For many people, staying in their own home as they approach their golden years is something they feel very strongly about. After all, our homes are more than just a building we reside in, but the site of significant life events and memories. They are a place where our families gather for fun and support and protection from the outside world. The good news is that it’s becoming easier, and easier to stay in your own home, even as you age.
Be clear about your wishes
If you want to stay in your home for many years to come, make your wishes known to friends and relatives. In fact, not only is it important to discuss this desire with them face to face but to record your preferences formally with your legal team.
Make sure it’s accessible
In preparation for your future years, make sure that you update your home. Add as many accessibility features as possible even if you don’t need them now. The most common argument against aging in place by relatives and medical professionals is that your property has become unmanageable.
Be proactive about up-fitting things like walk-in baths, widened doorways, personal alarms, and wheelchair ramps. The latter being something that can not only help you gain access if you use a wheelchair but can make any entryway incline a lot less steep and less dangerous to navigate.
Boost security
When reaming in your home as you age, it can be particularly beneficial to boost any security measures you may already have, or install a new system if you have one. It will not only help you feel as safe as possible, but will put the minds of your relatives at ease as well.
With that in mind, picking out a smart doorbell, installing a CCTV system, and getting a chain on the door are all things to be considered.
Dealing with the cost
You can certainly improve your chances of staying in your own home by saving up enough money, not only to cover your bills but also to pay for any alterations or outside services that you may need later.
Many people use their 401K to help cover such costs, but there are other options to consider too. One such option is to prioritize paying off your mortgage as quickly as possible in the period of time leading up to your retirement. In this way you can minimize your expenses as much as possible when you do retire and not have to worry about tightening your belt later.
Additionally, some people choose to release the equity in their homes, while still living there. An option that you can talk to our financial adviser about. Doing so can provide the capital you need to install plenty of accessibility features and remain in your home as long as possible.
