Costs of Moving to a Senior Living Community
When contemplating the next big step, you might have a lot of questions.
But the truth is that relocating in retirement is easier now than it’s ever been. In fact, the variety of Independent Living lifestyles might surprise you, especially if you’re young and healthy.
The cost of living is the biggest consideration when selecting a retirement community. You’ve got to take into account how much it costs to live in your own home compared to the option you’re considering.
Fortunately, Kingswood’s knowledgeable team is here to offer guidance. Read on to learn about the three general questions to ask when thinking about a move to senior living.
How Do Senior Living Communities Add Value to My Life?
The monthly fee for a Continuing Care Retirement Community, also called a CCRC, doesn’t just give you access to care and services; it gives you access to an entirely new quality of life.
Socializing is a major part of community life, so new friendships are easily found and fostered when you move to a senior living community. And enrichment activities are built into the lifestyle, so you’re sure to find new hobbies and pastimes that bring you joy. It’s an overall boost to quality of life that many seniors don’t experience when they choose to stay in their homes.
Sometimes under one roof, sometimes in a neighborhood setting, senior living communities combine all your living and care expenses. With one monthly fee, you’re paying for your home, meals, gym membership, maintenance, life-enrichment events, utilities and property taxes.
When you add all that up, moving to a CCRC, sometimes also called a Life Plan Community, can result in lower monthly costs of living for older adults.
How Much Am I Paying Currently?
Depending on the initial cost of the home, annual maintenance costs usually range from 1 to 3 percent. Just as an example, homeowners should budget $2,000–$6,000 per year for maintenance on a $200,000 house. You’ll incur ongoing and exponentially rising costs for maintaining your home’s value whether you do it yourself or hire someone to do it.
There are many potential costs associated with owning a home into your golden years, regardless of health concerns or obstacles to mobility. Could you estimate what aging in place costs on a monthly basis? How about what it will cost going forward?
To meet this need, here at a senior living community like Kingswood, our housekeeping, cleaning and lawn care services are included.
Check out our Floor Plan Calculator to get an idea of what would suit you in a Kingswood residence.
Future Costs: What Can I Expect Later On?
Depending on the senior living community and the agreement (or contract) type, your entrance fee secures your home and access to reduced care costs. If you should need other higher levels of treatment down the road, a Life Plan Community like Kingswood gives you access to a full continuum of care.
In the next year or two, your home may require major repairs and renovations can become costly as your home accommodations change to fit your evolving care needs.
Consider the combined cost of in-home accommodations and services versus the convenience of on-site care at a senior living community like Kingswood.
Come Find the Senior Living Sweet Spot at Kingswood.
Kingswood offers Independent Living, Assisted Living, Memory Support, Long-Term Care, Short-Term Rehabilitation and Respite Care. We provide access to world-class services and amenities and around-the-clock care in a homelike setting.