The seniors in a society are the elderly or those who have attained the retirement age. They should be well looked after in the society due to their old age as they cannot do some routines by themselves. They have attained retirement age and have stopped working. A home being a human want, these people must have a place to call home for their own security as well as the security of their property. At this stage in life it is important to have a place to live as there are no regular earnings and one is expected to live with a limited number of funds. There are places where the seniors can have their own homes. The importance of these retirement homes in California are discussed more here.
A home is viewed as other types of investments such as businesses as it has a financial outline. A house helps one gets loans from banks or other financial institutions as they can be used as securities which the lenders will have when one defaults the loan payment thus they are assured of getting their funds back even when the seniors default thereby reducing the loan application process. Homes substitute payslips in the loan application process for the seniors as they have no salary. They can now successful apply for loans.
Having a home is more cost-effective than renting one. The funds supposed to support these seniors are limited thus they should be spent wisely, therefore, owning a home saves them, from paying rent every month which reflects a cash outflow in those funds. Having a home can act as a saving plan for the seniors as the money that could have been used in rent can now be used in other productive ways. The seniors are entitled to financial security by owning their own homes.
Personal freedom and space is important to the seniors as they are not occupied most of their time. In their own homes, the seniors have a freedom to do what they want and how they want it done without having to consider other parties. These homes of the aged have a large population which may be uncomfortable for the seniors and they are run by some programs which every senior living in these institutions must follow irrespective of personal preferences. With their own homes the seniors are entitled to personal space and freedoms.
The elders that have their own homes are free from housing problems. They are entitled to better housing. Their immunity is low due to their old age. Also, they require a certain attention due to old age such as safety measures which includes railings and shower seats.
The merits of having a house in these late years are outlined above.