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Seniors often have big decisions to make during their older years regarding housing. Many have been living in the same house for quite a while, but the loss of a spouse, financial challenges, or health issues make it necessary to make a change. There are a number of different types of living options available to older adults and they each come with different benefits. Miami Green Homes breaks them down for you.
Aging adults have many housing options to choose from
Once the decision is made to move into a new place, it is time to start the search. Some older adults will be able to continue living independently. However, Helpguide explains that it is essential that they consider not only their current needs, but how things may change over the next few years. Moving at this age is difficult, both physically and emotionally, so most do not want to have to do it again anytime soon.
Single-level living is often a good fit for aging adults so that they do not have to navigate stairs. While there are single-family homes that can work well for seniors, many people at this stage of life will focus more on downsizing to a townhouse or condominium so the exterior maintenance issues are taken care of by the association.
Retirement communities have plenty of perks
Many seniors focus on 55+ independent communities instead. These age-restricted communities typically organize a number of social activities for their residents and this makes it easy to connect with other seniors. Depending on the community, residents may have access to a golf course, swimming pool, gardening, clubs, tennis, art or woodworking shops, and regular social gatherings.
55+ retirement communities often have more security than a traditional residential neighborhood, which brings peace of mind. In addition, they are usually close to medical facilities and the homes are designed for accessibility. While family members, including grandchildren, can certainly visit, the overall feel of the neighborhood is typically peaceful and quiet, without loud parties or rambunctious kids.
A combination facility may be the best fit
Some families look for a Continuing Care Retirement Community (CCRC). These offer different levels of assistance in one place, explains AARP. They provide a tiered approach to senior living, typically including options for independent living, assisted living, and skilled nursing care all within one community. This means that as a senior’s needs increase, they can access additional assistance without a major relocation.
A CCRC will usually include access to health services, meals, housekeeping, transportation, and personal care assistance. This living situation provides comfort to families and their older loved ones since help is always nearby, and moves as one’s needs increase will be relatively simple. These senior living options can be expensive, but many have different levels of service available.
Evaluate the financial ramifications before selling the old home
Families should always consider the financial implications of a senior’s move. Some older adults will sell their home and put the equity toward their new place. In that case, you’ll want to research the area’s housing market to get an idea of the average sale price — which, in Miami, is $370K. In some situations, seniors simply want to transfer the ownership of their property to another family member.
In this type of scenario, a quitclaim deed may be the best approach. Realtor details that quitclaim deeds are used in transactions that do not involve any money, a title search, or title insurance. They often work well for seniors who want to transfer ownership of their home to their adult children as it is a fairly simple and inexpensive approach.
There are many types of living options available to seniors these days, including traditional neighborhoods, 55+ communities, and tiered assistance communities. During the decision process, families also need to decide whether to sell an existing property or perhaps use a quitclaim deed to transfer it to family. Once plans are made, seniors can feel confident that they are in a new home that suits their needs throughout the rest of their years.
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[Image via Pixabay]
