Understandably, you may have some financial concerns when deciding whether to move into senior living or age in place. However, one thing to consider is that senior living rents tend to be all-inclusive, and can actually add up to be much more cost-effective than homeownership. Read on to find out more about the cost of moving into a senior living community and how you can fund your new lifestyle.
The Hidden Costs of Homeownership
There are many “hidden” costs that can come from aging in place which many people fail to consider. Besides monthly mortgage payments, you will have to account for the following expenses:
- Homeowners’ insurance
- Bills and utilities
- Cost of maintaining the house
- Home care
- … and more!
When you add things up, you may find that the daily cost of upkeep is equivalent to the monthly rent in a senior living community. The difference is that in the latter, you can also benefit from a comprehensive range of services and amenities to make your life as convenient and comfortable as possible.
All-Inclusive Senior-Friendly Rent in Retirement Communities
While the monthly rental in a senior living community may seem high at first glance, think about all that is included in this price. At Aston Gardens At The Courtyards, this includes:
- Housekeeping & maintenance services
- Regularly scheduled trips to area attractions and chauffeured transportation
- A calendar of fun and exciting activities and events
- Three nutritious and delicious meals prepared freshly every day
- The presence of a 24/7 security team
- Health and wellness services available onsite
- Caring and compassionate team members who are there to take care of your every need
- … and more!
Selling or Renting Your Home
One major source of private funding senior living community residents turn to is selling or renting out their homes. Transitioning to senior living means making a permanent move in most cases, which is why many residents opt to sell their homes. With the proceeds from the sale, you can fund your senior lifestyle comfortably for years. If you prefer to hold on to your home, you may wish to rent it out so you will have a steady stream of income to fall back on.
Insurance for Senior Living
Have you purchased any long-term care insurance that could offset part of the cost of senior living? You may also want to consider cashing in your life insurance policy as a backup plan. Your insurance agent will be able to consult you on the pros and cons of doing so and advise whether it is a viable course for your financial position.
Veteran Benefits for Senior Living
Are you a veteran, or the surviving spouse of one? If so, you may already be receiving a pension – but did you know that additional benefits may be available to you? While you will have to meet a certain set of criteria in order to qualify, VA Aid & Attendance benefits will entail an additional monthly payout on top of your pension. Individuals who require assistance with daily living activities can use this payout for their long-term care needs.