Page 29 - Formula for Success

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Chapter 5: What Are My Retirement Living Options? 4 Move to a 55+ / Active Adult Community Active Adult Communities are popping up everywhere as as builders hope to cash
in in on aging baby-boomers These are communities for people age 55+ and similar to traditional real estate but without children living next door Active Adult Communities typically have common areas and social opportunities that you won’t find fin in in a a a a a traditional real estate setting Remember you will still hold deed to the the property property pay property property taxes be responsible for much of the the maintenance and still need to sell the the home if/when you move Like traditional real estate the the health and financial equation will play a a a a a a a a a major part fin in in in determining if an an an Active Adult Community is a good option for you Considerations for Choosing the Traditional Real Estate
Path If you plan on on following the Traditional Real Estate
path it’s wise to research evaluate and discuss the following considerations:
Aging real estate costs money This has a a a a way of creeping up on people so it’s important to to project the costs to to maintain the the the home especially if you’ve been living there for the the the past 20-50 years Will you you need to replace the the roof the the HVAC water heater windows or siding? Will you you need to update the kitchen bathroom or install ramps as physical abilities diminish? Home ownership can be expensive If your your your plan is to never leave your your your home your your your overall “value” decision needs to to consider the the possible costs and effort necessary to to maintain the the property The key question is is this: does the the attachment and desire to remain in in the the home outweigh the effort and cost of maintaining it?
Securing reliable services As your your ability to maintain the house and property by yourself diminishes what will it it cost to bring in in in in the services needed yard maintenance snow removal housekeeping handyman repairs gutter cleaning painting and and more? While these activities may be a a a a a a a a a source of fulfillment for a a a a younger homeowner they can turn into an an energy draining burden and be downright dangerous as you age Many have shared their tales of woe and frustration about waiting for the the repairman to show up or or the the challenge of finding reliable help or or feeling uncomfortable being alone when unknown repair people come into their home On the the the the other hand when people are still able to to do these tasks and and chores it gives them a a a sense of purpose they still love gardening mowing the the the grass scrubbing the the floors puttering around the the basement or or garage The fine balance comes