Most people want to “Age in Place” as long as possible (90% according to AARP). This involves growing older in your own home or in another residence that is more adaptable to future needs. When homes are “senior friendly” and enough services are put in place, seniors can often stay in their own residences. This is part 1 of our Aging in Place advice. A must read next is Aging in Place – Optional Renovations for a Senior-Friendly Home
Will your home actually work for you as you get older? Do you have the finances needed to remain in your home and pay for needed services? Are you willing to accept the needed help? Are there health concerns that could actually scuttle the whole idea?
Will your homework for you?
Is it in a safe location?
Is it structurally sound? Could it accommodate major or minor renovations if needed? An older home could be a financial burden if it needs major repairs and you are living on a reduced or fixed income. Hire a building inspector to see if there could be needed repairs such as: roof, wiring, furnace, air conditioner, foundation, septic system (if in the country), mold, termites…
Do you have the needed finances?
Costs for taxes, power, water, transportation and necessary services continue to rise. Unexpected assessments or repairs can quickly use up your “reserve” fund if you own a condo and major repairs are needed. You could suddenly be confronted with a necessity to sell at a reduced price if the $10,000 or even $30,000 isn’t available. (We have seen this happen!)
Talk with your financial advisor and be realistic about what you can afford. Several years ago, we downsized financially to free up the cash to do the things we needed and wanted to do. We have seen many widows sell their larger, expensive homes to purchase more affordable residences.
Are you willing to accept help?
Seniors want to be independent and have difficulty accepting the needed help. Well-meaning children pay for service providers and then some parents refuse to let them in their homes! Think about the one thing that would make your life easier. Is it help with food preparation, bathing, transportation, housekeeping, laundry, yard maintenance….? Check on the cost for the help that would make life easier for you.
Is aging at home right for you or a loved one? We’d love to spend time talking it over with you. Contact us to make the right choice for you.