Although many seniors prefer to stay in the homes they have lived in for years, others find the upkeep of a house too much. Some have health issues and know that in a few years they will need help with daily chores. Moving is a big decision. Whether to buy something smaller or rent is often a matter of personal preference. The three most common senior living solutions Sacramento's aging citizens consider are retirement rental communities, owner occupied retirement facilities, and continuing care retirement communities.
Some seniors choose to sell their homes and move into rental retirement communities. This is a good choice for active seniors who enjoy being around others who are similar in age and circumstance to themselves. Many older people feel safer when they have neighbors close to them. The majority of the rental units in these communities come equipped with alarm buzzers and bells that can be activated in case of emergency.
Renting is preferable to some older people because they don't want to be responsible for maintenance issues and the costs associated with them. Many rental communities include facilities for seniors who can no longer live independently. Since seniors don't own their units, if they have financial reverses and can't pay the monthly rent, they don't have any option but to leave.
Some seniors would rather own than rent. They like the idea of having an asset they can borrow against or leave to their children. These people usually prefer moving to ownership communities. They may choose to purchase a single family home, or a condominium or town home. Purchasing one of these properties is no different than any other real estate deal. You negotiate a price with the previous owner and close after a period of thirty days or so.
In addition of their mortgage, residents of these communities pay a monthly fee to the association for maintenance of the common areas and any amenities located on the community campus. If a resident dies while living in the community, the heirs take on the responsibility of paying all association fees until such time as the property is sold. There are usually assisted living facilities on site that residents can use by paying a daily fee.
For those who qualify, and want to have their care guaranteed, a continuing care retirement community, CCRC, may be a good choice. This type of community has independent and assisted living, skilled nursing, and dementia related care all in one place. There are medical and financial requirements regulated by the Office of Insurance Regulation.
The CCRCs are preferred by those who want guaranteed care that is close to them. These facilities tend to attract couples who are younger than those in the rental communities. The cost of CCRCs varies depending on the level of care and the type of contract entered into.
The retirement community option is attractive to a lot of seniors. They have as much independence as they want, or can handle. There are health facilities nearby and neighbors who watch out for each other. Whether seniors choose to rent or own is usually dependent on their personal, financial, and medical circumstances.
Some seniors choose to sell their homes and move into rental retirement communities. This is a good choice for active seniors who enjoy being around others who are similar in age and circumstance to themselves. Many older people feel safer when they have neighbors close to them. The majority of the rental units in these communities come equipped with alarm buzzers and bells that can be activated in case of emergency.
Renting is preferable to some older people because they don't want to be responsible for maintenance issues and the costs associated with them. Many rental communities include facilities for seniors who can no longer live independently. Since seniors don't own their units, if they have financial reverses and can't pay the monthly rent, they don't have any option but to leave.
Some seniors would rather own than rent. They like the idea of having an asset they can borrow against or leave to their children. These people usually prefer moving to ownership communities. They may choose to purchase a single family home, or a condominium or town home. Purchasing one of these properties is no different than any other real estate deal. You negotiate a price with the previous owner and close after a period of thirty days or so.
In addition of their mortgage, residents of these communities pay a monthly fee to the association for maintenance of the common areas and any amenities located on the community campus. If a resident dies while living in the community, the heirs take on the responsibility of paying all association fees until such time as the property is sold. There are usually assisted living facilities on site that residents can use by paying a daily fee.
For those who qualify, and want to have their care guaranteed, a continuing care retirement community, CCRC, may be a good choice. This type of community has independent and assisted living, skilled nursing, and dementia related care all in one place. There are medical and financial requirements regulated by the Office of Insurance Regulation.
The CCRCs are preferred by those who want guaranteed care that is close to them. These facilities tend to attract couples who are younger than those in the rental communities. The cost of CCRCs varies depending on the level of care and the type of contract entered into.
The retirement community option is attractive to a lot of seniors. They have as much independence as they want, or can handle. There are health facilities nearby and neighbors who watch out for each other. Whether seniors choose to rent or own is usually dependent on their personal, financial, and medical circumstances.
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