Choosing Knoxville for your retirement plan is a wise choice. One study, evaluating key elements like cost of living, quality of life and employability, determined that Knoxville is the number one destination for people looking to retire early.
There are many considerations seniors need to take into account when buying a home – health, budget, the ability to access care, downsizing and ability to access needed services. With these factors to keep in mind, a Knoxville Real Estate Professional has the experience needed to help you through the entire process without missing a beat.
Here are a few things you should know and discuss with your real estate agent:
Your future budget matters as much as your present budget.
In Knoxville, the median home sold price is just over $201k, which is below the national average. Even though the city may be cost-effective, affording a house requires more than just scraping together money for a down payment. You will have to review your financial situation as a whole to determine if you will be able to manage the cost of buying and owning a new home.
One budgetary concern that many seniors face is old debt. As your age and moved to a fixed income situation, you may find that managing debt payments becomes more difficult. Additionally, as health needs grow, many seniors may be shocked by the cost of care. Some steps you can take to get a sense of your finances sooner rather than later include:
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Evaluating your eligibility for Medicare or Medicaid for your health expenses
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Checking in on your 401k or other retirement plans to calculate your expected monthly income after you’ve stopped working
Location, location, location.
You have already settled on Knoxville for your preferred destination, but keep in mind that even within Knoxville some locations may be better than others when it comes to your lifestyle. For example, when choosing a home, it is important to keep in mind how close you are to a hospital in case you experience a medical emergency.
Luckily, Knoxville as a city has different programs and services aimed to improve the quality of life for older people, including programs that help them remain in their own homes for as long as possible. They offer a broad spectrum of health and nutrition-related services, consumer and home-safety related services, in-home services, and educational, recreational, and even volunteer opportunities for seniors.
Beyond your high-level needs, you will want to know how close your new home is to everyday conveniences. Where is the nearest library? How far away is the grocery store? Are there any parks you can walk to just to get some air? These may seem like simple questions, but having these things nearby can definitely improve the quality of life.
Accessibility and health should be major factors in a home.
You need to keep your mobility limitations or future mobility limits in mind when buying a home.
The number one mobility issue affecting seniors is falling, which can cause serious and sometimes permanent injury. It may be wise to search for a ranch-style home instead of a multi-story home to avoid accidents. Other home amenities to look for that can help keep you safe include:
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A shower and toilet with space for grab bars or another support device in case you need to install them now or in the future
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If you choose a multi-story home, at least one bathroom on the main level – ideally with a full bath
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Wide hallways and doorways to make sure you can navigate your home in a wheelchair if needed
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Outlets and switches that can be reached from a wheelchair – around 2 to 4 feet from the ground
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At least one entry to the home that doesn’t involve steps
If you have health, mobility or accessibility issues, you have many different housing options in the Knoxville area. There are 29 assisted living facilities in Knoxville and 10 others in the nearby area. These facilities are ideal for seniors who want to maintain their independence, but may need assistance with activities of daily living.
Bottom Line:
As a senior, knowing your options, as well as the circumstances that make buying a home in older age unique, will put you in a good position to make the right choice. Your dream home may already be within your reach. Have questions or want to get the process started? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 to setup a time to talk.