It was a long, hard winter, and the housing market is still pretty hot. It’s enough to make any empty-nester still living in that big family home think about other housing options, especially if you have reached “senior citizen” status. This week’s speaker, Chuck Wagner -- highly experienced in many aspects of property management and currently a part-time consultant for Lifestyle communities -- explored various housing choices available to seniors.
The default choice is “aging in place.” You love your house. It’s filled with memories of raising your family. If your mortgage is mostly paid off or has a low interest rate, staying might make good economic sense. Plus, it isn’t just memories that fill your house. It’s all your stuff. The thought of moving is daunting. Many organizations offer services – yardwork, shopping, bringing in meals -- to enable seniors to stay in their homes. Still...it’s a balancing act. Looking ahead, your health might dictate another option. In Minnesota winters, the most dangerous action can be walking to your mailbox and slipping on ice. Isolation is another key factor to consider.
If you decide to sell, one option is simply to downsize and eliminate much of the cost and effort of maintaining a home. You rent an apartment or a townhouse or condo. For many people, this can be an excellent transition step before moving to a “senior living” arrangement.
If you’re older or experiencing health issues, a good choice might be a Continuing Care Retirement Community that allows you to move from independent living to assisted living and, perhaps, memory care as your needs change.
If you are still eager and able to live independently, a seniors coop can provide excellent amenities, a stable community, and freedom from the burdens of home maintenance. The economic model is based on each “member” owning a share of the coop than can be sold in the future. Residents also pay a monthly fee to cover ongoing expenses. Artessa is planning a community of this type adjacent to the Golden Valley Country Club.