Seniors Articles » House Rich – Cash Poor

Date: 01/06/2013

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House Rich – Cash Poor

It's hard to listen to the radio or watch the news on television without hearing some new report about the real estate boom or bust. Just the other day I heard another report that a huge percentage of the typical adult's wealth is tied up in their home. If that adult is nearing, or in retirement, lives in a home that has appreciated quite a bit, and no longer has a mortgage, that has to be a good thing, right?

DiningMaybe, maybe not. It all depends on who you ask and how much they really know about you and your overall financial situation. Not everyone that finds themselves strapped for cash in retirement lives in low income housing. Quite a few live in very nice homes that have appreciated over the years. What happens when that fabulous home becomes a prison? What do you do if you own your home free and clear but you can't afford to take a vacation or go out to dinner occasionally? The maintenance expenses have become too high. Who do you talk to? It's not easy making lifestyle decisions without a proper plan in place about the future.

Many of our parents longed for the day they would have their home paid for and could live mortgage free. But does it make sense to live in the lap of luxury without the money to enjoy life? Who should we talk to for good advice and reliable opinions? Anyone is going to have an opinion so it's important to ask the right people the right questions. As we age, it becomes more important to develop a team of qualified specialists that can help us make good choices.

Its also very important to discuss your options with your family and close friends. The more information you have the more certain you are of making the right choices for your particular situation.

With financial considerations of retirement further influencing their decisions many seniors look for a real estate agent who will understand what makes their needs unique. With such insight, the agent can better help make any sale or purchase transaction go smoothly for mature buyers or sellers.

Scaling down ....

Recent surveys of home sellers and buyers 50 years of age and older revealed some surprising insights. For instance, nearly half of surveyed seniors made the internet part of their home selling process, while more than two thirds of them used the internet in their home buying search. This clearly demonstrates that people born before the digital age are far more computer savvy than they're sometimes given credit for.

Even more surprising may be that the majority of seniors did not relocated to some distant destination, but instead kept close to home, with a quarter moving less than 25 klms away from their old neighbourhood and over half staying within 12 klms of it.

As you plan for retirement or semi-retirement, what's your next move? Is it in the same town or to another state or country ? Is it in country town or in a beachside community? Will it be a house or in an active over 55 community ? There are so many choices available!

Boomers & Beyond on the Gold Coast.

Many of my buyer clients are considering the Gold Coast for retirement, purchasing investment properties to eventually live in once they have finished work.. Whether it's a new over 55 apartment or a free standing home, its important to think ahead and prepare for your future needs.

Just because a home is single level does not make it truly accessible. As Active Adults become less agile, many will have to engage in substantial home modification or be prepared to sell and move into accommodation that is more suitable for their future needs. House costs and garden maintenance become issues that can be stressful. Even though none of us has a crystal ball for what lies ahead its important to put some forward thinking in place to prepare for your future needs.

All over the Country, Developers are building new Active Adult Communities targeted to the next wave of retirees - the Baby Boomers!