5 Ways to Save Money on Retirement Housing Costs

In this economy baby boomers nearing retirement are looking for affordable housing as never before.  Here are some ways to do so.

Retirement Home

1. Move to a Small Town where housing costs, property taxes and cost of living are all lower.  This will save you money.

2. Downsize to a new smaller more efficient home which will save you money on utilities and have less upkeep & maintenance repairs.  It will be a long time before you spend money on appliance replacements or have to replace the hot water heater, furnace, air conditioner or roof.

3. Buy a resale home from a realtor or the owner rather than buying from the builder / developer.  You can get a resale at a better price. There are previously occupied homes in every community, even new communities.  Most resales have been improved by their owners.

4. Age in place in your current home making some improvements to make your house  more livable.  Check into changes in home design and function – many resources are available on the Internet.  Visit your neighborhood senior center or active adult center for programs and activities that will help you stay active, learn, exercise and socialize right in your own neighborhood.

5. Also check out 55+ communities and senior communities that may better serve your housing needs into the future. Being pro-active and acquiring long-run sustainable housing can save you money by avoiding emotional, maybe rash decisions about housing later in life.

Although seeming more expensive age qualified communities many times include services, meals, transportation, exercise facilities and much more that you are paying for now, so overall may be a good value for you.

By Robert Fowler, President of Retirement Media Inc.
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Retirement Homes – Renting May be Better than Buying

retirement homeBefore signing on the dotted line to purchase a retirement home baby boomers should consider the benefits of renting, especially in a down economy. For some seniors buying a retirement home may not be a good fit despite all the pundits that decree buying is the only way to go. So if you are considering buying or renting read on to discover why renting a retirement home may be your best option.

Reasons to Consider Renting Your Retirement Home:

1. Cannot Afford to Buy

What caused the housing market to crash in the first place were predatory lenders giving money to people who could not afford to pay their monthly mortgages. If you cannot afford to buy a home the fact of the matter is you should consider moving into one of the many 55+ rental apartments that are available.

If you are one of the seniors living on a fixed income it would behoove you to live below your means. Using too much of your income to go towards a house payment is a dangerous financial practice that will set you up for financial disaster.

2. Unsure of Where you Want to Live

Many seniors want to explore different areas of the country to see where they want to spend their retirement. There are several 55+ houses for rent in all areas of the country that seniors can live in temporarily.

3. Less Risk

The economy is in a shaky state so buying may put you at risk. Buying homes in a down economy may be good for young investors but not for seniors. Seniors should be looking for financial stability and ways to minimize risk. When you rent you put yourself in a much safer financial position thereby shielding yourself from potential risks associated with buying in an uncertain housing market.

4. Property Taxes

Some states have astronomical property tax rates that add hundreds to your monthly mortgage payment. When you rent you do not have to pay property tax and can use that money towards other expenses or savings.

5. Amenities

Many 55+ rental apartments and homes in 55 communities offer great amenities such as yard and home maintenance, organized social programs, clubhouse, transportation, pool, fitness center, and even on site medical care. If you purchase a home these amenities are typically not available leaving you to your own devices to meet those needs.

6. Less Responsibility

Owning a home is a huge responsibility. You have to do yard work and take care of any home repairs or hire someone to do it for you. Renting a retirement home alleviates most of this responsibility leaving you with more time to enjoy your golden years rather than fretting about home maintenance.

7. Social Life

Research shows that seniors who are actively involved in social programs and have relationship with their peers are happier and healthier. Renting a retirement home in a community gives you instant access to people the same age who have the same interests.

If you are considering purchasing or renting we hope you look at the pros and cons of each and do a thorough analysis to figure out what is right for you. If you need expert help see a financial adviser who has experience in helping seniors and baby boomers.

55 Plus Homes for Sale – 55+ Homes for Rent

Announcement:
55CommunityGuide.com has now added two new sections, 55+ Homes for Sale and 55+ Homes for Rent for ads for individual property listings. Just like our community listings, these ads for individual properties are free.   We already show up at the top for 55+ homes for sale and rent.  We are at the top of the search engine result for many terms relating to 55 communities and rank number one on Google for “retirement communities”.  By placing your free listing(s) you will get exposure right away.   If you already have an account at 55CommunityGuide.com, to place your ad for an individual property  for sale or rent, just log in from the left side of the home page.  Then on your Member Section page look in the left column to place your free ads in either of these two new sections.  If you are new, just click the “Advertise with us” tab on top of the home page.

These new sections are separate from the “community” listing you now have and will give you great free exposure for your listings. You can upload photos and get a direct link to your web site from our high rated PR5 site! That’s worth it right there. We have options for each age qualified group 50+, 55+, 62+ or none.  We have property types for houses and homes, condos and townhouses, apartments, duplexes, lofts and modular homes.

Your ad in either of these two new sections will be promoted on our extensive social media accounts at twitter and Facebook where we have thousands of followers.

Thanks, Robert Fowler