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I Need to Move Into Assisted Living, But I Can't Sell My House!
- By Laurence Harmon
- Published 12/4/2008
- Vacation Rentals
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Laurence Harmon
Laurence Harmon is a principal of http://www.greatplacesinc.com, the leading source for Baby Boomers who are responsible for helping their aging parents. http://www.greatplacesinc.com offers real-time advice and on-demand assistance, including various senior housing products, healthcare, insurance, legal and other senior-related subjects.
View all articles by Laurence Harmon
The downturn in the U. S. housing market has impacted all of us, but perhaps has been the most painful for some of the nation's seniors--those needing to make a lifestyle change. Here's more:
The current housing market has especially hit those seniors who are ready to move into a senior facility but who need to sell their current homes to be able to do so.
The fact is, seniors personally pay for most of their housing needs, and the payments required to move into retirement communities can be staggering. This means that the move is typically contingent upon the sale of a single-family home.
"The idea is that a senior has built up equity in [a] house, and this assures that they can have care for the rest of their lives," says Larry Minix, of the American Association of Homes and Services for the Aging.
But what if they can't find a buyer? And, with the current glut of unsold houses in many markets, even reducing the asking price may not solve the problem. The clogged housing market, coupled with the over-building of seniors'-oriented housing in many metropolitan areas, has resulted in rising vacancies in these facilities--particularly where the housing market is most distressed. Tampa, Florida, for example, is experiencing a 12 percent vacancy in senior housing units, up dramatically from four percent last year.
Some enterprising retirement-home operators have turned to real estate agents to help their prospective residents to sell their old homes. The problem with this strategy, of course, is that elders' homes are frequently dated or need substantial repairs and renovations in order to make them marketable. Outdated wallpaper, old appliances and poor maintenance, all characteristic of these houses, often deter buyers.
A 2008 survey by the American Seniors Housing Association found that nearly a quarter of seniors haven't made a home improvement during the last decade, and nearly one-half report that they won't spend money to attract a buyer. For many seniors, just as the real estate bust has depreciated the value of their primary asset--their homes--the value of their retirement accounts has recently plummeted as well.
A new national survey has found that 84 percent of Americans over age 50 expect that a family member will move into an assisted living facility during the next 10 years. Here are some details:
According to a recent study by the Coalition to Protect Choice in Senior Living, 84 percent of Americans over the age of 50 expect that one of their immediate family members will move into a senior living community within the next 10 years.
Fully 24 percent of Americans over the age of 65 expect the same for themselves. The poll found just more than half (51 percent) expect their parents will be living in a senior living project within the next decade; 15 percent expect the same for their spouse, and 10 percent for a sibling.
Prospective assisted living residents and their family members rank cost and quality of care as the most important factors when choosing an assisted living community.
They are also extremely budget-conscious when making assisted living decisions, and they're looking to keep costs as low as possible. When asked which is more important when deciding on an assisted living community, 78 percent of respondents agreed with the statement, "It is difficult to find the quality you desire at the price you can afford.”
Prospective senior living residents and their family members cite the following community attributes as the five most important when choosing an assisted living community:
76%: The quality of personal care in the community
76%: The personal safety of the residents
74%: Cleanliness of the community
68%: Staff quality
57%: Management quality
The current housing market has especially hit those seniors who are ready to move into a senior facility but who need to sell their current homes to be able to do so.
The fact is, seniors personally pay for most of their housing needs, and the payments required to move into retirement communities can be staggering. This means that the move is typically contingent upon the sale of a single-family home.
"The idea is that a senior has built up equity in [a] house, and this assures that they can have care for the rest of their lives," says Larry Minix, of the American Association of Homes and Services for the Aging.
But what if they can't find a buyer? And, with the current glut of unsold houses in many markets, even reducing the asking price may not solve the problem. The clogged housing market, coupled with the over-building of seniors'-oriented housing in many metropolitan areas, has resulted in rising vacancies in these facilities--particularly where the housing market is most distressed. Tampa, Florida, for example, is experiencing a 12 percent vacancy in senior housing units, up dramatically from four percent last year.
Some enterprising retirement-home operators have turned to real estate agents to help their prospective residents to sell their old homes. The problem with this strategy, of course, is that elders' homes are frequently dated or need substantial repairs and renovations in order to make them marketable. Outdated wallpaper, old appliances and poor maintenance, all characteristic of these houses, often deter buyers.
A 2008 survey by the American Seniors Housing Association found that nearly a quarter of seniors haven't made a home improvement during the last decade, and nearly one-half report that they won't spend money to attract a buyer. For many seniors, just as the real estate bust has depreciated the value of their primary asset--their homes--the value of their retirement accounts has recently plummeted as well.
A new national survey has found that 84 percent of Americans over age 50 expect that a family member will move into an assisted living facility during the next 10 years. Here are some details:
According to a recent study by the Coalition to Protect Choice in Senior Living, 84 percent of Americans over the age of 50 expect that one of their immediate family members will move into a senior living community within the next 10 years.
Fully 24 percent of Americans over the age of 65 expect the same for themselves. The poll found just more than half (51 percent) expect their parents will be living in a senior living project within the next decade; 15 percent expect the same for their spouse, and 10 percent for a sibling.
Prospective assisted living residents and their family members rank cost and quality of care as the most important factors when choosing an assisted living community.
They are also extremely budget-conscious when making assisted living decisions, and they're looking to keep costs as low as possible. When asked which is more important when deciding on an assisted living community, 78 percent of respondents agreed with the statement, "It is difficult to find the quality you desire at the price you can afford.”
Prospective senior living residents and their family members cite the following community attributes as the five most important when choosing an assisted living community:
76%: The quality of personal care in the community
76%: The personal safety of the residents
74%: Cleanliness of the community
68%: Staff quality
57%: Management quality