Last updated on January 19, 2018
An increasing number of aging Baby Boomers and empty nesters are relocating and moving into properties that they expect to live out their retirement in. Many people acquire various properties throughout their lifetime and end up with quite a collection of real estate as they enter retirement. Other retirees finally pay off their home mortgage and begin looking for other properties to invest in. Most seniors believe there are more valuable ways to spend their time than navigating a difficult real estate transaction.
There are two categories of senior living services: independent living and assisted living. The former includes housing units designed with seniors in mind. These projects have special features like skid-proof tiles, ramps for wheelchair access, grip rails, panic buttons, etc. Assisted living like HappyElderCare.com, on the other hand, feature round the clock care and is more suitable for older seniors or those with ailments. There are attendants present to assist residents with tasks like eating, dressing and getting around.
Decide what the right retirement home is
If you’d rather keep the home in which your children grew up, equity release schemes offer a range of options which allow you to draw capital or raise income from your home without having to move.
Assess your needs, wants, and interests
From rental versus ownership and size of living space to recreational facilities, social activities and health services, determine what is absolutely needed and what is open for negotiation. Make a list and prioritize your wants and needs to ensure that a high quality of life is maintained.
Location is everything
For seniors, one of the most important considerations in buying a new home is located. Proximity to family — children, and grandchildren — is important. And since many seniors face changing lifestyles and mobility issues, being near good public transportation, medical facilities, and recreation can be a major factor. Keep in mind things like sidewalks, accessibility to parks and recreation, and even something like street plowing. Provide clients with as much year-round information as possible so they can select the right home in the right area for their needs.
Research your options
There are hundreds of options available to you. Use our online advanced search to narrow down the possibilities and compile a list of residences that appeal to you. Compile a short list of your chosen residences and request additional information. You can request information for each residence listing on this website directly from their profile page by clicking on the inquiry tab.
Downsizing will release a lump sum which can make life more comfortable, but it’s vital to take professional advice on where best to invest it. It may not be a good idea for younger retired people to invest all their house capital into a retirement property. Begin with an independent financial adviser.
Evaluate your choices
Compare the residence’s offerings to your own list of needs, wants, and interests. For example, do the home’s recreational programs suit your interests and needs?
Your retirement home can be luxurious, aesthetically pleasing, and comfortable while accommodating for your needs today as well as for years to come. Build the retirement home of your dreams. You deserve it!
Source: realtytimes.com ~ By: Kate Manning