Monday, December 15, 2008

Housing Options

Have you thought about moving after you retire?

People move during their lifetime for many reasons -- for their job, getting married, needing a larger home; but the top 3 reasons why retirees move are: to be close to their family; to reduce their living costs; or a change in marital status due to death or divorce.

Some of the housing options to consider depending upon your age, health, financial position and marital status are:

  • APARTMENT - requires minimal cash, little maintenance, but you have to deal with other tenants and a smaller space
  • CONDO - builds up equity, but you have other homeowners close by
  • SINGLE FAMILY HOME - offers privacy and ownership, but more expensive and requires maintenance
  • BOARDING IN A PRIVATE HOME - offers a homelike setting with other people, but homeowners exert too much control
  • COHOUSING - similar to owning a single family home, but in a cohousing community you're committed to eat common meals, allocate dues, and pay for the common buildings
  • CONTINUING CARE COMMUNITIES - offers prepaid health care, social activities and you don't have to move if you need more medical care, but this is usually the most expensive option.

Don't rush your decision!! Before you pack your bags and call the movers, be sure you spend time further researching the many housing options. Plan to spend time visiting that area or housing situation and talk frankly to the people living there. It'll save you time and money and give you peace of mind in knowing you made an informed decision.

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