RETIRING IN-PLACE ON THE NORTH FORK

Southold Town’s population includes a significant number of retirees, and “retirees-in-the- making.”  Many of our clients view their second home as a future retirement home and look forward to spending full time on our beautiful, tranquil North Fork!  Awareness is growing about an aging demographic, working longer and with longer life expectancy than previous generations.  The baby boom bulge will definitely affect our community and we should be preparing for it.

If you are planning to retire on the North Fork or if you have retired and wish to spend the rest of your life in your own home,  it may be a good time to assess your home environment and retrofit your home, or consider selling if the home you have is too large or not easily retrofitted to suit aging-in-place.

Here are a few things to take into consideration:

1. Think Smaller.  A large home is welcoming to friends and family but as time passes and you’re your children have their own homes, it may be more practical to sell and downsize to something more manageable with less maintenance.  A ranch style versus a multi-story home may be the way to go.

2. Retrofit.  Structural modifications to your existing home may be more economical than assisted living. Also, if you doing any remodeling, think about accessibility and ease of use.  Replace hardware, such as lever-handled doorknobs versus  round balls, and sturdy handrails along stairs, single-handled faucets and "comfort height" toilets.  For a comprehensive list, see the "Aging-in-Place Remodeling Checklist" at www.nahb.org.

3. Use Technology.  You can take advantage of technology to control your heating and electric expenses. You can also make use of existing tech tools that help you stay in touch with family, caregivers and community, as well as monitor your health and provide for security.

4. Tap Your Equity.  If you have substantial equity in your home, you have multiple ways to pay for improvements, such as a cash-out refinance of your mortgage, a home-equity loan, or a reverse mortgage.  If improvements to your existing home is too costly or not the way you want to go, then consider selling and buying a home that works for you. 

               If you’d like to talk about aging-in-place, we’d be happy to meet with you and share ideas, discuss alternatives and resources.  At Beninati Associates, “we listen and we care…”

Source:  Aging in Place Technology Watch, Laurie Orlov, March 2019; Kiplinger's Personal Finance, Pat Mertz Esswein, Associate Editor, May 2015; www.nahb.org.