Four Housing Options in Retirement in Okemos

Are you a retiree trying to decide on your next housing situation? Housing in retirement is incredibly important as you have to accommodate fixed budgets, health and wellness, and proximity to a community. Let me demystify some of your options so that you can make the most informed decision for your future and enjoy your well-earned retirement! There are going to be some important points to consider as you make this decision, so read to the end to hear all of those.

To kick things off, we’re going to cover Downsizing. If you’re anything like me, the excitement of owning a large home has worn off; it didn’t take long for you to get tired of trading in all of your valuable free time to care for the lawn or clear the driveway of snow. And you envision a day when you don’t have to haul laundry to the upstairs master or clean extra interior square footage that you don’t even use. But you’re not ready to forfeit your home duties entirely – you’re just looking for something – well – something requiring less of your precious time. Downsizing might be a great

solution for you. A smaller yard, a single-story for stair elimination (because – hey – when are they going to create a stair Roomba, am I right?!?) and a little less area to clean are your pace. You’re comfortable with property tax hikes based on the trajectory of the area. You have money tucked away for new driveway concrete, roof replacement, and a new heater or air conditioner. These are all the characteristics of someone who should be considering a downsized single-family home.

Now let’s talk about Condo Living as your second option. What if you don’t care about making your mark on your home’s exterior, and would just prefer that someone else handle it entirely? And you are comfortable with association fee changes and living by the bylaws created by your

homeowner’s association. Then condo living might be for you. You’re entirely independent as a condo owner and typically responsible for the interior repairs, but don’t have to worry about landscaping, roof replacement or siding, for example, which eliminates some hidden costs. And you can still live near residential communities, as many condos exist in suburban areas. Just make sure you understand the HOA bylaws and are aligned, and you are ready to go!

Onto your third option, which is leased space: A huge advantage of leased space is no surprises: Someone else handles ALL of the maintenance. And, Michigan landlords can only raise rents during a lease according to the terms stated in a lease – and, sometimes, these terms are entirely absent. So, read the fine print, but generally leased space is going to provide you with a community near others, which is good for your mental health, and a regular cadence for additional fees or payments – which makes living on a fixed income much easier. Some financial managers have recommended this path to retirees due to the advantages it provides for determining a budget.

And for our final option, let’s talk Continuing Care Retirement Communities! If you thrive on independent living but want to reduce the number of moves you have to make as your lifestyle changes, this option is for you. The level of care provided to residents varies but can range from entirely independent living to nursing care – all on site. I love this option as it gives you an opportunity to create a home in this community (because that always takes some time, right?) - and to potentially prevent any other home choices in your lifetime as your needs evolve. Just like apartment living, this also provides you with the option to interact frequently with others so that you can keep yourself in top shape, mentally and physically. This can also provide the loved ones of retirees with a ton of peace of mind, knowing your needs will be addressed as they arise. And, if your partner requires more care than you do, this option provides you with the assistance to continue your activities outside of your home without worrying about their welfare when you are away.

Whatever your needs, there are lots of choices to consider as you age and your needs change. If you have any questions about relocating, reach out to me so that I can help you determine your next best living situation. I can’t wait to facilitate your next move!

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