Many senior homeowners have grown up with the idea that they should get their house paid off and settle there for life. In many cases, this is a great plan. However, it may be surprising to find that it is not always the cheapest option. In many cases, homeowners find that when they review their current monthly expenses, the costs are outpacing their income. Another option worth comparing is the cost of an independent retirement community. How do you start comparing the cost of your home vs. a retirement community?
The first step is to review your actual expenses for the last 12 months. As you age, so does your home. While you may not have a mortgage payment, you will always have to budget for taxes and property insurance. What about monthly yard care, utilities, cable, internet, phone? As household systems age and become less efficient, the utility expense may have climbed or rates increased. What about big ticket items such as a heating or air conditioning system? How about the dishwasher, hot water heater, roof or foundation? In the unofficial “Murphy’s Law of Home Ownership”, multiple problems tend to surface at the same time. When this happens, your bank account and patience may be strained.
So, what is often included in the monthly cost of a retirement community? Each community offers different amenities and levels of cost for services. Here are some often included items to review for the price:
Daily Meals
Maintenance
Laundry services
24-hour security
Housekeeping
Transportation
Utilities including cable and internet
Many times, homeowners find they can actually save money by moving. While financial issues are not the only consideration, it is worthwhile to compare your costs before making the decision to stay or go.
If you would like a complimentary checklist you can use to compare these costs in more detail, please contact judy@masterrealtyteam.com or call 214-762-5544.
