How to Have a Home for Your Kids and Grandkids
The decision to buy a home is not always easy, but it can be worth the effort in the end. A study by Fannie Mae found that more than two-thirds of baby boomers surveyed plan on staying in their homes as they age. Home ownership has many benefits for seniors including having a place for your kids and grandkids to visit you, maintaining independence, and having an asset that will appreciate over time. These are the types of equity release that you should know about.
With homeownership, you also have the option to sell your home or put it on the market when conditions are right. This is especially helpful for seniors who need money for their care and they won’t be able to stay in their homes forever. If planning ahead isn’t something that appeals to you, think about renters instead of buyers. Renters typically pay less per month than properties cost each year so this will give them some extra cash every year with which they can plan ahead if needed.
While owning a home has many benefits over renting , both options come with disadvantages as well such as property taxes, repairs and maintenance costs, difficulty finding someone else responsible enough to maintain your house while you travel extensively—you may have to live with a less than ideal property management company if you choose this option.
First step toward owning a home is to build up your down payment. It’s a good idea for seniors who are interested in purchasing their own home, but don’t think they can afford one right now because of lack of savings or credit issues. You may be surprised just how much money you have saved and the equity that you have built up over time — even after retirement!