6 Considerations Seniors Should Make For Their Housing Needs!
For most Americans, the asset value of their house often represents their single-biggest financial asset, so doesn’t it make sense for Senior Citizens to pay keen attention and consider how it might impact their financial security into the future? Where and how might one want to live, and can he afford to do so? Does one’s existing home serve his future needs? Will home ownership become a valuable part of your American dream, or will you fail to address your needs, and personal situation, in a meaningful, well-considered way? There are several considerations each of us should take seriously, but this article will attempt to consider, examine, review, and discuss six of these.
1. Age-in-place: For some are emotionally – invested, in their home, because of the memories, etc. they experienced there. Some prefer to age-in-place, and if it meets their personal needs, they can afford it and handle the maintenance/upkeep. For them, it may make sense in the more significant picture. However, most do not need the same amount of space (bedrooms) when they retire as when they have family living there.
2. Downsize: Either for financial reasons, physical ones, or a variety of other reasons, many want and need to downsize. Perhaps, it’s because the existing house is too much to maintain/ take care of, or you no longer want to climb steps and be responsible for exterior maintenance. Another reason may be financial issues because the proceeds from selling your house and purchasing a smaller, less expensive one will provide you with financial reserves while reducing costs, taxes, maintenance, and other concerns.
3. Location/ region: Once one retires, it makes sense to consider and evaluate if, perhaps, there might be benefits in relocating. These may include conveniences, safety, climate, and family.
4. Type of community: Would you enjoy living in a Senior Community (55+) to enjoy social involvement, shared responsibilities, safety, and security (gated community)? Maintenance, and community features, are relevant factors to many.
5. Your health/ health issues: Do you have any health-related problems that might make relocating sense? These may include areas such as arthritis-related, cardiac, and weather-related.
6. Personal finances/ concerns: How will one be able to afford the uncertainties of the Golden Years regarding financial issues and concerns? Will he be able to afford, comfortably, and enjoyably live in one place over another? Will selling your existing house make economic sense to add to your financial reserves? Will it create a better understanding of personal well-being?
Your housing may be your best – friend or worst enemy. How will you prepare and proceed? What’s your personal best course of action?