Home buying is a complicated process no matter what your age, but for seniors searching for a property for retirement and beyond, there are a number of special considerations in play. Whether you’re new to the San Diego area and just beginning to look at properties or a local in the midst of downsizing, here are a few things you should keep in mind.

Picking the Right Location

San Diego is a big city made up of a lot of small neighborhoods. Depending on where you live, you may rarely need to leave the area around your home, or you might spend your whole day commuting. For seniors, travel times are less about getting back and forth to a job and more about proximity to hospitals, senior centers, and amenities. Before putting in an offer on your favorite property, take a look at what’s nearby, and think about how you’d get there. If you’ll be driving, you have a bit more freedom, but if you’ll be relying on public transportation, it’s essential to know which stores and parks are on the MTS routes.

Every neighborhood in San Diego comes with its own distinct vibe, too. Get artsy on the mural-lined streets of La Jolla, enjoy convenient access to the San Diego Zoo and Balboa Park in Hillcrest, embrace your bohemian side in Encinitas or keep exploring until you find the spot that feels right.

All About Amenities

Speaking of getting around, there’s a reason most retirement communities have club houses and other key amenities. The more amenities there are, the less transportation becomes an issue. Some communities keep it simple with a pool, gym and game room, while others go all out and include everything from a movie theater to a salon. If you love the great outdoors, look for a home with HOA-tended parks and walking trails. If you prefer spending your time indoors puzzling or reading, put a community library and arts-and-crafts studio at the top of your list.

Mind Your Budget

There’s a difference between how much you’ll pay for your mortgage each month and how much you’ll pay in total housing expenses. When you’re calculating your budget, remember the following:

• Property taxes
• HOA fees
• Landscaping and property maintenance
• Home insurance
• Utility bills
• Activity or facility fees (more common in retirement communities)

While many of these expenses apply to all home buyers, when seniors buying a home they are more likely to have a limited income and less able to accommodate sudden expenses. Living by the ocean is an incredible experience, but it comes at a cost. San Diego’s cost of living is above the national average, making it especially important to accurately estimate monthly expenses and choose a property accordingly.

Account for Accessibility and Mobility

Before you decide on a home, think about your current mobility needs and how you may be restricted in the future. Approximately 39.5 million Americans have some type of physical difficulty, and those struggles tend to increase in severity as we age. Choose a home you’ll be able to navigate even if you’re physically limited. Single-level homes are a good choice thanks to the lack of stairs, or, if you’re interested in a condominium or townhouse, look for units close to the elevator and parking.

Don’t Ignore Resale Value

Your opinion is the most important factor in your home-buying decision, but chances are you won’t be in your home forever. When you are seniors buying a home and you’re ready to try something new — a new city, neighborhood or style of living — it’ll be easier to offload a property that has wide appeal. San Diego may soon be a buyer’s market, (as of this post, July 2019) and a home customized to your tastes or with polarizing features is less likely to draw offers. Choose a popular neighborhood, invest in amenities and proximity to health care, hospitals, pharmacies

and weigh those unique attributes against your desire to one day make a quick and stress-free sale.

If you do eventually decide to transition from fully independent housing to more supportive senior care accommodations, you’ll have plenty of options. There are 77 assisted living facilities in San Diego proper and another 30 in the surrounding area.

Buying a home is a huge deal, but with a little forethought and a few compromises, you can retire in style and still enjoy all that San Diego has to offer.

Saving San Diego’s Skateworld

The San Diego City Council Monday voted down a proposal to sell the city’s only remaining wooden roller skating rink to a developer who planned to demolish it and replace it with a big box retail store.
After listening to dozens of speakers who pleaded with council members to save the skating rink in Linda Vista, the council voted 6-3 against selling the Skateworld property to the developer Pacifica Companies. The technically nonpartisan council voted along party lines to avoid the sale, showing the influence of council Democrats’ supermajority.

The fate of the rink has been hanging in the balance since Civic San Diego, a city-owned nonprofit, decided to open bids to sell the property last year.  Skateworld advocates collected thousands of signatures in an effort to save the skating rink, including a change.org petition that garnered more than 19,000 supporters, who are local San Diegan’s  Who have memories from their childhood as well as their children celebrating birthday party’s and other fun events held at the skating rink over the decades. The skating rink’s supporters argued it is one of the last family oriented and relatively cheap activities for residents in the Linda Vista neighborhood, let alone San Diego proper so they should have some say in how the property is managed.

Sunday, Skateworld supporters held a rally calling on the city to reopen the bidding on the property, their goal of saving San Diego’s Skateworld from going to sale. They claimed that Civic San Diego opened a secretive bidding process that didn’t include the community.

“I really appreciate that residents of every council district came to speak today about the community that Skateworld fosters,” said City Councilwoman Barbara Bry. “I think there’s so few family friendly opportunities in that community that it’s really essential.”

Supporters of the sale

Including City Councilman Scott Sherman, who represents the district Skateworld is in, argued that because the process was transparent. The city’s hands were tied and it should honor Pacifica’s bid.  “I mean we had three different rounds of the bidding process. We had a tour of the area. He added the tour was sponsored by the Linda Vista planning group and Bayside Community Center and they were both here saying they weren’t involved.” City Council members Mark Kersey and Chris Cate also voted in favor of the sale. “They could easily lose a year from now and we go through this whole process, and if we can get all 13 entities to agree to go back into redevelopment. They can go back open for bids they could be on the short end of the stick again and we’re right back to where we started,” said Councilman Scott Sherman.

Owner of Skateworld, Gary Stang is just happy the community will have a chance to bid and provide input. “Transparency. It’s really important. It’s important that the community have a say of how their community is developed, and what’s important. And this was important to a lot of people,” said Owner of Skateworld Gary Stang.

RELATED STORY
Locals hope to save San Diego’s last wooden skating rink

Baby boomers are aging, so much for the ‘Forever Young’ mindset they have. Let’s face it, your grandparents who were born between 1946 and 1964 have been setting the trends for decades. When they were born, shortly after WWII ended, our men came home, it was called the ‘Baby Boom’. Today they mostly have their own grandchildren, and they should be referred to as the ‘Grand Boomers’.

In California, both immigration and birth rates have been in a steady decline, with population growth dropping to under 1% per year. Things are definitely changing, and previously, the growth was accounted for by the two ‘baby booms’. The first ‘boom’ occurred in the decades following the second World War. The second occurred when the baby boomers began producing 600,000 babies per year. That is considerably more than today, with birth rates dropping below 500,000 per year.

The senior population is growing sharply, that means the death rate will continue to increase in San Diego senior housing facilities. It is believed that California might just see a massive population decline. Fortunately, California is often seen as a great spot for retirement. There may still be plenty of senior citizens immigrating from other parts of the United States as they look for a spot to spend the final years of their lives.

Projections for the next Decade

It is thought that the population of senior citizens in the state of California will increase to 19% by 2030. With this increase, there will be fewer adults of working age when held in comparison to the senior population. This change will result in more of the state’s human resources being dedicated to providing healthcare to this group. The state is undoubtedly going to need additional resources to ensure the care of senior citizens.

The California community college system will need to work on training workers to deal with the needs of the state as the senior citizen population grows. I say the community college system because most vocational classes are being cut. Our most recent grads are underemployed. They have careers vastly different than their degrees with debt as high as some baby boomers mortgages. The focus of the colleges isn’t on our aging population needs.  Instead it’s focused on what kids enjoy or what the state of California pays them the most money.

Recently the Health Care Foundation came to the same conclusion, releasing a report regarding the adequacy of medical care for the rising senior population. The next big question, of course, is whether or not there will be enough hospital beds available to meet the needs of seniors. It all remains to be seen. The future is uncertain, but one cannot say that California is unprepared, or at least not in the process of solving the problem.

Call me or send me an email, I’ll be happy to help you sell your home when you are ready.

Gloria Roma

Call 726-999-0566

or Email Us

Yes In My Backyard or Not In My Backyard?

Yimby or Nimby: Which one are you?

Currently, San Diego needs about 100k homes for our ever growing community. We have about 30k planned, which is clearly 70k short of what we NEED now. Some people are building Accessory Dwelling Units (ADU’s) on their property. Though, instead of renting them to full time locals, they are short term rentals. Short term rentals provide, at minimum, double the income long term tenants are willing to pay. Soon the city of San Diego will reduce the cost to permit ADU’s, reduce restrictions and hopefully provide other ways to make them cost effective to build.

The question remains, what is San Diego doing about the 70k house shortage? At this point in time, nothing. In my opinion the city of San Diego started the problem by allowing new home developers to skip out on providing affordable housing in their developments. They allowed the developers to pay a fee in lieu of building affordable housing. Now, years later, that decision by the city is coming back to haunt us. Eventually, the developers will price themselves out of San Diego and move on…or should I say move back…to Nevada, Arizona, etc., like they did before the ‘Great Recession’.

Wow! Who knew San Diego was already turning into Ireland?

In Ireland if you own a home with a yard you’re guilted into moving once you age. They are saying ‘you’ve lived here long enough, now give some younger person a chance to live there and raise their family’.

Seriously, that is happening right now in Ireland and from what I’ve been reading it seems to be starting here in our own humble city of San Diego, CA.

Read about it here.

2/23/19 UPDATE:

It’s official, in national news today Kenneth Harney from the Washington Post reported a study that says “millennials are not buying (homes) because old folks not selling to downsize.”  Remember, you read it first from me back in January 2017.

To bring the information down to a local level. I personally make it a point to go out an meet my neighbors. My goal this year is to meet 1000 of them and every year after that until I’ve met all 8500…then to start over again. As a realtor, it’s good for business. More to the point, I meet someone every time I go out that says they aren’t moving, their home is paid for (it’s always a single story home with a manageable sized yard) and they are perfectly happy where they are. God bless them, I wish everyone could say this.

There is an ever growing number of people whose goal it is to pay off their house and they are doing it. What a huge accomplishment. My hair stylist told me she had 2 payments left and she would be mortgage free. Her dad just passed and now she has two homes that are debt free. I sold her that house less than 15 years ago, do you know how proud of her I am? It’s amazing. Mostly because I see my other clients continually selling and moving to a bigger, more expensive home every time they get a raise or their equity reaches new heights. It’s good for business, yet, at the same time I know that it’s going to be 15-30 years before that home will be paid off. If they are 45 now that means they’ll be 60-75 when they are finally debt free. As their advisor, I let them know all of their options and remind them that this could be their final home…I’m sure most of them do what they want to to do regardless of my well intended words of wisdom.

To bring this to my point. If they live in their homes until they are paid off at the earliest age of 60 (barring winning the lotto); are millennials going to go knocking on their door telling them it’s time for them to move so they can have a chance to live in a house with a yard? They just paid off their home, they can finally live debt free in their golden years in a home that they’ve shared decades of memories raising their families….they’ll probably be another acronym coming along in 2030 describing both sides. Until then

Call me or send me an email, I’ll be happy to help you sell your home when you are ready.

Gloria Roma

Call 726-999-0566

or Email Us

Retiring in San Diego

Senior retirement in San Diego becomes increasingly important the older you get, which is common sense. What happens to more than a few people is they become caught up in the workaday world with all its demands, and before they know it what is common sense has become a forgotten priority. Despite what the mainstream media offers in the way of senior San Diego retirement blues, there are many people who have built-in retirement savings “systems” and actually can afford to live relatively carefree of financial retirement concerns. Here are the major groups of San Diego senior retirees and how they should approach retirement.

Low Income Retirees

People who are classified as low income for the purposes of the Federal government can range between $20,000 and $50,000 depending on where you live. This group of San Diego retirement seniors is more likely to depend on Social Security retirement benefits to help pay for their basic living expenses. Note that this group does not include poverty level incomes as it is obvious that these people will have no retirement savings options at all.

401(k) Retirees

Many San Diego senior retirees who are currently employed and are either planning for retirement or who are currently retired have different levels of retirement preparation. One important factor will depend on how much of their income has been invested in their company’s 401(k) plan and for how long. The overall return on investment of the plan will also factor in.

Here are some 2016 statistics according to U.S. News and World Report that will help get San Diego seniors a sense of where they stand financially and what they can expect: (http://money.usnews.com/money/retirement/articles/2016-06-13/how-your-401-k-balance-stacks-up)

• Only 20% of 401(k) holders have balances greater than $100,000
• About 40% of 401(k) holders have balances less than $10,000
• The median 401(k) amount for people who have been working for more than 5 years and are over 50 is more than $77,000
• If your income level is between $60,000 and $80,000 a year and you are over 50, the median amount in your 401(k) is more than $177,000

Government Retirees

Government retirees, which includes San Diego military retirees, have either a general pension plan or a vested pension plan in place. The difference is that the vested pension is guaranteed by the Federal Pension Benefit Guaranty Corporation and therefore is more secure for a San Diego senior retirement plan. But according to a Consumer Reports analysis, there is a total of $1.740 trillion in underfunded pensions at the local, state, and federal government levels.

How Safe is Your Pension?

That leaves the question of how much any retiree should depend on their pension if they are headed for retirement in San Diego. The possibility of reduced pension benefits is a more likely scenario than having your pension income being cut to zero.

You may find yourself crossing over with these plans. For example, you may be a government retiree who also has a 401(k) plan. The concept of creating multiple sources of income for senior retirement in San Diego, including part time work, is becoming more popular as living expenses sans inflation continue to quietly increase.

Retirement Planning

Retirement planning for seniors in San Diego is not an option, but a necessity. There is a direct financial factor to be considered, but health care costs also comes into play. Few people age without any health problems, and pension health care benefits can no longer be counted on for the long term. So taking stock of where you are at overall will give you a guide as to what your major concerns should be as you head for or enter retirement.

Advantages for Preparing to Retire

• You own a house
• There is no mortgage or only a small number of mortgage payments remaining
• Personal savings is at least $50,000 in cash savingsYou have little or no credit card debt
• Car or other transportation vehicles are paid off

 Disadvantages That Make Retirement Difficult

• Renting an apartment
• Carry a high debt load
• Have little or no savings
• No type of retirement account – IRA, 401(k)
• You are unable to relocate

Both the advantages and disadvantages add up to one thing – the drain on your total retirement income. If you eliminate the cost of a place to live, credit card debt, and reduce the monthly cost of transportation, you will find that your actual monthly living expenses are very low. The less you have to spend, the longer your retirement savings and income will last as you continue through your senior retirement in San Diego.

Consider your age when retiring. The magic seems to happen at age 62 click here to understand it

The issue of relocation and transportation requires a special mention. If you live in a city such as sunny San Diego, you will likely not want to move, especially if you are a military retiree. The city and county offer a number of benefits for military retirees because the area generally has a military culture. Even if you are not a military retiree, moving to temperate Southern California makes a lot of retirement sense. But moving is expensive, so whether you choose to live in San Diego, Miami, or Texas it is important for you to be financially prepared for the move. In fact, moving can be a simple way to decrease your monthly expenses by moving to an area that has a lower cost of living.

When to Retire

The issue of retirement age usually lands somewhere between retiring early (before 55) because you can afford to and choosing not to retire at all but to continue working throughout your remaining years. Most people will fall somewhere in the middle, being able to retire between the Social Security age range of 59 and 66 most often connected with senior retirement. For some retirees it is not a complete retirement, as they opt to continue working part time.

Where to retire is often closely related to where to retire. Most people have a preferred location to retire, such as Florida or Southern California. Continuing with our example of San Diego, there are several specific things to look for when deciding where to live, including:

• Availability of retirement communities for living
• Outdoor activities
• Crime rate
• Proximity to major transportation hubs such as airports and major interstates
• Cost of living

These are considerations not just for you personally, but for family members who will come to visit you with your grandchildren and great-grandchildren. San Diego has variety of communities in the city and county (San Diego is a county and a city) which is one reason it has been an attractive location for senior retirees for many years.

Conclusion

Notice that all these various considerations of San Diego senior retirement planning are closely related, with the financial aspect being the most important. But it is clear that looking forward to retirement requires careful retirement planning, often decades in advance. Many adults, after their children are grown and gone, require smaller homes or living spaces that will cost less to own and maintain. Many San Diego seniors also want to travel in their golden years as part of their retirement plans, something that also requires money.

Though the financial aspect dominates, a close second is where to live. This will involve contacting a real estate agent and discussing your options in detail. Choosing to forego the purchase of a home and move to a San Diego retirement community is a commonly chosen option, especially if you plan on doing extensive travel for the first few years of your retirement. Again, making serious retirement plans and discussing your future with a local real estate agent is an important starting point to having an enjoyable and financially secure retirement.

Call me or send me an email, I’ll be happy to help you sell your home when you are ready.

Gloria Roma

Call 726-999-0566

or Email Us

Baby boomers are selling their homes so that they can pay for retirement

The former loud and chaotic domicile filled with the pitter patter of little feet has given way to vast empty hallways and tidied up rooms where your children once slept. They’ve grown up and moved out leaving you and your spouse with the title of empty nesters. The retirement world is filled with Baby boomers selling their homes, though incidentally those who decide to sell often find themselves faced with difficulty in retirement due to lack of planning. It makes perfect sense that you would sell your old home that is simply too large for two people. In short… you just don’t want or need all that space.

Here’s the mistake that too many folks make when they sell their homes just prior to retirement: they expend their equity on luxurious living and expenses during the first few years of retirement. They travel the world, indulge in senseless shopping sprees, and set no money aside for anything other than that first year of fun and excitement upon retiring. As a senior living in San Diego who’s planning to sell your home, consider using your equity wisely. Always set money aside for emergencies and save more than you planned for healthcare costs, and contemplate affordable San Diego Senior Housing.

Tips for a Senior Living in San Diego

 Are you taking full advantage of all those resources at your fingertips? Now that you’ve sold your home, are you using that home equity wisely? Though it might be nice to hang up your working hat and instantly travel the globe, you need to make sure you can afford it when you factor healthcare costs into your budget. Making a budget and sticking to it is a pivotal part of living wisely in retirement. Many make the mistake of overestimating their Social Security check while underestimating healthcare costs. As a senior living in San Diego, realistic budgeting is an absolute must.

How else can you use your equity wisely? In addition to setting some funds aside for healthcare, you’ll want to invest a portion of it too. Though it may go against your grain to take a risk, don’t be so conservative in the investments that you make. Take advantage of the resources that sit in front of you such as free investment apps for your phone, financial advisors and websites that offer free information on how to invest wisely. Financial advisors can direct you towards investments that match your retirement plan

More About San Diego Senior Housing

You’ve likely figured out that your years of home maintenance are behind you, and you’re excited about that! You’re thrilled with the idea of having someone else cut the grass and do the dirty work in terms of cooking and cleaning. You have every reason to be excited – you’ve pulled your weight all those years and now you should consider San Diego Senior Housing. San Diego is one of the best cities to live in during your retirement years. Enjoy beautiful weather all year round with plenty of amenities for your to take advantage of.

The city outskirts have large lots, waterside homes, trails for exercise, along with convenient access to airports and hospitals. Geographically, retirees simply cannot wish for much more. As an added bonus, the social landscape for retirees in San Diego is thriving. With many living communities geared toward seniors, there’s something for everyone and never a lull in activity. Active Senior Programs thrive in the area, where seniors can socialize, exercise, volunteer, maintain their health, and further their education.

Baby Boomers are Senior San Diego Homeowners

Perhaps the thought of senior housing doesn’t sit quite as well with you. Maybe you’d enjoy putting some of your home equity down on that tiny countryside cottage that you’ve always had your eye on. You enjoy the thought of yard work and cooking or cleaning isn’t something that you’re willing to give up just yet. You want a place that’s removed from the hustle and bustle of the city, but one that is easily accessible. If that sounds like you, then keep in mind that buying a home is more often than not a great way to spend your money.

When you have the guidance of an expert in the area and you can purchase homes that you know will increase in value, so you can’t go wrong. Do your best to set some money aside for savings and work an affordable mortgage into your budget. As a Senior San Diego Homeowner, enjoy the peace of mind that comes with having equity in a property with an appreciating value.

 When you consider the West Coast and all it has to offer, there’s simply no reason to think about relocating anywhere else. With beautiful cities nearby, wide diversity in culture, a thriving social scene and beautiful havens tucked away to retire in, there’s no better place to spend those golden years of your life. It’s no wonder that most San Diego Seniors choose to age in place!

Call me or send me an email, I’ll be happy to help you sell your home when you are ready.

Gloria Roma

Call 726-999-0566

or Email Us

Meta: Baby Boomers selling their homes often aren’t sure what to do next. Learn what senior living in San Diego has to offer!