How To Go About Buying a Bigger Home in Retirement

August 4, 2022/in Senior Living /by competenow

Retirement should be about living a comfortable life after spending your prime years working to build up a retirement fund or passive income streams. It makes sense to want to move to a bigger house after retirement. You’ll have more space to host your kids and grandchildren when they visit. A bigger space also lets you practice homesteading skills that you could eventually convert into a business.

Factors To Consider When Buying a House in Retirement

Even with all these advantages, though, buying a home after retirement is quite a major commitment. Here are some of the main considerations:

Don’t buy on a whim. Do not put a down payment on a house just because you like it the first time you see it. Visit it a few times to give yourself enough time to think about the decision.
Think about utility. The house should be fit for its purpose. It should have enough square footage for the homestead hobby you intend to use it for. If there will be grandchildren visiting often, there should be enough rooms and perhaps even a playroom for them. If you want to have a garden, there should be enough space to create one, as well as storage for the gardening tools.
Distance to family. An ideal retirement home should be close enough for a close family member to drive and see you regularly. If you are currently living close to family members in Beverly, MA, do not move too far from them because it will disrupt your social life.
How does it affect your financial position? You’ll have to consider how buying a bigger house in retirement affects your financial position. Consult a financial advisor to help you fully analyze how the decision will affect your finances. Will your income sustain the mortgage payments? How much will you commit as a down payment for the house? And how will the mortgage payments affect your monthly budget?
Use a reliable agent.It’s always advisable to find an agent to guide you through the home buying process. They are likely to have knowledge of sale offers, distressed properties, as well as new developments.

Turning Your Homestead Skill Into a Business

Wanting to practice a homestead hobby is one of the major reasons for buying a bigger house in Beverly, MA for retirement. Gradually, you might realize that your hobby can turn into an income-generating business. Before injecting capital into it, though, prepare a business plan.

During the making of the business plan, you’ll interrogate the idea to determine its viability. The plan should describe how you intend to structure your business, either as a sole proprietorship or an LLC. It should also describe your skills, the capital required, whether you will hire staff, the target audience, and the projected revenue. Remember, don’t go it alone if you need assistance starting your business. For instance, you can use this ZenBusiness guide on How to Start a Business to ensure you’re following the correct steps.

Let’s Help You Find a House in Beverly, MA

If you are thinking about finding a home in Beverly, MA, Maura Allard and Company can help you find what you really need. Our team seeks to build a relationship with you as we take you through finding an ideal home to retire in and help hone your homesteading business. Schedule a call with our team today.

Written by Hazel Bridges:

Ms. Bridges is the creator of Aging Wellness, a website that aims to provide health and wellness resources for aging seniors. She’s a breast cancer survivor. She challenges herself to live life to the fullest and inspires others to do so as well.

Benefits of Moving Closer to a Senior Loved One

September 27, 2021/in Senior Living /by Cara Chatellier

Familiar surroundings with good memories can help an older adult feel content and safe, which is why many seniors prefer to age in place; however, adult children may observe changes in their loved ones that cast doubt on whether independent living is the best choice. Even when a senior can walk, bathe, and eat independently, physical and mental health issues may raise safety concerns.

Health Issues Can Put Seniors at Risk

As people age, it’s customary to become a little forgetful. You might misplace your keys occasionally, but with a bit of effort, you can find them. However, when seniors frequently forget, it can result in failing to lock doors or turn off the stove, which can put them in danger. Neglecting self-care as a result of forgetting to eat or take medications can lead to serious illnesses. Older adults with dementia may drive a car, get lost, and be unable to find their way home. Physical limitations can also prevent older adults from maintaining a home.

There are options for seniors going through the transition from total independence to needing assistance. Long-term care or an assisted living facility may come to mind, but there are alternatives. With careful planning and support, seniors experiencing the challenges of aging can often remain in their homes.

Alleviate the Stress of Long-Distance Caregiving

Moving closer can alleviate the stress of coaching a senior loved one by telephone when issues arise. You will no longer need to book last-minute plane tickets or drive for an hour or more to help solve problems.

Hire an In-Home Caregiver

Hiring an in-home caregiver is an option for helping a senior remain in the home. In-home caregivers can help seniors with grooming, meal prep, medication management, and more.

Get Help With Household Maintenance

It’s dangerous for anyone to climb a ladder and attempt to clean gutters. Doing so can put you or a senior loved one at risk of injury. Depending on where you live, clearing debris from gutters should happen at least twice each year. The average cost for gutter cleaning can vary, but clean gutters can help prevent issues with the home. Living near a senior loved one means you can help them find honest gutter cleaning services that will not overcharge for such tasks.

Plan Your Home Purchase

If moving closer to a senior requires you to purchase a home, there are some steps you can take to make that process go smoothly. Knowing your debt-to-income ratio provides an idea of the mortgage payment you can afford. Calculate debt-to-income ratio by adding up all your monthly bills and dividing the monthly amount by your monthly gross income. Work with a real estate agent to take the stress out of finding and making an offer on a home. Reach out to Maura to get the ball rolling.

Living Near a Senior Loved One Can Reduce Stress

Move closer to your senior loved one and get peace of mind from knowing that they’re safe and getting needed help. You’ll put an end to the worry and stress of long-distance caregiving.

Beverly Senior Living

March 13, 2020/1 Comment/in Resources, Senior Living /by Maura Allard

Resource Guides for Senior Citizens

I recently had the pleasure of speaking with Annie Smith, Community Outreach and Senior Advocate for Caring.com. We spoke about aging adults and many of the available care options available in the Beverly, Massachusetts area.

Annie wrote:

” Based on conversations with community leaders across the US, many aging adults are unaware of the available care options and programs that can help maintain their independence and quality of life. So we created a free resource that provides information on topics like financial support and care options that are available in Beverly. What we are most excited about is our comprehensive database of senior living communities which also includes thoughtful and honest reviews from residents in your community.”

Annie shared these helpful resources with me that I want to pass along to you.

These resources are also listed under my “Resources” page located in my menu bar at the top of my page.

Questions?

Caring.com is a leading senior care resource for family caregivers seeking information and support as they care for aging parents, spouses and other loved ones. They have been featured by AARP, The Administration for Community Living, The National Legal Resource Center, and Forbes, as well as referenced by many governmental agencies and organizations across the Internet.