Many Americans buy houses to support current family needs. But in retirement, it may be time to consider selling in lieu of a more inexpensive and/or hands-free option. While some retirees prefer the sense of permanence and control that homeownership instills, others find it much simpler to move to a place where the hard work (maintenance, lawn care etc.) is taken care of. A rental property or retirement community may be the solution.
If you’re thinking about putting your house up for sale, consider how much profit you’ll make and how much another living option will cost. An apartment may cost less while a retirement community may cost more, though the security of the environment may be well worth the higher price in your eyes. Remember to calculate in security deposits, real estate fees, property taxes, association fees, insurance premiums and any other costs that feed into living expenses.
Many retirees enjoy the family feel of retirement communities, many of which boast on-site dining options, social activities and flexible living arrangements. The arrangements typically include three options to encompass individuals in all walks of life. They are as follows:
Independent living: Separate houses, townhomes or apartments are offered for healthy, able-bodied residents.
Assisted living: Apartments are offered to residents who need help performing certain activities, which allows for proximity to the nursing staff.
Skilled nursing: Wings are available to residents who need close medical supervision around the clock.
If the cost and upkeep of homeownership is simply becoming too much, research your options with the help of your family. A community setting may be a financially sound and socially satisfying solution.
As long as your house is in your name, you need coverage. Call Keystone Insurance at (801) 885-6845 for more information onhome insurance in Utah.