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.
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