No such thing as a "free" home
From the day they make their first payment people dream of the day they'll pay off their mortgage and live "for free."
Yet, as any long-time homeowner can tell you, there's no such thing as a "free" house.
On-going expenses eat into retirement savings
On-going home expenses continue to occur every month and increase annually. This includes:
| * real estate taxes |
* homeowner's insurance |
| * utility bills |
* home maintenance |
| * lawn care |
* security |
| * snow removal services |
* trash removal |
|
* and many other costs |
What's more, these expenses can often add up to much more than the amount of your now-retired mortgage payment.
Planning for the unexpected
Add to those expected expenses the worry over unforeseen emergencies that could result in major home maintenance costs.
Among the problems you might encounter at any time (especially if your home has been around for two decades or more) are roof repair or replacement; plumbing projects related to aging pipes or deteriorating heating systems; sidewalk and driveway repair work; mature trees needing extensive pruning or removal due to storm damage just to name a few.
That free house is looking pretty costly
As a rough guideline, housing experts say annual maintenance and repair expenses run about 1 to 3 percent of your home's current market value. Even if you no longer perform all regular maintenance yourself, you still must find and supervise the contractors you hire. It all adds up to headaches and unnecessary burdens on you during what could be a carefree time in your life.
CCRCs: A pleasant alternative
In an ACTS Continuing Care Retirement Community (CCRC), those on-going costs and burdens of home ownership are replaced with an easy, amenity-filled lifestyle free from worries or cares about home maintenance.
Just think - you could retire from your seasonal "hobbies" of shoveling snow, cutting grass, weeding, raking leaves and applying or removing storm windows and screens. You could also be free from worry about dealing with a sudden repair emergency.
ACTS residents also enjoy having their meals prepared by experienced chefs and served in restaurant-style settings. That means less time spent grocery shopping, meal planning and cooking and more time for pursuing your favorite pastimes!