Summersgate Blog

How 55+ Active Adults Can Reduce Housing Costs

According to an online article in the series "12 Weeks to Plan Your Retirement" on CBS Money Watch at CBSnews.com, housing costs constitute one-third of the average American's household budget. In week nine of this series the author, Steve Vernon, lists 9 ways to reduce your housing costs. Not all of the suggestions will resonate with everyone, but it is worth considering what your options are. Here's a brief summary of the list:

Reduce Your Housing Costs:

1. Downsize to a smaller house.
2. Move to a less expensive location.
3. Move to a less expensive part of the country.
4. Move to a less expensive country.
5. Consider renting out a room or two for additional income.
6. Share housing with other retirees.
7. Consider a reverse mortgage to generate retirement income.
8. Move in with one of your children. (or not!)
9. Sell your home and rent something that better fits your needs. (There's even a buy vs. rent calculator to help you determine if this is feasible.)

If you're 55+ and considering living in an active adult community you may want to consider how you can reduce your housing costs and still maintain your quality of life. The author states that "many retired couples stay in their homes too long, and then get in a situation where they start to make decisions in a panic." There are a lot of emotional attachments to one's home but there is no reason to allow yourself to become a slave to a house that is too big, or that you can't physically manage any more.

Don't wait for a life changing event that may force you to make uncomfortable and inconvenient decisions during an already difficult time. Be proactive, know your options, think about what you can do to reduce your cost of living and ensure that you can maintain your independence for as long as possible. For information on purchasing a customized home in the only active adult community in Salisbury Maryland give us a call at 410-543-8750 or visit our website at www.summersgate.com.