They are the most people living people in the society and have a considerably many years of age. They form a certain percentage in our society and their concerns should not be neglected. They are not in the working class anymore due to their old age. 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 are no longer working thus they have any salary. There are places set aside for the seniors to purchase their own homes. The importance of these retirement homes in California are discussed more here.
A home is viewed as other types of investments such as businesses as it has a financial outline. 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 access various types of loans from banks or other lending institutions.
Having a home is more cost-effective than renting one. The seniors have no regular income as they are not working, thus raising rent could be a problem as they are required to live on retirement funds or depend on pension funds which could be little. Home ownership helps in saving these limited funds as no spendings on rent is there. No spending on rent is made thus the seniors have the more financial stability to their funds.
Due to the free time the seniors have, personal space and freedom is of great importance. The have their personal freedoms in these homes thus their privacy is maintained. The homes for the elderly do not offer personal space and freedom as they are at most times overcrowded. Home ownership comes along with personal space and freedoms.
The elders that have their own homes are free from housing problems. They cannot come across these housing problems. Due to their old age, they are prone to diseases which could be caused by poor living conditions. They cannot do the normal things that a youthful person can do and they require assistance in doing those things.
The advantages are in this article.