Home Ownership by Seniors in California

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An individual who is called the occupant or home owner owns a home in which they live in. There are different types of homes which include;  housing cooperative, condominium, a house and an apartment. 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. Home owners are spared from evictions as an advantage of owning a home. Home ownership has resulted to creating of rights to occupation which can also be inherited in some jurisdictions. Market fluctuations in the real estate may result to losing or gaining of substantial value of buildings which can lead to taking a long time to sell a property.

The land in which leisure world seal beach california house 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. A type of tax that is paid to the governing authority to which a property is located is property tax. In order to acquire a home there are several ways in which these is done. Acquisition of homes is through purchase of already existing homes from real estate developers or previous home occupiers, construction of the home by the owner or inheritance.

When occupants own homes at a certain percentage then its referred to as home ownership rate. Through dividing the number of owner occupied housing units by the total number of occupied housing units then home ownership rate is determined. Most countries address elderly people as senior citizens. Sixty five years and above is the age limit for elderly people. Advantages and disadvantages are realized by seniors in home ownership. Know more about senior living at https://edition.cnn.com/2017/09/07/health/hurricane-irma-florida-seniors-nursing-homes-profile/index.html.

One of the challenge realized is that there is an increase in mortgage debt by most seniors. 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. Seniors who live in rentals are more likely to be impacted with health complications as compared to those with their own homes. 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.

Defining and understanding of the relationship between home safety modifications and better health outcomes including better understanding of which safety features are the most cost effective is required. Home ownership by seniors results to the following advantages which include; enjoying of substantial equity to transition to retirement communities if their health or family circumstance change and living rent free.

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