Sept 9th was National Grandparent’s Day. You’d pretty much figure that boils down to just honouring and spending time with your grandparents…maybe get them a gift, or take them out for dinner.
But, if you check out this Grandparent’s Day “action guide”, they’ve got loftier suggestions…
One of them is for grandparents to discuss financial stability with their grandchildren.
Doesn’t sound like a lot of fun, but it’s not a bad suggestion at all. As a real estate agent, it brings this to mind…
Discussing what grandparents want (or even need) to do with their home as they get older.
It’s a touchy subject. Lots of memories and emotions are tied to their home, in so many different ways. It’s just an awkward subject for many families to get into, depending on the family dynamics.
But, it’s a topic worth touching upon. There are so many questions…
- How long do they want to live at home?
- What happens if they need assisted living, pass away, or can’t afford to stay?
- Are they planning on selling their house? If not, what family member “gets” the house?
These are just a few of the touchy topics I see and hear people struggle with…often once it’s too late to discuss. Unfortunately, not discussing it can lead to poor decisions that hurt the grandparents, and even entire family, financially. And sometimes, real estate related issues become quite a fight within families as grandparents get older.
Obviously I hate seeing that happen.
So, as awkward or tough as it might be, try and have that chat at some point.
But, maybe not today.
For now, just enjoy each other’s company…
Broker | Chestnut Park West
P.S. And, if you do find yourself having a chat along these lines, and need any real estate related thoughts from me, please just ask. I’m glad to help.