Home Ownership by Seniors in California

11 Sep

Home ownership is a form of housing tenure whereby a person called the occupant or home owner owns a home in which they live in. An apartment, condominium, housing cooperative and a house are the types of homes. Ownership of homes have resulted to several advantages or disadvantages. One of the pros is that home owners are able to modify the building or land as they please. Through owning a home, home owners are protected from evictions. Home ownership has resulted to creating of rights to occupation which can also be inherited in some jurisdictions. Selling of property can take a long time since buildings may gain or lose substantial value due to market fluctuations in the real estate.

The land in which houses sit on are very expensive especially for those who live on mortgage, aside from maintenance costs and property tax payments. Home owners are required to pay property transfer tax and property tax. Home purchasers are required to pay a one-time tax which is based on the cost of the home. The allocation of property is paid for tax to the governing authority which is referred to as property tax and is a continuous process. In order to acquire a home there are several ways in which these is done. They include construction of the home by the owner, inheritance or purchase of already existing homes from real estate developers or previous home occupiers.

When occupants own homes at a certain percentage then its referred to as senior living seal beach california home ownership rate. Computation of the home ownership rate is done by dividing the number of owner occupied housing units by the total number of occupied housing units. Addressing of elderly people in most countries refer to them as senior citizens. In most countries the age limit for seniors is sixty five years and above. Home ownership for seniors has its ups and downs that need to be focused.

There is an increase in mortgage debt that is held by most seniors who are home owners. Elderly people with high mortgage debt are more likely to miss out on easy transition to assisted living through insufficient household equity and benefits to low monthly housing expenses. As an advantage to home ownership by seniors the health impacts are less as compared to those in rental housing. Seniors who are home owners have safety features such as railings and shower seats as compared to those who rent thus more susceptible to falls and injuries. Read more about senior living at https://edition.cnn.com/2017/01/14/health/woman-assisted-living-home-trnd/index.html.

So as to clearly define the health implications with housing then relationship between home safety modifications and better health outcomes including better understanding of which safety features are the most cost effective need to be clearly understood. Enjoying of substantial equity to transition to assisted living if their health or family circumstance change and living rent free are advantages for seniors who are senior living west garden grove california home owners.

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