Abberly Twin Hickory

Formerly The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059
Call: 888-621-8872 (804) 364-3649 Email UsTwinHickory.CommunityWebsite.HHHunt@aptleasing.info View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

Abberly Twin Hickory Blog

Ways Retirees can Profit from Downsizing Their Home

Joseph Coupal - Thursday, October 11, 2018

Abberly Twin Hickory, Glen Allen, VAYour instinct may be to view downsizing your home in retirement as a necessary evil, but it may actually be an opportunity in disguise.

If you bought your house decades ago, you probably had a very different lifestyle than you do now. Paying for all that extra space can put an unnecessary strain on your retirement income. Why be saddled with the expense of a property that doesn't fit your needs anymore?

Downsizing, on the other hand, may improve your financial situation and help you avoid depleting your savings account in the long run. Preserving your wealth in retirement is one of the main reasons for downsizing, but there are other important benefits of downsizing to consider as well.

Downsizing your home for retirement

To be clear, downsizing in retirement doesn't mean moving into a senior-living center or long-term care facility. It's about finding a place that better suits your current needs as opposed to the needs you had 25 years ago. There are a lot of possibilities -- an apartment, condo or smaller house. Here are some other good reasons for downsizing:

Unlock equity in your home

Your home may be your biggest asset, but its value may be under-utilized if you're living in a house that is larger than you need. Selling your home is one way to unlock the equity you have built up and make it available for use.

Lower your utility bills

The larger your property, the larger your utility bills are likely to be. This is an ongoing expense you could reduce by downsizing.

Avoid health/safety emergencies

As people get older and start to have trouble getting around, their homes may pose risks to them in the form of steep stairs, slippery bathroom surfaces, etc. These risks are exacerbated if you live far away from emergency help. Moving to a property that is easier to navigate and closer to medical aid could help keep you safe.

Reduce property taxes

Property taxes are generally assessed as a percentage of the property's value. Move to a less expensive home and you can reduce this ongoing expense.

Save on routine travel

When you bought your house, you may have focused on how close it was to things like schools and your job. Once the kids leave home and you retire, a more convenient location would be one close to shopping and services you routinely need.

Cut down on repairs/maintenance

Any homeowner knows that property comes with regular needs for repairs and maintenance. Cut the size of your property and you can cut the number of bills. Switch from owning to renting and you can avoid most of these expenses altogether.

Pay for fewer services

It may be a lawn service, house-cleaning, or perhaps something else, but, if you are regularly paying for help keeping up with your property, this is another way you can save money by downsizing.

When is the right time to downsize?

Aside from the decision whether to downsize, another tough call is when to do it.

Many homeowners hold out for as long as possible and only make the move when forced into it by physical decline or financial distress. However, doing it earlier and on your own terms might help preserve your physical and financial health.

Financially, it is always best to look ahead and make decisions when they have the most chance to have a positive impact. A full-sized house can represent an unsustainable strain on your finances. If you pour a lot of your retirement savings into keeping up a home before you decide to sell out, there is no getting those savings back.

Conserving your assets in retirement is always an exercise in uncertainty because you don't know how long you will live or what expenses you will incur. So the best strategy is to look for ways to control spending before you are forced to. This allows you to remain constructively invested longer and make less drastic choices about your budget.

Therefore, a good time to first consider downsizing is when you are approaching retirement and trying to figure out if you have enough money to retire. When you are trying to work out your financial future on a retirement calculator, it helps to know if you can anticipate spending less on housing at some point in the future.

Downsizing does not have to mean losing the great memories you associate with living in your house. It just means preserving those memories through photographs and by sharing stories with friends and family, rather by than continuing to pay for space you no longer need.

For more information on apartments in Glen Allen, VA contact Abberly Twin Hickory.

#HowYouLive

money-rates.com


The Perks of Living in a College Town

Joseph Coupal - Tuesday, October 02, 2018

Abberly Twin Hickory, Glen Allen, VA Living in a college town might seem like an unusual decision once you're out of school. Sure, living there might make sense while your own children are in school, if you're going back to college to enhance your career or if you're taking a teaching opportunity. But if you aren't connected to the university, staying in a college town or choosing to move to one might seem like a strange choice. It isn't.

Let's be clear as to what a college town is. Here, we're talking about a smaller community in which a large university provides employment for a significant portion of the town's residents, and many other residents are involved with businesses that serve students and alumni. In these towns, the student population makes up a significant part of the population.

College towns offer a number of perks beyond simply having university-level classes down the street.

Here are five benefits that come from living in a college town.

Low cost of living. College towns tend to have a low cost of living. After all, landlords are often renting properties to college students without a lot of money.

Often, the sticker price of rent in such towns is fairly low, but the leases may involve a lot of protection for the landlord against property damage. If you're a mature adult who isn't going to have a big party every weekend, you're likely to avoid all of those extra expenses.

Furthermore, such towns are often full of a wide variety of low-cost services, such as inexpensive restaurants and many secondhand shops, which are usually well-stocked. They typically have good yard sale markets since students often buy items and leave them to be resold when they depart.

Cultural opportunities. College towns often attract cultural events and tours from musicians, stage companies and speakers that would not otherwise come to a town of that size. This gives you the opportunity to live in a relatively small-town environment while still seeing top-notch cultural events.

Sometimes, these performances and concerts are on campus but open to the public, so you may want to watch the schedule of events there. Many college towns, however, have other venues, such as bars and small concert venues, that are often used by traveling performers. There's usually something to see or do all the time, at least in comparison to other towns of similar size.

Low-cost entertainment opportunities. The universities themselves tend to provide an abundance of low-cost or free entertainment opportunities to the community. For starters, politicians, authors, celebrities, artists and other public figures often appear at universities and colleges in speaking and question-and-answer forums that are open to the general public for free.

Beyond that, universities and colleges often have a range of special-interest groups that work to share that interest with the broader community, offering demonstrations and events on campus and in the town itself. Pay attention to the local news, community calendar and college's calendar to find all kinds of low-cost entertainment options.

Easy ways to make money. Many universities have thriving research projects that seek out citizens of the surrounding town for paid opportunities. You might be paid to play a game or eat a strange food and give your thoughts on the experience, for example, as researchers study some aspect of what you're doing. It can often be an easy way to earn a few bucks.

Plus, many college towns have businesses that offer simple ways to earn a few extra dollars. While these businesses might target students, members of the community are typically welcome. You might be able to make extra money from donating plasma, driving for a ride-hailing service or offering up transcription and editing services through sites like Upwork (both professors and some students will use this).

Exceptional medical services. If you choose to live near a university with a good medical school, you'll have access to top-notch medical services at a reasonable price, which can be a great bargain. Medical schools tend to offer a wide variety of medical services to the public, with those services used as learning opportunities for students.

For people in town, this typically means that medical appointments and procedures involve an experienced doctor paired with a student or two. The student learns about the practice of medical care while the doctor tries to provide a good model for the student. Thus, if you don't mind having a student watching and learning from your medical visits, using the local medical school's services can be a great bargain for excellent care.

All in all, there are a lot of perks that come from living in a college town beyond the educational opportunities. Don't overlook those benefits.

For more information on apartments in Glen Allen, VA contact Abberly Twin Hickory.

#HowYouLive

Money- USA News



Abberly Twin Hickory

Formerly The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059

Call: 888-621-8872
Email UsTwinHickory.CommunityWebsite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$1,049-$1,481