What is a cash-out refinance? The cash-out refinance definition involves a refinance, where you first can take advantage of a better rate in order to lower your monthly mortgage.*
Five Steps To Find The Perfect Home For Aging In Place
Five Steps to Find the Perfect Home for Aging in Place
Sometimes, when aging in place, the best thing seniors can do is look into buying a new home. You shouldn’t feel limited to your current situation when you have the whole country to consider. Your golden years deserve only the best, after all, so follow the steps below to secure the perfect home for retirement.
Determine Your Budget
Before you begin your search for your perfect home, you’ll need a detailed budget in place to know precisely what you can afford. To get the ball rolling, try to value your current property by using real estate websites as a guide. Of course, you’ll be best served by having a professional evaluate your property to see a more certain figure, but you also need to consider your overall monthly budget. You don’t want to buy a place only to be saddled with a mortgage on a fixed income. After all, the last thing you want is to spend more each month than you have. So, get familiar with your local housing market to avoid dealing with any surprises.
Scope the Area
When looking for your dream retirement property, you’ll want to look out for average home sale prices to gauge your affordability. For instance, Seminole averaged $239K in home sales over the past month. You should then look at other factors in the area: What does the city have going for it, and how does it best suit your lifestyle? Check crime rates, climate, and nearby attractions. The town you choose should have more to offer than only an attractive price for your forever home.
Look at the Senior Community
Now that you have established that the town itself is a solid fit, you should reassure yourself that there is an active senior community. That might mean a retirement community, designed to give you a private home while still providing clubs and various social activities, or a library that hosts senior events. This is an important step that cannot be overlooked, as socialization is a cornerstone of good health. After all, nothing contributes to our health and happiness like staying connected to others.
Brainstorm Key Home Features
No place is viable unless you can find an accessible and convenient home. Unfortunately, not all properties are created equal, especially concerning aging in place. So, keep an eye out for senior-friendly features that will make your time easy, no matter what. These may include things like storage, which could ensure you don't need to leave anything precious behind. Your safety is essential, so look for a place that has either natural lighting or room for artificial options. Likewise, you might also prefer sliding doors and only a few steps to help relieve joint problems.
Costs to install these features will vary by service, so research estimates before hiring. For example, installing a sliding door can range from about $800 to $1,243. Everyone’s needs will differ, but by knowing what best suits your particular requirements, you can find your forever home.
Think of Potential Growth
The town you settle on needs to show the promise of long-term prosperity. No matter how big the current growth of a certain area might be, you must be certain that it can maintain it. If you want to find evidence of how well a town is doing, look at how many start-ups it boasts, how many new buildings are planned, and how the housing market compares to the rest of the state. By doing so, you can ensure that your new home is not located in a town likely to experience economic decline over the years.
Yes, it’s a good deal of research, but finding the perfect home to age in place is worth it. These years should bring you joy, adventure, and peace of mind, not stress or lack of socialization. By taking your time to know your budget, list your home requirements, and discover the ideal community, you will be well on your way to the best slice of your life yet.
Image Courtesy of Pexels
Latest Blog Posts
Five Steps to Find the Perfect Home for Aging in PlaceSometimes, when aging in place, the best thing seniors can do is look into buying a new home. You shouldn’t feel limited to your current