Consider the Bottom Line: Home vs. an Independent Living Community
Today, and certainly in the future, there are and will be unprecedented choices when deciding where to live during your retirement years. New kinds of retirement communities and other housing created for the lifestyles of later life are proliferating.
Is an independent living community the right choice for you? Cost-wise, what is the better choice? Aging in place at home? Or moving to an independent living community? You will need to crunch the numbers for your own particular situation because the cost of living varies all across the country but a careful review of expenses, a clear understanding of what you do and do not get in your home vs. an independent senior community can help you come to a decision. It is absolutely true that all of the costs of aging at home are worth it for some people, but if you would like to consider an alternative, take a closer look at an independent living community. Compared to the true costs of homeownership, an independent community can provide a surprisingly affordable alternative.
For most, the home is the greatest asset, but tying up so much personal wealth in a home can limit the possibilities for enjoying life. As a homeowner, you know the costs. There is insurance, taxes, property maintenance and improvements. There are utilities and groceries and, possibly, landscaping or cleaning services. Every so often, there is a new hot water heater, new faucets and fixtures or new appliances. Once in a while there is a new roof, carpeting, painting, HVAC, sewer lines to clear and water showing up where it should not be or not showing up where it should. How much does all this homeownership cost you? Well, add it up – including any mortgage payments you are still obligated to make. When you have that set of numbers in hand, you will be at a good starting point for understanding what it costs to live at home.
And then there is more; because when your plan is to age in place, you will also want to think about the modifications your home may need to keep you safe and life simple. These can range from small – get rid of those liable-to-trip-you throw rugs and install grab bars near the tub and toilet – to mighty, like widening doorways, remodeling a bathroom or two, installing lifts or ramps and even replacing doorknobs with handles. While these are mostly one-time expenses, they can add up to a major price tag. It is part of the price you pay to age in place at home – all those homeownership costs, plus the costs of ensuring your home is an even safer, more secure place for the years ahead.
Feel free to print the below chart and reveal the costs of staying in your home versus moving to an independent living community. I assure you, you will get a clearer picture of the benefits of living in an independent living community such as The Village of Bedford Walk.
