At retirement, you may have the family home almost paid for, but is this where you want to live for the foreseeable future? At age 66, statisticians say you have a dozen or more years ahead of you. If you love your home, you may see yourself there for some time, but you have options based on your health, income, and preference. What is the best home for your retirement years?
Should you stay put? If your home is convenient to the places you need to go and is manageable to navigate, maintain, and clean, it might continue to be a good place for you. If you have a ranch style home or one with a main floor bedroom, you may be able to make it even more accessible if you develop health issues. However, if you have stairs that keep you from the laundry and the bathroom, your home might not work for the long run. With the proceeds from the sale of your current home, you might be able to find an alternative that will work for years to come.
Is a new locale in your future? Maybe you have said over the years, “When I retire, I am moving or Florida or Arizona or _________.” Now that retirement is near, are you going to follow your dream? Whether you want to chase the sun or make a home in a new area you love, make sure you want to make a complete break with your current city. Visiting a place on vacation is always difference than living there, so before you make a permanent move, plan an extended stay before you make a move. You may decide that you want to be a part time resident who spends part of the year at home. If so, this is the perfect time to move to small house or condo that will serve as your home base.
Should you live with your children? Sharing a home with your kids can make good economic sense, as long as you each have a clear understanding of boundaries and enough space to insure some privacy. You need a clear understanding of how your life will change if you live with the kids. Will you be expected to be the babysitter or take on other household responsibilities to the point this will prevent you from having the retirement life you dreamed of? Can you withstand the noise of young family The way some families have made this work is by having a multifamily dwelling or a single family home with a legal ensuite. In this scenario, both generations are close enough to pool resources and help each other out while having personal space.
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Should you move to a retirement community? Even if you are in perfect health, a retirement community can offer you an interesting lifestyle option. Often featuring a club house and some communal dining options, a retirement community offers you the opportunity to meet new friends even as you enjoy your personal living space. Some developments are set for active seniors and have a lake, golf course, or other recreational facilities onsite. Others have flexibility so that if you ultimately need more care, you can opt for assisted living.
Not interested in a community just for seniors? If you enjoy an urban lifestyle, you might consider a mixed use development that will include condos that will offer transportation, shopping, and other conveniences nearby.
Looking to sell your home? Give me a call today.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
