5 Sep 2012

Time to Downsize?

coupleIf your nest is empty, it might be time for a new nest. And today’s empty nesters have more options than ever. But even if retirement is years away, it’s never too early to think about where you might spend your golden years.

Many empty nesters struggle between maintaining the family homestead and moving to a smaller, more manageable home with the features they’ve always wanted. Like any home purchase, the decision to downsize – or not – is highly personal and dependent upon a number of factors, including health, distance from family, lifestyle and cost.

Two options that are becoming increasingly popular with individuals preparing for the future are active adult and continuing care retirement communities.

An active adult community is a good fit if you’re looking for maintenance-free living and amenities such as recreation and social activities – kind of like going back to college. These adult-only communities, usually geared to age 50+, offer smaller homes with desirable attributes. Disadvantages include little room for visitors and often no provision for medical care.

Continuing care retirement communities (CCRC) offer a tiered arrangement where individuals enter living independently in their own home, but have the option of assisted living, skilled nursing care and rehabilitation if and when their medical needs warrant. A CCRC generally requires an upfront financial commitment to reserve space.

If you are considering a move to these types of facilities in the near future, don’t gamble on yesterday’s prices to return before you sell your home. By waiting, you’ll spend your golden years not living the lifestyle you desire. You might even find yourself in a situation where you’ll need to move quickly because of health and find yourself burdened with a home that you must sell with even less return.

Allen Tate Companies
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