Having just had a milestone birthday, it really does make you realize how quickly time flies! We firmly believe you are only as old as you feel and many times as old as you act!!! We know quite a few ‘very senior’ people who can run circles around us. We most certainly could not keep up with them on any given day! However despite our attitude, we do have to recognize that as we age there can be limitations. Health is usually a major factor. Sometimes finances can impact our “golden years”. Studies are showing seniors are taking better care of themselves and living longer so we need to save more or make our savings stretch further.
You may be considering making a move from your Orangeville house. We are not fond of the term “downsizing” but like to refer to it as “right-sizing”. Finding the right fit for you! Many times the family home just gets to be too big and too much work to maintain. Some people just want to cash in on the equity they have built up in their Orangeville homes. Remember you do not pay capital gains on the sale of your personal dwelling.
The key to anything is to have a plan. We know from experience that it is better to plan ahead than to wait until you are in the middle of a crisis to have to make snap decisions. There is a saying, “when emotions are high, intelligence is low”. It’s much easier to make plans while you have your health and are physically able.
Factors To Consider
There are 3 major factors to consider when planning for retirement living.
- Type of Housing
These may seem very simple but when you are planning long term, you really have to think about all scenarios.
If you were a person to save over the years and have a healthy savings and investment portfolio, you may have more options available to you. As statistics show, most baby boomers did not save as much as they had wished. Life happened and time flew. We have to figure out how to make what we do have go further. For some owning their own homes, they may have options such as refinancing, a home equity line of credit (offers 65% of value of the home) or a reverse mortgage is gaining popularity. This type of financing can lend up to 55% of the home value in a lump sum. This is something that should be discussed with a financial planner to know which option would be best for your personal circumstance.
Location is another factor to think about. Do you want to be close to family members? Do you want to move to a quiet, retirement area where the cost of living is much more affordable? Again, you may be driving and mobile now, but what would happen if you were not able to drive yourself? Do you need to consider a place that has public transit? Do you have current health concerns that you may need to be closer to your doctor or hospital in the future?
Most people think of aging and think bungalow. But you really need to give this more thought. Yes most seniors believe that stairs can pose a problem. We have a friend who is a physiotherapist and she believes the longer a person can live in a home with stairs, the more exercise and active they seem to be as they age. Having had my knee replaced last year, I believe I progressed faster because I had no choice but to use the stairs. Bungalows offer fewer stairs but then there may still be yard work required so would a condo apartment be more fitting? You need to consider is the home able to be adapted for mobility aides if required down the road like a wheelchair or walker?
There are many housing options available here in Orangeville for seniors. Many plan to stay in their current home and just have it retrofitted to suit their current needs. This may be the best option for some as the house prices here in Orangeville have increased over the years and some may not be able to afford to make a move and remain in town. We see many families looking to “Co-housing”. This is where parents and adult children move in together. Typically there are two separate living spaces and can be beneficial for both parties.
Retirement homes are popular here in Orangeville for some seniors. However, this must meet your finances and your lifestyle. We have not had a “retirement community” as such. The closest we have had would be Watermark where the intent was for more of an adult lifestyle.
Orangeville has a few condo apartment type buildings. The difficulty with these is the demand. The prices have increased so dramatically because of the demand.
The last option is nursing home or assisted living. This is when more care is needed than what you can manage on your own. We do not have as many nursing homes as the larger centres and there tends to be waiting lists. As health of a spouse or loved one starts to deteriorate, it may be a good idea just to have their name put on the list so when the time comes that nursing home living is definitely required, it may be available.
We know we like to put off thinking and planning for things that can be difficult, but it is so much easier when you can plan with a clear mind. This is the time to gather information and look at all your options. We would be happy to sit down and have a cup of tea and review strategies with you from our experience. We can also offer you a market evaluation to know what your home is worth in today’s market. Many people who have lived in the same home for an extended period of time are usually quite pleased with how much their Orangeville house has appreciated in value! Give us a call and put the kettle on!