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Aging in Place Features

According to the Washington Post, incorporating basic aging-in-place features into the design of a new home doesn't affect the total cost as much as you might think. Depending on what's included, it may add 5 to 10 percent to the project cost. It's more about logical planning than anything.

For starters, you'll want a home that offers one of three things: no stairs, an elevator, or a first floor that can be adapted for one-story living. Hallways & doorways should be wide enough for wheelchairs or walkers, & open floor plans featuring wood floors are ideal. Look for a roomy bathroom with a cur-bless shower & a bench. You'll need abundant lighting, & you might consider lighting that features motion-detection.

Lever-style door handles & faucets are easier to manage as you age. Ensure storage is in easy-to-reach locations. Either choose a flat, no-step entryway or one that gently rises up to no-step entrances. A garage is a great feature that protects you from the elements as you enter & exit your car.

Financial Considerations

First, you need to determine how long you expect to live in your new home. The shorter you plan to stay, the less sense it makes financially to purchase a new home as a senior, states Consumer Reports. You'll have to spread closing costs over less time, & when you move again, you'll have little equity because you pay so much in interest in the first years. For these reasons, you should rent if you plan to stay less than four years.

In an ideal situation, you'll sell your current home & use that money to completely pay for your new house so you won't have a mortgage. Unfortunately, this isn't possible for everyone. Also, it's not always the best option. You could either use all of your cash to pay for the house upfront, or you can get a mortgage & invest the remaining money into stocks & bonds. As Consumer Reports notes, "the opportunity cost could be greater if you tie up money in a home rather than taking out a mortgage."

If you've considered tapping into your savings or retirement fund to pay off your mortgage, know that it's rarely beneficial to do so, says MortgageLoans.com Using funds from your 401K or retirement funds means you'll have to pay taxes & early withdrawal penalties. However, if your savings & investment accounts earn less than you're paying on your mortgage, then you might want to use that money for your mortgage.

Sometimes it does make more sense to stay in your current home. Speak with an accountant to see if you should stay put or make the move. Additionally, you should check with a lawyer or a trusted real estate professional before making any commitments.

Leaving it Behind

If you plan on leaving a house to your children, & you still owe on it, the best idea is to wait until you pass to transfer the property as a gift because of tax implications, says Forbes. If you decide to pass ownership while you're still living, be sure to first check your mortgage agreement or ask your lender. You need to see if doing so will trigger a "due-on-sale" clause, which would mean the mortgage must be paid in full immediately.