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The Best Senior Living Long Beach California
Home ownership is a form of housing tenure whereby a person 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. Through home ownership there are several pros and cons that have been realized. The need to modify a building or land as one wishes is an advantage of home ownership. Through owning a home, home owners are protected from evictions. Another pro is that it creates rights to occupation which can 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 cost incurred in paying of homes that are on mortgage is very high without forgetting maintenance costs and property tax payments. The cost of home ownership includes property tax and property transfer 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. They include construction of the home by the owner, inheritance or purchase of already existing homes from real estate developers or previous home occupiers.
A home ownership rate is the percentage of homes that are owned by the occupants. Computation of the home ownership rate is done by dividing the number of owner occupied housing units by the total number of occupied housing units. Addressing of elderly people in most countries refer to them as senior citizens. Sixty five years and above is the age limit for elderly people. Benefits and challenges are realized in home ownership by seniors.
There is an increase in mortgage debt that is held by most seniors who are home owners. 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. Housing impacts on the health of seniors but this is more on rental housing as compared to owner occupied. Safety features such as railings and shower seats are provided to seniors who are home owners thus avoiding occasional injuries and falls.
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 assisted living if their health or family circumstance change and living rent free.