For many senior citizens in retirement, as their source of income and savings slowly dwindle, their lifestyle also unfortunately changes. If you have been living in a big house for decades, it might no longer fit your budget or needs in retirement. Here are some affordable housing options that you should know about to put money back in your pocket...
Share House with Other Seniors
One great housing option is to consider sharing the cost of rent with another senior citizen. Moving in with a fellow retiree has numerous financial benefits that do not include complicated family relationships. If you already own a home, you should find another senior with whom to share the living expenses. Moreover, renting out some space will cut your monthly bills in half. If you have always wanted to live in luxury accommodations such as luxury apartments Hercules CA: Aventine, you can share the costs with fellow seniors.
Consider Co-housing Communities
You can rein-in your housing costs by opting for co-housing communities. Although not all co-housing communities are affordable, you can still find some affordable units. In such a communities, you will find houses clustered around a communal space. In some cases, community members might provide transportation and housekeeping services for neighbors. This living situation allows you to get basic assistance whilst maintaining your independence.
Move in with the kids
While this option is not for everyone, you can move in with your kids to ease the housing burden. When you choose to live with your adult child, you will cut your expenses in half. Moreover, you might experience some fringe benefits. For instance, busy adult children will gain a stay-in babysitter for their children, and, on the other end, seniors will get to spend more time with their grandkids.
If you want to make this arrangement work without destroying your relationships, you need to set boundaries from the beginning. You need to ensure that everyone in the household has the same expectations about bill sharing, personal space, and communal living. When you have boundaries, you will be able to live together in harmony without acrimony.
Consider a Life Plan Community
This might not seem like a good housing option for senior citizens, but it is. However, it only works if you have a substantial amount of money to put down for the initial fee. This housing option will become affordable over time, especially if you will require skilled care from a nurse in the future.
A life plan community combines different living arrangements to allow retirees to live independently while having skilled nursing care at their disposal. In some all-inclusive communities, you will also get meals. If you can no longer afford to cover the cost of care, you can reach out to assistance programs and foundations to cover it for you. However, you need to read the fine print carefully because contracts vary from community to community.
Consider a Subsidized Housing Program
Several federal housing programs can help you to afford your rent. If you are hunting for apartments such as Vintage Apartments, you should look into subsidized housing programs. You should keep in mind that subsidized housing programs are hard to navigate.
Before applying, you should know that each program has different criteria for eligibility. For this reason, you should start applying for subsidized housing well before your retirement. Moreover, most of these programs have a waiting list, which makes it necessary for you to apply in advance.
Conclusion
These affordable housing options will come in handy for seniors who can no longer afford to live in their homes. Make sure that you consult a real estate agent before choosing a housing option. This way, you can make a more informed decision.
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