for sale or rent on the island. Call their office or e-mail them for more information. After hours, please contact Sallyann Smith at 5354521 or sallyann@tpg.bm or Brittany Archer at 505-1466 or brittany@tpg.bm.

WASHINGTON PROPERTIES (BERMUDA) LIMITED

Church and Reid Streets, Hamilton

Tel: 295-4186 www.washingtonproperties.bm

The perfect location from which to conduct business can be found in the “Heart of Hamilton.” Washington Properties, located between Church and Reid Streets, has offices available that range in size from 200 square feet to 15,000 square feet. Washington House, the newest member of Washington Properties, built in 2010, offers concierge service and security access to the building. The offices accommodate local and international businesses, whilst the retail outlets offer a variety of products and services to both residents and visitors. Since they are within easy walking distance to financial and legal services, transportation, parking, restaurants, and shopping, it is hard to find a better location.