Options for Retirement When Downsizing Isn't Possible
Suze Orman
Bestselling Author | Host of the Women & Money Podcast | Co-Founder of SecureSave
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The housing market is a challenge for everyone right now. Higher mortgage rates make it even harder for younger potential buyers who need to borrow to buy a home. And the lack of homes for sale is a challenge for anyone looking to buy.??If you are nearing retirement and considering downsizing, you may now be rethinking whether that is practical right now, if there aren’t homes in your price range and where you want to live.
If you have decided to stay put for a while longer (or forever) it is so important to make your current home safe and comfortable for your retirement years.
The time to do remodeling projects is now, if you can afford it, when you are healthy and can’t imagine being a bit older with a few more aches, or worse. At the top of the list of things to consider is whether you could live comfortably on the first floor of your current home.
Ask any contractors who have done work for older clients and they will tell you that they often get a call after there has been an accident or just the wear-and-tear of old age, and there is a need to remodel the downstairs to have a bedroom, and a bathroom that can accommodate a walker and a walk-in shower that doesn’t require stepping into a bathtub. The client wants it done ASAP, but the contractor tells them it will be a minimum of two months, or longer.?
And that can lead to a difficult time: the need to move in with family temporarily, or perhaps a stint in rehab until it is safe and practical to return to a home that requires navigating stairs.?
There are also so many smaller projects with a huge payoff. I respect you may love the rugs throughout your home, but the reality is they can become a serious tripping hazard as you age. Wall-to-wall carpeting removes that risk. Upgrading your lighting is another area to focus on. Raising the washer and dryer a foot or so off the ground will help avoid bending and lifting that can strain your back. Same goes for the dishwasher. Another kitchen project to consider is new lower cabinets with shelves that slide out can make it easier to access pots and pans. If you can find counterspace for heavy appliances, that can be safer than needing to lift them up or down from cabinets. And if your main bathroom doesn’t yet have grab bars at the toilet and the shower, that should be addressed ASAP.
If you want more ideas on how to make your home hospitable to an older you, the National Association of Home Builders has an?aging-in-place checklist.
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Residential Real Estate Consultant and Coach
1 年Hi Suze, I would like to start a movement to have Congress increase the capitol gains deduction to a updated amount. I would also like them to have the deduction be based on just equity and not on marital status. I believe many of your followers would benefit in retirement if we could make these two changes. Lots of older homeowners would love to downsize and move somewhere more affordable and maybe enjoy their retirement using their hard earned equity but I am finding, (I'm a real estate agent in the SF Bay Area), they refuse to move because of the capitol gains they will have to pay This includes me!! Not all areas of the country will see much of a benefit but might benefit from the deduction be based just on equity not marital status especially single of any age, divorced or widowed homeowners. Personally I am divorced and have personally paid for every bit of my homes expenditures including remodels that have greatly added to the equity. Additionally, while I'd love to see your followers using the extra money for enjoying life, many of us need it to afford long term health care. You're right. Many of us for various reasons are not financially secure going into our later years. This could help. Will you help me?
Supervisor at aman grafika
1 年https://www.youtube.com/watch?v=SvCg11IyNGQ