After your retirement, there are many options for you to look at, in terms of housing. You might be tempted to stay in your current home, move to a smaller place or live in an active senior community. Whatever your choices might be, the cost will surely be a major factor in deciding where you want to spend your retirement years. A way to distinguish which option is suitable for you is to compare the cost of staying in your current place, a concept that is called aging in place or staying in a senior living community. There is research that leads to some conclusions, which may be surprising to you, which said that relocating to a senior community might be less expensive in the long run.
What Is the Difference Between Senior Living and Aging In Place?
Aging in place refers to your decision to live at your current place even after retirement. When you decide to stay in place at your current residence, the cost of maintaining your home will still be your responsibility. You will still need to pay all the utility bills and repairs. Living in a senior community offers many programs, amenities, and services that are customizable to your needs. This does not sacrifice your freedom at all. In a senior living community, you will have access to staff members who will help you with your daily chores and tasks.
Aging In Place and Its Cost of Living
Your budget for retirement plays a huge part in your decision. If you have paid off your house or have a low mortgage payment, then you might be thinking, “Why should I relocate to a senior community?”. However, hidden costs can arise if you decide not to relocate to a senior living community. One factor to take note of is home upkeep. An older house would require regular maintenance such as mowing the lawn, trash and snow removal, painting, and more. Housekeeping is also needed and that can become time-consuming and tiring for retirees. You could hire someone to do these tasks and rates usually start from $50 an hour or more. Home repairs could even be more expensive. Years of usage and wear and tear would certainly affect your appliances and plumbing system. Repairing them will be significant. Also, you might need to install wheelchair ramps and access and this will add up the cost.
Benefits of Living In a Retirement Community
Retirement communities are no longer places where retirees go when they are unable to care for themselves. They are active communities where you can enjoy your freedom to do anything you want without any hassle and stress of daily chores and tasks. This could be a start of a new chapter of your life where it is filled with fun new adventures and constant socialization. This may sound like a lot of money but it is quite affordable. Senior living communities are usually all-inclusive, which means there won’t be any surprises in your monthly bill. This includes housing, health and wellness programs, meals, security, and health monitoring. Home maintenance such as laundry and housekeeping are included as well. Senior living communities are also designed with accessibility in mind, with wheelchair-friendly ramps available everywhere.
Consider Living at Seaton Springwood
To be honest, there are no right or wrong answers here. Both options are great and you will need to have a perspective on costs and your specific needs to help you decide what is best for you or your loved ones. If you are thinking of relocating, consider us at Seaton Springwood. Our community is an upscale retirement community with state-of-the-art amenities. We offer excellent senior living programs and stylish homes. Schedule a tour with us today.