They are those people who have reached a certain age bracket which is of old age. They should be well looked after in the society due to their old age as they cannot do some routines by themselves. They have attained retirement age and have stopped working. A home being a human want, these people must have a place to call home for their own security as well as the security of their property. They solely depend on some funds such as retirement funds or the pension schemes. Most of the elderly in California live in homes of the age however there are retirement communities such as leisure world seal beach California which is a gated community for those who have retired. In this article you will read more on the importance of owning a home by the seniors in California.
Home ownership is considered to be a financial investment and helps one access benefits such as equity as well as improved credit rating. When a person has a house it becomes possible to access both short term and long term loans as the house is considered as an investment and could be used as a collateral security. Homes can be used instead of payslips when the seniors are applying for loans as they are no longer working thus have no payslips. They can now successful apply for loans.
More money is used in renting a house rather than actually owning it. The funds supposed to support these seniors are limited thus they should be spent wisely, therefore, owning a home saves them, from paying rent every month which reflects a cash outflow in those funds. When a senior owns a home, they are saved from the burden of having to pay rent each and every month thus saving their money. The seniors are entitled to financial security by owning their own homes.
The seniors are no longer working thus have a lot of free time which may require personal freedom and space. In their own homes, the seniors have a freedom to do what they want and how they want it done without having to consider other parties. These homes of the aged have a large population which may be uncomfortable for the seniors and they are run by some programs which every senior living in these institutions must follow irrespective of personal preferences. With their own homes the seniors are entitled to personal space and freedoms.
Home ownership for the seniors saves them from the problem present in the housing sector experienced by most of them in the society. Having a home of their own, these seniors are safe from the housing challenges present in our modern world. Their immunity is low due to their old age. Thus owning a home, a senior can comfortably have access to these facilities with much ease top aid in their day to day life.
The merits of having a house in these late years are outlined above.