Cost of housing has an impact on people at all stages of life. A new article came out in my Seniors Real Estate Specialist® newsletter: Older homeowners, who want to sell, have difficulties finding a new place to live (see below). It tells of the stressful situations seniors face in trying to achieve suitable housing at an affordable cost. These stories are real. I see a lot of people that face these same dilemmas. But I’ve also seen a lot of people find a very workable solution.
- Home Modification– One option is to modify the existing home. I had a woman with a 2 story home where the bedrooms are all upstairs. Maneuvering stairs was becoming difficult and dangerous, but she really wanted to stay in her home. Her home has a family room on the main level that is adjacent to a large laundry room. By moving her washer & dryer hookups a few feet to the garage, she created a beautiful primary suite on the main level. Not only did that allow her to stay in her home with peace of mind but it also added value to her home.
- Dual Living-Combining households is a great way to reduce costs and provide assisted living. I have had people convert a garage to create a suite or small apartment. Or use a first floor bedroom for someone aging or someone with limited mobility. Accessory dwelling units (ADU) are becoming a common way to bring multi generations onto one property. This would be an added unit on the property or above a garage. This type of living can help reduce utility and food costs and bring people together to share care and support. Maybe it’s aiding an aging parent or grandparent or someone with health conditions. Or maybe older household members are caring for young children. This can be a win/win for a lot of households.
- Duplex– A duplex is a way to generate income by renting out one unit and owner occupying the other. This could also be accomplished by renting out rooms.
- Hardship Dwelling– In the cases where someone has a medical condition that requires care, some larger properties can accommodate a manufactured home, RV or other dwelling under a hardship case. A hardship dwelling needs approval from the governing municipality.
- Senior Communities– I work with a lot of people that downsize into senior manufactured home parks. They require space rent, but often that cost is much less than renting a home or an apartment. These communities give people independence, but they have close neighbors for socialization and to help each other in times of need.
Finding the best housing option for seniors can be stressful. But there are a lot of ways to create security, affordability, comfort and peace of mind.
Older homeowners, who want to sell, have difficulties finding a new place to live : NPR
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