Real Estate Needs of Seniors
A global study published by Nielsen explores the needs of seniors in detail, including their real estate prospects. In America, most people older than 65 are home owners and faced with important decisions about where to stay and how to best use their equity for a comfortable retirement.
With good health care, we can live far more productive lives into a ripe old age, and while many people still chose to retire at 65, it doesn’t mean the end is near. In fact, in 2012 life expectancy for the USA sat at 78.8 years. What this means is that you want to spend the golden years living as comfortable as possible and perhaps ticking off some bucket list items.
As we age, we may not be able to live alone anymore. This is when assisted living options such as communities for seniors, retirement homes, and home care come into play. Sometimes people can sell their family homes to move to a retirement facility (nursing home) or community (the village concept) with the much-needed support nearby. Often they will have adequate equity from the sale of their homes to afford a more comfortable old age that if they stayed in place.
Of course, some people are independent enough to stay in the family homes they love so much with care options available on a home visit basis. Many people with adult children prefer to downsize – freeing up equity and finding a place where they can live comfortably as they age. As long as you are still able to mostly take care of yourself this is often the best option. Choose wisely so you can perhaps join a village/community later when you need additional support. For a full list of living options for older people, see the help guide’s page.
As adult children assisting an elderly parent with these decisions, one has to remember that people build lifetimes of relationships in the neighborhoods and often the worst thing for someone’s health is removing them from their support system. Be sure to pay close attention to your older relatives needs when discussing relocation to a retirement facility.