One of the major decisions that
Boomers will make in the next
twenty years is “Where are we
going to live as we age and what
can we afford?”
The three options are:
Stay in your present home
Buy a downsizer
Rent (and if so, what?)
Presently over 70% of Boomers own
a home of some type. The first question all Boomers should ask before
doing anything or making a choice
is to calculate a budget and do a
financial analysis of their current
situation. The first is their present
home.
Boomer Home Choices
& Financial Decisions
Homework Assignment
If you answered yes to #2, 3, 4, and
5, your choices have been made
easier. The challenge to live independently is about convenience and
access. If you don’t have these you
have another choice to make.
Most Boomers need to make a
physical assessment of their present home and if changes, additions
and or modifications need to be
criteria to guide you to an unemotional decision.
Suggestions:
Based on national statistics, any
combination of the numbers 1
through 7 (especially number 7)
make it easier to package your
current home and look for a new
home that meets the long term
opportunity of not having to move
Let’s take an analysis of your
current situation.
Present home questions:
1
Does my present home meet the
challenge of my family’s needs
over the next twenty to thirty
years to live affordably and
independently? Yes or No
2
Does my present home have a
master bedroom on the main
floor? Yes or No
3
Does it have 36” wide hallways
allowing for a walker or wheelchair? Yes or No
4
Does it have a walk-in shower
with ample space for ease of
use? Yes or No
5
Does it have easy access for entry? Yes or No [and how many
steps if any does one have to
navigate?]
reviewed now is the time to do it.
The cost of remodeling to meet the
above future needs may make the
investment a bad one. The question
should be “can I sell my home with
these modifications and changes
later and get my money back”?
6
Does it meet any of the new
energy standards? Yes or No
7
Does it just have too much
space that is not going to be
used? Yes or No
8
If married, this exercise should be
a joint effort, and both of you need
to agree on the plan. It is best to be
as objective as possible because this
may be your last move.
Does it cost more each year to
maintain, and do you know how
much it does cost? Yes or No
One of the biggest challenges is
using objectively financial budgets
and conclusions based on the above
again. It’s your home, your choice.
Make it analytical and fun. You
have another twenty years or
longer to enjoy your independence.
John Munson has specialized in office, retail, residential and senior living developments in metro Atlanta
as well as the Huntsville,
Alabama area. He developed
12 ranch condo subdivisions and sold more than
1,300 dwelling units to the active adult 55+
community, generating gross sales in excess of
$240,000,000 under the name New Life Homes,
LLC. He was responsible for finance, land
acquisition, entitlements, land development
and construction.
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