St George Real Estate Market for Seniors

I have been fortunate to help people considered “seniors” to buy and sell houses. Recently I received an article from a local title company. It was actually provided for them by a company called Real Estate Digest. They provide canned newsletters for people in the real estate industry. I found one article rather interesting, it is entitled “Housing not Health Care Is Biggest Cost For Seniors”. ¬†In this article they point out that seniors are paying about 45% of their monthly budget for housing. This is a national statistic, but I would assume it is fairly accurate in the St George Real Estate Market as well. With all of the hoopla of the “Affordable Health Care Act” and the focus on Seniors having health care. The stats show that Sr’s are spending ¬†between 9-18% of their budget on health care. Less than half of their housing costs.

Get Your Home Paid For

Growing up I was always encouraged to buy a house and get it paid for. I have always thought of that as a great idea, and that is still a worthy goal. Some investment and retirement experts may think otherwise, but it would seem to me that having a home paid for is worth more than the money invested in another way. While the return on the money tied up in a house may not be as great as another investment, having the piece of mind that your home is paid for is hard to put a percentage on. Of course this would not apply to everyone, and I am sure there is a good argument to be made for keeping a house payment for tax benefits etc. etc. With the volatility of the Stock Market, uncertain economic conditions around the world, and our national debt nearing 20 trillion, it just seems to make sense to have housing secured.

Senior House Hunting In St George

There are several options for seniors to consider when it comes to house shopping in the St George Real Estate Market. Some Sr’s are referred to as Snow Birds, because they flee the snow in other parts of the country to live here in our sunshine during the Winter time. For these folks living here part time a Modular Home or Park Model may be just the ticket. Prices for this type of home begin about $50,000 and go up from there. More affluent Sr’s may be interested in a condo or even a traditional home. Second homes are taxed at a higher rate than first homes so it is important to consult with a tax professional prior to deciding which way to go. For Sr’s wanting to finance a second home, lenders usually charge a little more for a downpayment also. Another factor to consider when researching a second home in the Southern Utah Real Estate Market are the HOA’s charged, on some homes. HOA’s can range in price from $50 a month up to as much as $400 per month with some even higher than that. These fees sometimes include desirable amenities like swimming pools tennis courts etc. One feature important to most Sr’s is yard care. This is important especially if the second home will not have anyone there to care for the yard. Homes with grass and shrubs in our desert environment can deteriorate in a hurry when it is 105 degrees.

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