What Are My Housing Options After Retirement?

Nov 10, 2020

One of the freedoms of retirement is getting to choose where you live. Rather than being tied to a specific location due to work or school commitments, the entire world is open to you as a possible place to retire. With that said, it can be overwhelming to think about moving to a new home after retirement.

Fortunately, there are an array of living arrangements that can meet the needs of anyone who has recently retired and is considering their housing options. Understanding what the options are and the needs they fill is the first step in making a wise and informed choice.

Stay In Your Own Home

The first obvious housing choice after retirement is just to stay in your own home. Staying in your own home means you’ll be close to friends and family. You’ll also be familiar with the community, which is always nice.

With that said, after retirement, owning a home can become a little more difficult.

There are many responsibilities that are associated with owning a home that can become more taxing as you get older. For example, it may be more stressful to keep up with your home’s physical maintenance and upkeep. Additionally, the financial burden of home ownership may look a little daunting after retirement.

Of course, everyone’s situation is different. You may decide that you want to hold onto your house for a few more years. Or, you may decide it’s time to look for an entirely new housing option.

Consider Downsizing

Many people decide to downsize after retirement. Downsizing allows you to still enjoy the freedom and independence of home ownership without as much maintenance. Downsizing can mean fewer responsibilities, like having a smaller yard or fewer rooms to clean.

One benefit of moving to a smaller home is that you can usually end up in a better location than your original house. While you might have chosen a more rural or suburban environment to raise your kids, you now have the option to really live wherever you want.

Downsizing does entail quite a bit of work. After a lifetime of collecting knick-knacks, mementos, etc., you’ll probably need to sell or part with some of the items in your house to fit into a smaller home. If you think downsizing is in your future, start making a plan today.

Rent A Home

A lot of retirees decide to rent a smaller house or apartment. There are a lot of benefits associated with renting a home. For one, you have access to a range of housing options. You can choose a style of house or a particular location that you might never have considered when you were only looking to purchase a home. Additionally, by renting a home, you’re free from many of the physical and financial responsibilities associated with home ownership.

It’s also much cheaper. Renter’s insurance is less expensive than homeowner’s insurance. Plus, you don’t have to pay real estate taxes. Additionally, you’ll most likely have lower utility costs as well. 

There are of course some downsides to renting a home. For one, you’re dependent on your landlord for repairs and maintenance. And there are often restrictions on what you can and can’t have in a rental home. However, for many people about to retire, renting is the perfect choice.

Try A Gated Retirement Community

Another popular option is a gated retirement community. Some towns have gated communities with strict homeowners’ associations and age requirements for living in the community. Homes within these communities tend to be on the small side, perfect for just two or three residents.

A gated community is a good option if you’re looking for a quiet neighborhood and secure premises. Most gated communities are also situated in prime locations, with easy access to grocery stores and other amenities.

Residential Communities

Residential communities are typically inhabited by older retirees who are looking specifically for less home maintenance and some home assistance.

Residential communities are varied in type. For example, the term residential community can refer to foster homes, nursing homes, assisted living facilities, or any other type of residence that may also fall into this category.

In this living environment, residents are considered renters, and aren’t responsible for any yard work or maintenance. In residential communities, you can request private or semi-private rooms or apartments. Cooking and cleaning are done primarily by staff. Depending on your needs, 24/7 supervision and skilled nursing care are sometimes available for additional cost. Again, you may not be ready for this big of an adjustment yet, but being aware of all your options is smart way to start your retirement housing plan.

Get Worthwhile Advice Today

If you are near retirement age and are wondering what your housing options are, don’t hesitate to connect with knowledgeable agents like Kim Clark in Kosciusko County. With over 15 years of realty experience, Kim is fully equipped to make your living transition as smooth as possible. Contact her today.

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