In retirement, only you know when it is time to give up a high maintenance or two-story home for something more manageable. Planning ahead is key to your peace of mind, sometimes looking 10 years into the future. Eventually decisions about Aging in place; renting or buying depends on what best supports your lifestyle and budget. Many seniors and their family members wonder which is the right way to go. Here are some options.
Buying offers stability
Monthly payments remain predictable, which is especially valuable on a fixed income. You will build equity and have control over your space. However, owning does come with maintenance responsibilities and upfront costs. See the Aging in Place graph which gives things to consider now and later should you choose to stay at home. When the upkeep and/or size of your home becomes too much to take care of, you might think about other living situations.
Purchase or build an ADU
If you have the space, purchase or build an ADU (Accessory Dwelling Unit) at your own property or with a family member. Most cities have approved building plans of all sizes to make it easier and faster. Then you have your own space but with family nearby to be the ones cleaning gutters and taking out the trash. Having an ADU or apartment gives you options for additional income until you eventually need the space for a caretaker or yourself. If that interests you, take a tour of one or two.
Consider Among Several OVER 55 Options
There are Over 55 purchasing options that range from homes, condominiums, to mobile homes. Or, places to rent for independent living with or without meal options (Ohhh, to have someone else cook might be a good thing) and assisted living for those that need additional help with medication, showering, appointments, or more. Another idea, we have a dear friend that shares her huge home with another adult.
Renting provides flexibility and freedom from repairs
While rents can rise with little notice, so can HOA dues. Weighing your options and budget is important as you look forward. Visiting places ahead of decision making helps to evaluate things when you are not under pressure to do so. If you know folks in different living situations, visit and/or ask them the pros and cons of where they live. Would they choose that again if they had to decide today whether to move or not?
Most places allow people to visit for lunch, and a no obligation tour. Often, people choose a place where a friend or family member resides because they want to know someone in the new place. Keeping your community, place of worship, doctors, and personal services nearby and familiar can be a huge help in making one feel more comfortable in a new place.
A Seniors Real Estate Specialist (SRES®), has experience and specialized training to help older adults make housing decisions that fit their unique needs. They understand the challenges and priorities involved, and can help you navigate every aspect, from weighing financial considerations to evaluating the benefits of each option. The goal is to help you find a home that supports your lifestyle and provides peace of mind in your retirement.
