Real Estate Options to Think About When Planning for Retirement
There comes a time when retirement is the next step in your journey. It is a time to look forward to on a personal level and a time to think about future finances. One of the largest investments you make is the purchase of a home. So deciding when to sell a home before retirement is a big decision. By exploring the real estate options out there when planning for retirement, you’ll find you have a lot of choices.
Real Estate Options to Pay for Your Retirement
When deciding whether or not to sell a home in preparation for retirement, it’s important to consider the quality of life the home would afford you if you stayed there. Retirement is an exciting time because you’re no longer tied to commitments, like work or kids, requiring you to remain in a specific location. You can choose to relocate to a new area to get more sun or to access more hiking trails, for example. If you know yoyu want to move to a new and exciting place, selling your home is the next logical step.
A home is generally the biggest asset you have. With a sale of your property, you may have the financial funding to enjoy a lifestyle designed with your comfort and entertainment in mind. For family members who may be sharing the financial responsibility of a retirement community, a sale can help relieve the financial strain. A sale can also afford you access to the additional funds needed to secure a home for your future years, especially if you are moving to a place where the cost of living is less expensive.
If the decision is made to sell your home, be prepared. Know its value and what a realistic selling price is for the current market, and determine if the sale will cover future monthly fees and for how long. Hiring an agent to take care of the entire process from listing to closing helps ensure a successful sale.
Renting the home versus selling is a viable option and may be a better choice depending on individual finances. As long as your home is rented, it provides a monthly income that can offset/supplement the funds needed to pay the monthly fee of a retirement community. However, you may need the income from the sale of your home to cover the entrance fee of the retirement community. If not, renting can help fund your lifestyle as well as alleviate the financial burden for a family member who is responsible for paying all or part of the community fee.
The Right Time to Sell
If the decision is made to sell your home in preparation for retirement, there are several things to consider that can help the process. An important factor to keep in mind is when the move to a retirement community will or should take place. For those who are able to live on their own or with minimal assistance and interested in independent or assisted living, there’s the flexibility of choosing when to sell and make the transition from a traditional residence to an apartment or villa in a community setting. In this situation, there is more time for planning the move and listing your property with a realtor.
When long-term memory care is becoming increasingly apparent for a family member, selling a home in preparation of moving them to a professionally run community with secure living and round-the-clock medical care is something to start considering well in advance. In either case, having a backup plan in place is recommended in case the market is slow and the home does not sell and provide the necessary funds to secure a place in the retirement community.
Benefits of a Retirement Community
Among the real estate options available to older adults are retirement communities. Depending on your situation, a retirement community can be the best move for you and your family. The Lodge at Magnolia Manor, for example, offers four living options including independent living, assisted living, memory care and skilled nursing. Each type of living environment offers benefits suited to individual preferences and needs.
On a financial level, the monthly fee for an apartment or villa also includes basic cable, gas and electricity, water, and trash removal. But you should also take into consideration the financial benefits of prepared meals, planned activities, social programs and fitness programs. Family members as well as residents can enjoy peace of mind knowing the community provides maintenance, security and support through an urgent call system. Another benefit of the community is residents can easily move from one type of living environment to another as medical needs change.
Downsizing from a large home that requires on-going maintenance and repair, insurance coverage, and annual taxes to a smaller living space frees up more time and money to enjoy fun activities, quality time with friends and family, and eliminates the stress that comes with owning a home.
A viable consideration if you enjoy living an active and independent lifestyle is a full-service retirement community. At The Lodge, retirees are provided with many opportunities to utilize their time to the fullest. Just a few of the things residents have access to include more social interaction, a variety of planned events, scheduled programs, a secure environment, state-of-the-art fitness center, game room, housekeeping services, dining options, group transportation and more. Living in an independent community affords seniors an environment that focuses, promotes, and supports an agenda of activities for both physical and mental health for its senior residents.
Assisted Living, Memory Care and Skilled Nursing
For some people, a little help from a qualified professional is necessary during the day or evening. It may be something as simple as ensuring medications are taken correctly or something more involved such as help with bathing and dressing. With assisted living, you still live independently in your own residence but have access to on-hand support with activities of daily living. You’ll also maintain your individual level of confidence knowing caring and dedicated staff is available whenever they’re needed.
In a memory care community, the goal is to provide the best possible lifestyle to retirees with memory impairments s such as dementia. Residents are provided with supportive services to keep them engaged in normal everyday activities. While living in the community, residents reside in safe and secure suites where trained professionals in the field of memory loss are available around the clock.
In a skilled nursing environment, professional support staff is available to provide the care that is needed for residents who need extensive assistance with getting dressed, bathing, medications and other activities of daily living. In addition, planned activities, entertainment and on-site rehabilitation are provided to keep residents living to their greatest potential.
Family members who were previously responsible for care can rest easy knowing their family member is living a quality lifestyle with professional help on site 24-hours-a-day. And you can relax and enjoy the same activities and programs available to those living an independent lifestyle.
Life at the Lodge at Magnolia Manor
To get an idea of what The Lodge has to offer, enjoy a bird’s eye view of the community with a virtual tour. Follow up with more information about pricing, availability, floorplans and community locations using the convenience of the online contact form, or call the community Monday through Friday from 8:30 am to 5 pm, and Saturday from 10 am to 2 pm to speak with a sales representative.