Elder Connection: Good time to invest in real estate
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By BARBARA HANSON - Published: February 11, 2009
From Seniorresource E-zine comes a timely discussion I found very interesting in that it offers the perspective that our current housing horrors may have a silver lining for some.
Real estate is a big value today. Prices are as low as they have been in decades. This reality is not to be overlooked when considering housing for senior citizens.
Reducing or eliminating the distance between relatives and friends is commonly sought as a method of increasing life enjoyment and easing the burden of daily living.
If you have good credit and a down payment, there are a number of creative options to consider.
Always wanted to relocate Mom closer to you? Or have you wanted to relocate yourself to a state with milder weather? Now could be the perfect time. Interest rates are low, housing stock is plentiful — too plentiful, in fact — and this has created opportunity.
Don't worry about news reports of banks curtailing lending. A customer with good credit and a down payment can always find a lender.
Right now the real estate available on the market is vast and varied. From "McMansions" to condominiums, to foreclosed suburban tract homes owned by the bank, there are many options.
Your local real estate agents are where you should start. Interview a couple of them before you decide on which agent you prefer, because you need to work with just one.
Find out what types of real estate they specialize in. Just condos? That may be good for you if that's what you need. Maybe there are options there you had not considered. There are many niches in real estate besides the single-family home.
Ever think about owning a duplex to solve care-giving needs? Dad can live on one side and you can rent the other side out, or live there yourself. In this way, you both have your privacy and yet you're next door with an intercom if you're needed.
What about a larger home to accommodate an added family member? Perhaps one with a finished basement suite would provide the flexibility you need. Maybe you can find an older home with a master bedroom addition. These additions have been popular with builders in recent years, and the added combination of bedroom and extra bathroom can make living together possible where it isn't in your current home.
Now may be the time to look for the home that would allow your kids' grandmother to move in. Many families find this arrangement is positive in all aspects of rearing children in today's hectic world. Seniors bring the dimension of life experience.
They often have time on their hands. They can be home when your kids arrive after school while you're at work and it works both ways. You'll always be in touch, thus keeping you aware of concerns about the health, diet, happiness and life activities of your older family members.
Barbara Hanson is director of community resource development for the Southwestern Vermont Council on Aging. For information about senior services, call the Senior Helpline at (800) 642-5119 or 786-5991 or visit www.svcoa.org.
Meals on Wheels
Wednesday: Italian chicken fingers, barbecue sauce, O'Brien potatoes, sliced carrots, wheat bread, butterscotch, pudding with cream.
Thursday: Barbecue meatloaf, rice pilaf, diced beets, wheat bread, strawberry shortcake.
Friday: Baked shells and cheese with ham, broccoli florets, stewed tomatoes, roll, orange.
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