When the time comes to retire some people may not be sure what to do about their homes. Often, with children gone and only themselves or their spouse in the house, retirees will find their old homes are too large, costly, and even far away from their daily needs. What do you do about this?
Typically, retirees will decide to downsize and put their current homes for sale. What will you downsize though? Should you rent or buy another house? Would an apartment work well for you instead? These questions can plague those who are looking to find some peace and relaxation after their lifetime of hard work.
Downsizing will require you to consider certain factors. Do you know where you want to live? Is your stay there temporary or permanent? Are you planning to move from one place to another? Are you considering your social interaction? Which option will be best for your finances? While a few of these questions correlate to each other, you must make the ideal decision based on all of them.
Is Renting Better than Owning or Otherwise?
The first considering is a cost based one. Do you want to rent, or do you want to own? If you choose owning, they your choices are a house, condominium or townhome. However, owning in retirement has a different meaning than before.
There are several responsibilities and expenses involved in property ownership. All bills are paid on your dime. If your home gets damaged, then you should get it repaired. If your appliance won’t work anymore, then replacing it is on you too. Annual maintenance is also coming out of your pocket. You must also ensure that your house is well-lit, your plumbing system is functioning well, and many more. You will also need to keep your yard clean and organized or get the job done by someone else. Renting a home or apartment will give you the perks of housekeeping services, which will clean and maintain your home on a daily basis. Some retirement communities usually have this service. Owning might the best choice for you if you feel reluctant about the costs and effort it needs.
Some people simply find these costs tolerable. Of course, if you are a homeowner, you already know what to expect. As well, for some it may be a hobby to care for a lawn or garden. Perhaps, you are a handyman who happens to enjoy maintaining your home. It would be best to own a home if that fits your character. However, you should not only consider that.
If you will be only staying at a property for a few years, then buying a house is not a good option. Buying a home and investing maintenance costs and sell it years later will very likely equate to a loss of funds. The fees and costs that come with buying and selling often outweigh the equity your home may accrue. Knowing this, it’d be better to set up a temporary living situation by renting. In this option, you won’t have to worry about changing location immediately and you can even negotiate the times and terms. Even if leaving soon is not your plan, you can be forced out earlier than expected. Buying a home is not a good idea if you will leave it three years after. Keep in mind that leaving your own home means you will have to sell it as well and you have to deal with the moving process.
Furthermore, renting means that you won’t have to spend a large sum of your funds that you would have spent on buying a new home. You can put that money into other investments that are more likely to give you a decent return. When you retire your income drops significantly, so having those means of financial gain is important to your comfort of living.
For those set on renting, there is something else to consider as well. If you’re certain that you will be living in this home longer term, around 10+ years, then buying may still be the better option. When it comes to equity, long term ownership has the edge over renting. Of course, the extra burdens that come with ownership should still be considered. There are more privileges that come with owning a home, especially if it’s purchased through a small mortgage. Renters are very restricted in what they can and can’t do to a property. However, when you own a place you can do whatever you’d like with it, for the most part.
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Social Activeness
When deciding where to live you should consider what level of social interaction you’re currently looking for, and what you may want in the future.
If you want to interact more socially, rent an apartment or buy half a duplex. Your neighbors are friendly and love to set activities in the community.
You don’t have to worry about apartments. Several retirement communities have available homes that allow you to engage more in social interaction.
Whatever your current preferences, you’ll want to look at the location you’re choosing, and what sort of interaction and activities are available. There are retirement communities that hold regular get-togethers, big events, or daily meals. These are all excellent opportunities to meet with others, while still maintaining a quiet and secluded home life.
Those who don’t feel the desire to be around people on a regular basis may find themselves leaning more towards the small cottage on a hill style home. Something small to suit your needs, away from people, but not so far that getting into town, or getting help when needed, is a huge chore. If you like it this way, but you still want some social interaction, you may visit town to check for future get togethers.
Owning Pets
Your choice for a house or an apartment may change if you put having pets in the picture. Owning or renting a house gives you the freedom of having pets, but many apartments don’t.
Especially when reaching an older age, people can become attached to their pets, and even need them in their life. Some people may have comfort animals, or support animals. Pet restrictions in some apartments usually exclude bringing of those animals if they are truly needed by the tenant. Doing some research would be very important if you will be bringing a furry friend with you.
Even if the apartment you will live in allow pets, you still have to make sure that their type and/or size suits well with the place. In addition, the landlord may also set a maximum number of pets you can keep. Put these factors into consideration before deciding.
Expect to have fees when you bring your pets with you. Most apartments or rental houses charge a pet deposit fee. The fee will cover damages that will be caused by pets. You will have to include this fee in the list of your expenses.
After all this, you have to find an apartment that meets your needs, your pets needs, and is available for you to move in. Dogs, for example, will need to go outside regularly, be it for walks or simply to run around in a backyard or large garden. As well, some cats are more inclined to be a mix of indoor and outdoor, and will need access to your apartment. Living on a higher floor is impractical if you will be living with pets. Depending on the type of pet, you may need a property with a balcony or some type of private back yard. The latter option is often harder to find. However, your balcony would be ideal for your pet if it has a litterbox, puppy pads, or fake grass, which can suffice the regular outdoor needs of your pets.
Welcoming Visitors
Someone may visit you only for a couple of hours, some may like to stay for days or ever weeks. When you retire, if you retire to an apartment or any retirement community, you may need to consider the rules and regulations regarding visitors. Certain communities allow visitors to stay without a lot of limitations. However, some don’t want your house guest to stay for so long. The same goes for an apartment. In these places, certain utilities, living essentials, and activities are made available for free. These places are meant to cater to the needs of residents, not their visitors.
The best thing to do is know the policy well ahead of time. Before buying, it is important to determine whether you will be expecting long term visitors or not. Some communities would accept visitors of legal age. In other communities, visitors are required to be on the list, or at least near retirement. Apartments will require a visitor to be added to the lease should he or she stay at least a month.
In-Home Care
Unless it is designated as a place that does so, many apartments and retirement communities do not offer in home help or care. If you will be needing this service in the future, make sure that it is easily accessible in your next home.
There are places that only provide a couple of in-home care services. This could include some basic cleaning or food serves. If you are hiring a care service, just let the property managers know. In some places however, such in-home care translates to having unlisted guests that would probably stay for long, thus it won’t be allowed.
Your area of residence should have services in case you need care. In case you prefer someone you know instead of someone else to take care of your needs, it is better if your next place can be visited easily and often. You should make these decisions based on your health and safety.
If it is already hard for you to use the stairs of an apartment, then your next home should only have single storey. Split homes with ground level homes are also preferable for those who want to have cozy and close apartment setting, but with a minimal number of individuals.
Decision Making
By now; you have already listed down what you need and have, and even your needs in the future. When you’re retired you should take the time and care to ensure your move is to the right place.
There might be several adjustments when you will be switching your home to a small apartment from your own house, but the costs and labor will surely be worth it. Moreover, your new home will give you an opportunity to socially interact with others.
Your health is very important so you must decide if you will be under someone’s care all the time, or someone will visit you from time to time to provide you in-home care. It is important to have the space for them.
Moving in must not be rushed. Take time to make a decision in searching the ideal place for you to retire. If you’re moving to a completely new area, perhaps to be closer to someone or something, then you may find you don’t care for it. Make sure that you have a solution when things go wrong. Your retirement should be fun, so take your time and don’t let moving become a major source of aggravation or pain.
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