For many of us, as we get older, our home is usually the largest and most precious asset we have.
Our team understands how important this is and are committed to understanding the special needs that our senior clients have, which is why our agents are proud to have earned their SRES (Senior Real Estate Specialist) designation from the National Association of Realtors.
SRES agents have received additional training and are specially qualified to address the needs of baby boomers and those over 50 years old. These agents bring a unique approach to each transaction and interaction with clients, by not only offering a deep knowledge of real estate and the local and economic issues shaping market trends, but they are also educated on issues of particular concern to our senior clients.
To assist our senior clients, we have partnered Caring.com to share some of their useful resources. We hope these will help you to understand the options available to you, and what will be best for your future plans:
One of the fastest-growing options in senior living is Independent Living Communities. These communities offer a solution for seniors looking to simplify their lives but who don’t need the attention found in nursing or assisted living homes.
For those who need more care and attention, Nursing Homes provide a wide range of services including preventive, therapeutic and/or rehabilitative nursing care, either for a short or as a long term living facilities.
Specifically designed to meet the needs of people who’s memories are impaired, Memory Care Facilities have specially trained staff and medical teams to work with people who are experiencing memory loss from Alzheimer’s disease or other dementias.
Nonmedical care provided in your own home is also known as In-home Care. This includes assistance with every day activities like eating, bathing, and ensuring medication is taken on-time.
For seniors who need some help with normal daily activities in order to continue living an independent life, Assisted Living Communities are a great option. Unlike a nursing home, assisted living communities do not typically include medical care services, but they do typically assist with transportation to doctor’s appointments.
Many of these facilities will offer residents the choice of all-inclusive or fee-for-service pricing. This means the difference between paying a single monthly fee that covers rent, meals, and any additional services or paying just for the services used. The average monthly cost for assisted living can be about $4000.
The high cost associated with many assisted living communities can cause a huge financial strain for many people, but especially for those individuals with lower incomes. Fortunately, various forms of financial assistance to help cover the cost of assisted living are available to those who qualify.
For seniors who have modest incomes, paying for housing- whether a home they own, a rental, or a room in a facility that provides additional senior care assistance- can feel nearly impossible. According to the National Council on Aging, in 2019 over 25 million Americans 60 and older were living on $31,225 or less per year, a status recognized as “economically insecure.” For those who rent, have housing debt, or need some form of assisted living, such an income is often inadequate for their housing needs.
There are resources available for seniors who have inadequate incomes to pay the above housing costs. Finding a low-income housing option isn’t always easy, but knowing which government and nonprofit programs exist to help with housing can make all the difference.
If you are considering a change in your living situation, but aren’t sure where to begin, our Senior Real Estate Specialists are here to help you! We can provide recommendations for services to help with downsizing, contractors for any pre-sale repairs, and go over with you the best way to prepare your home to sell for top value so you’re best prepared for this new step!