After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
A New Home Search
Need To Stretch A Fixed Income? 5 Reasons To Consider Living In A Senior Apartment Complex
Elli Jokela
Whether planned or not, many older Americans today find themselves living on fixed incomes that are considerably less than their household income prior to their retirement. Since the cost of housing can eat up a significant portion of their monthly retirement income, many seniors are looking at ways to stretch their budget while continuing to enjoy an independent lifestyle. For many of these seniors, making a move into a senior apartment complex could be an option worth considering.
Elimination of the costs associated with owning a home
Seniors who currently own a home can potentially save thousands of dollars per year by moving into a senior apartment complex. Some of the monthly and annual expenses that could be eliminated by selling the home and making this type of move include:
- property taxes
- homeowners insurance premiums
- mortgage payments
- HOA fees
- lawn care costs
- home repairs and upgrades
Selling the home, moving into an apartment complex, and banking the equity from the sale can also offer seniors the advantage of more financial security and help them stretch their monthly income from Social Security, pension, or investments.
Reduction of utility expenses
Seniors who have previously lived in a single-family home, either owned or rented, may also see a significant reduction in the amount they spend on utilities each month. Apartments typically enjoy much lower costs for heating and cooling because of the insulation value offered by the surrounding structure. In addition, some apartment complexes may include water, sewer, cable television, or internet as part of the monthly rental fee.
Reduction of transportation costs
With the cost of gasoline rising sharply, seniors who move into an apartment complex may find that they no longer need to own and maintain a vehicle for transportation. Many senior complexes offer convenient access to public transportation options or regularly scheduled bus services to take residents shopping or to medical care appointments.
Access to complex amenities
Making the move to a senior apartment also means that seniors can enjoy amenities and activities without leaving the complex. Most senior apartment complexes offer well-equipped fitness centers for exercising, swimming pools, and outdoor spaces for relaxing. There may also be comfortable lounges for gatherings, watching movies, or playing games.
Moving to a properly equipped senior complex can also be a proactive choice for seniors who are already dealing with mobility issues. If you are a senior living on a fixed income, taking the time to explore senior apartment complex options may hold the key to more affordable housing.
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