SRES® Blog

You may want to invest additional money for upgrades when budgeting for a new home. Home buyers spend close to $12,000 on alterations and repairs during the first year after closing, according to NAHB’s analysis of Consumer Expenditure Survey data from the Bureau of Labor Statistics. That figure includes over $4,000 on things like building outdoor patios, fences, pools, and driveways. They spend another $3,167 on landscaping. New appliances are another significant cost – an average of $4,254 – as are new furnishings, with an average spend of $5,122. Other projects done by new buyers include

This year’s AARP Livability Index (https://livabilityindex.aarp.org/) included information about accessory dwelling units (ADUs), often known as in-law suites and guest houses, for the first time. After all, ADUs may be an attractive aging-in-place option for the 88% of Americans between the ages of 50 and 80 who, in the University of Michigan’s National Poll on Healthy Aging, said it's very or somewhat important to live in their homes as long as possible. The rub is that in many places, zoning laws don’t permit ADUs. But that’s changing, and AARP has been advocating for ADUs. The District of

Not long ago, the perception was that Millennial buyers wanted move-in-ready houses. That placed a burden on sellers who felt like they had to invest considerable time and money to sell their homes. New research by Real Estate Witch (https://www.realestatewitch.com/2022-millennial-home-buyer-report/) suggests that Millennials, facing inventory shortages and stiff competition for homes, are compromising on their must-haves. For you, that may mean that you won’t need to invest as much in upgrades and deal with the angst and inconvenience of major renovation projects. Some ways that Millennials

Even if you’re not in the market for a new primary home, you can still cash in on the historically low interest rates we’re experiencing. Start with an online calculator (here’s one: https://www.bankrate.com/calculators/mortgages/refinance-calculator.aspx) to see whether it makes sense to refinance or take money out of your home. Here are three possible uses for your home equity. Buy a vacation or investment property. If you’ve been longing to be a snowbird or become a landlord, find the down payment for a purchase. Make your home age-friendly. Invest in some of the higher-ticket aging-in

The effects of aging start slowly, and often it’s all the bending and lifting in the kitchen when you start feeling some physical limitations. If you’re exploring aging-in-place kitchen solutions – modifying an existing kitchen or deciding what to incorporate in a renovation – Lowe’s Livable Home (https://www.lowes.com/l/shop/accessible-home-resources-and-guides), a collaboration between AARP and Lowe’s, gives you a good place to start. Though the site focuses heavily on products, those products can make life easier. They include: Pull-down cabinet inserts to make reaching items in upper

If you're among the battalion of unpaid caregivers, you're likely familiar with the physical, psychological, and financial toll associated with caring for a family member. November's National Family Caregivers Month, designed to recognize the day-to-day sacrifices caregivers make, features the theme "Caregiving Around the Clock" this year. Find ways to care for yourself and make your job less stressful. Here are some resources specific to the unique challenges you may be facing. Alzheimer's Association (https://www.alz.org/help-support/caregiving/stages-behaviors) – Learn about the stages of

October’s National Cybersecurity Awareness Month is a good time to review your computer habits to protect yourself from cybercrime. The FBI offers 5 ways to make your computer a tough target. Keep your firewall turned on. A firewall protects against hackers who could crash your computer, delete information, or steal passwords and other private information. Install or update your antivirus software. The software detects and protects you against malicious code like viruses and worms. Install or update your antispyware technology. Spyware is software secretly installed on your computer that lets

The pandemic has caused everyone to cast a critical eye on how well their home functions and looks. Recent research by Houzz illustrates trending designs and how people may be investing their home upgrade dollars. It compared searches on Houzz from April to June of 2021 to the same period last year and found a dramatic uptick in several categories. It’s not surprising that many who were locked down last year and might be anticipating another winter with lots of at-home time want space dedicated to their interests. Searches for art studios rose by 875%, as did home bars and wine cellars, up 277

When you’re creating a multigenerational household, you focus so much on finding the right neighborhood and home and determining the renovations that will make aging in place safe for your loved ones. What often gets overlooked are financial and estate planning considerations. After all, just divvying up routine expenses like groceries, dinners out, home repairs, insurance, and utilities can be challenging and may entail uncomfortable conversations. A column by Ilyce Glink https://www.washingtonpost.com/business/2021/07/12/family-living-multigenerational-household-seeks-advice-about-finances

Caregiving can take an enormous financial toll. For example, a recent AARP survey found that three-quarters of the family caregivers surveyed spent an average of $7,242 annually on out-of-pocket caregiving costs. AARP offers some tips for getting over some of the major hurdles, including: Organize finances. Know your loved one’s costs like mortgage, rent, and utilities. Locate and safely store crucial documents, including wills, marriage certificates, and insurance policies. Money management. Manage money carefully and create budgets by tracking your income and expenses and those of your loved