Have you compared the costs of owning and staying in your home versus living in an independent living community? Consider several factors; financial, health and mobility, amenities and social opportunities, independence and privacy to name a few. When you are analyzing staying in your current home ask yourself certain questions aside from the financial side of things.
1. Are you safe in your home? Think trip hazards, falls, things out of reach
2. Can you maintain the home? Repairs, change light bulbs, handle the lawn care, coordinate repairmen
3. Can you drive safely? Are you mobile once you get somewhere?
4. How well do you do with your personal nutrition? Do you cook? This is tougher when it’s just one person.
5. How well do you manage your medications? Doctor visits?
6. How close by are family members or other support persons?
7. What activities are you engaged in outside your home? Church? Senior Center activities? Bunco group? Sports such as golf, pickleball or bowling?
8. Would occasional outside help be useful? Think grocery shopping, meal prep, light housekeeping.
Now think about what life could look like if you were in an independent living community. Most are apartment style, some individual cottage or duplex style. There are usually group activities for those who want to participate. Some have meal plans, some don’t. You can still have help come in as needed. You can “lock and leave” when you want to travel for several weeks or months.
Now what costs should you compare? Write down EVERYTHING you pay to live in and maintain your home. Even if you have paid your home off you are still responsible for taxes and insurance. What about the lawn guy who mows once a week? Cable, internet and streaming services? Pest control every quarter? AC/Furnace service twice annually? Utilities…have you looked at your water bill lately? Yikes!? Electricity, gas. Repairs: toilets, sprinkler system, fence, cut down dead trees. Have a pool? Extra water and electricity costs plus chemicals and the pool guy ! Think about upcoming maintenance, repairs or replacements: water heater if over 10 years old, roof (when was the last big hail storm?), paint. Think updating: flooring, appliances, fixtures, remodeling kitchen and baths.
What investments could you make with your equity if you sold? Have you considered a Reverse Mortgage (they’re great financial tools in the right circumstances)? Where would you travel if you had the money and time?
To break this down join us August 15th 10-11:30 a.m. at NCTC, 1200 Parker Square, Flower Mound for “Owning vs Independent Living.” We’ll do a couple case studies and give you a worksheet for your own personal numbers. Please RSVP at www.SeniorTalkDFW.com, call or text 469-616-0561 so we have enough materials for all.
Edwena Potter, Certified Senior Housing Professional, Keller Williams Realty
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