What is the cost?
Many people ask the question, what is best for me, living in place at home or moving to a 55+ luxury community. Or do I need assisted living? You’ll need to look at the numbers for your own situation. A careful review of expenses, a clear understanding of what you do and don’t get in your home vs. a 55+ living community and assisted living – that’s where you begin. And in the end, if you’re like most people who consider a move to an independent living community, you’ll discover that the costs of community life can compare favorably to the costs of aging in place at home.
Living at home isn’t free.
As a homeowner, you understand the cost. In addition to mortgage you also have insurance, taxes, property maintenance and improvements. Add in utilities and groceries and, possibly, landscaping or cleaning services. Every so often, there’s a new hot water heater, new faucets and fixtures, or new appliances. Eventually there’s the possible need for a new roof, carpeting, painting, HVAC, or water where it shouldn’t be. How much does all this homeownership cost you? You can add up various maintenance and service costs – including any mortgage payments you’re still obligated to make. When you have that set of numbers in hand, you’ll have a good starting point for understanding what it costs to continue to maintain your home. In addition, think of the time and physical effort required for some of the maintenance tasks you have been taking care of. Are there things that could lead to injury down the road that you might need to budget as an expense?
When your plan is to age in your existing home, you’ll also want to think about the modifications your home may need to keep you safe and life simple. These can range from small things such as getting rid of those trip hazards such as rugs and stairs and installing grab bars near the tub and toilet – to mighty, like widening doorways, remodeling a bathroom or two and even replacing doorknobs with handles. While these are mostly one-time expenses, they can add up to a major expense. It’s part of the price you pay to age in place at home – all those home ownership costs, plus the costs of ensuring your home is an even safer, more secure place for the years ahead.More Readings