The Real Estate Book-Shreveport/Bossier City, LA

Retirees Turning to Custom
Homes to Get the Right Space
BY KRIS LINDAHL
As people reach retirement, their current
house may simply be too big for their needs.
Paying large utility bills, maintenance costs
and property taxes for an older home on a
large lot can often drain nest eggs and retirement
funds. During the golden years, when you
will likely have a lower income and too much
house, there may come a time when downsizing
to a smaller home will fit better into your
lifestyle and budget.
Retiring to a Custom Home
When you hear about a retiree downsizing to
a smaller place, most people think that the
person will be packing up and moving into an
apartment in a senior community or a mother-in-law
suite in their adult children's homes.
Yet many retirees still want their freedom to
come and go as they please in their own place.
Purchasing a smaller home then becomes the
ideal option.
One interesting trend is that retirees are looking
to custom build a new home that is smaller
in size. The retiree may be at a unique advantage
of having the financial independence to
cover the costs of home construction without
straining their retirement funds. At this point
of time in their retirement years, most retirees
have already paid off the mortgage for their
other home as they now own the house outright.
With the home value having appreciated,
they can now ask for a higher sales price that
can cover the land purchase and all the home
construction expenses.
Building a Home Tailored to Health Needs
Another advantage to having a custom home
built is that it can be designed to account
for current medical conditions or physical
restrictions. You can work with builders and
architects to design the home so that it can
make your daily life easier as you grow older.
The custom build may have wider first-floor
spaces and hallways to accommodate mobility
devices. There can be outdoor ramps by
front entrances for wheelchairs and walkers,
as well as lower kitchen cabinets so you can
get items without having to stretch to reach
higher shelves. In addition, bathrooms can be
designed for retirees with physical disabilities
who may have problems using the shower, tub
or toilet.
You can have more flexibility when having a
smaller home built with adaptable features.
The custom home can be modified for different
life stages without having to deal with costly
renovations later on that can be a major disruption
to your daily life.
Custom Home Offering Less
Maintenance Hassles
During retirement, retirees often don't want
to deal with major maintenance and repairs
that are associated with larger, older homes.
Even downsizing to a smaller, existing home
can lead to stress as there may be significant
issues with the dwelling that will need to be
dealt with before moving in.
By having a custom home built at a smaller
size, buyers will know that everything in
the house is new. They will have new wiring,
plumbing, mechanical systems, appliances, a
roof, a foundation and other aspects. Even if
something should break during those first few
months, builders normally provide a builder
warranty that will cover defects and provide
repairs.
Downsizing to Your Custom Dream Home
Downsizing to a custom home has many advantages.
Buyers can have the home built at a
chosen destination that offers everything they
could possibly need during their retirement
years.
It helps to perform comprehensive research
regarding the real estate market when purchasing
land at another location. Also, researching
building plans and contractors can
make the difference in purchasing a custom
home built with superior craftsmanship. A real
estate agent's help can be just what buyers
need to find a new place that is specifically designed
for their post-career lifestyle.