Posts
An overwhelming trend in today's society is for a couple to purchase a home and live there well into their retirement years but......... A home is a major expense even if the mortgage had been paid-off many years ago.
If you live on a fixed income, the annual property taxes, maintenance and repairs, utilities, yard and exterior clearing and repairs may put the cost of staying in your home outside of your fixed income. Many choose to purchase the priority items (prescription drugs, health care, and food) and let the home deteriorate. But, the home could become uncomfortable to remain in, needing maintenance, repairs and mobility type modifications.
A 'seasoned' couple (or singles, for that matter) can sell their home and move into a roomy apartment or condo (where maintenance & repairs are tasked to someone else) and live very comfortable, both financially and physically, without any unforeseen major expenditures for home repairs or the annual maintenance costs that keep the house in great shape. On another note, let’s face it, many repairmen, contractors and auto mechanics do not have a great reputation in giving the elderly great value for the services they provide sometimes taking them for a huge sum because of the situation they find themselves in.
Many are choosing to move into senior living centers or into condos in the downtown Omaha area where the shops, nightlife and nostalgia are unparalleled.
Last night, while downtown for the Boys State Soccer Finals, I witnessed many elderly couples walking around downtown catching the nightlife and enjoying life in general.
There are many factors to consider before you make that jump into a senior living center or condo but it makes perfect sense for many. Ask your children or other trusted loved ones to assist you in determining if it makes financial sense for you. It could be the best move you ever made.
