Independent living is often cited as being good for one's well-being, so it's no surprise that aging in place has become so popular. Thankfully, many options in today's housing market make it possible. Preparing for physical safety and financial security are the most immediate concerns that come to mind as we plan for aging in place. However, convenience and overall well-being should also be considered before deciding where to settle in.
Here are three housing options to weigh as you or your loved ones plan for continued independence:
1. Renovate Your Current Home: Adding front entry ramps, bath bars, sit-in tubs and other safety features may make it physically possible to stay where you are. However, renovation costs can add up quickly, especially if they're needed all at once. Home maintenance should also be factored in. Who will manage the upkeep if the property has multiple floors or a large yard?
2. Right-Size to a Manageable Floor Plan: Some may find it easier to purchase a home with barrier-free, universal design rather than deal with the stress of home renovations. Moving closer to family and friends can also help to prevent social isolation or depression.
3. Buy a New Home With Family Members: Floor plans for multigenerational homes are often designed with individual privacy in mind while allowing family to be nearby. Sharing home maintenance costs also minimizes living expenses. And this is an excellent way to help family members enter into homeownership.
Aging in place requires thoughtful preparation. Get in touch today for a referral to a trusted financial adviser to begin this journey. You can also reach out if you're interested in learning about your home's value or finding a new property.