3 Reasons Why Moving Into A Retirement Home Is More Affordable Than You Think
Moving into a retirement home is a big decision, and one key part of that decision can revolve around how much living in a retirement home costs.
However, there are some common misunderstandings about the real cost of a retirement home, and as a result some may not be seeing the full picture of what you get and what is included that you would otherwise be paying out of pocket for -- there is a lot more to it than simply having a private and modern suite.
Here are three reasons why moving into a retirement residence isn’t as costly as you may think.
You don’t pay the extra fees and expenses of owning a house
Owning a house gives you a great place to live, but home ownership carries with it a range of fees and costs that may not immediately spring to mind when comparing the cost of living in a house versus a retirement home.
These include housing related taxes like property taxes and garbage pickup fees, but also water and utilities, as well as ongoing repairs and maintenance. Every homeowner has their own story of a tree crashing down on their roof in a rainstorm, or a flood engulfing their basement, and the many thousands of dollars in repairs they had to shoulder. Combined, ongoing monthly costs and taxes can add up to more than a thousand dollars a month, and even more in case of an emergency that damages your home.
Food and other services that would otherwise cost you money are included
The cost of living in a retirement community includes one of the major expenses for those in their retirement years -- food. Having meals provided for you takes care of a major budget item, and saves you time from trips to the grocery store and cooking over a hot stove.
And your retirement community will offer additional services that would add up to major costs when living on your own, such as an in-building exercise facility, movie and TV screenings in the cinema, recreation and art classes and day trips. Here at Sundial Lakeview Retirement Residence, we provide these and additional services like room cleaning, laundry service and a hair salon.
You free up your house’s equity
Your house is likely your biggest asset, but while you are living in it you can’t access the financial benefits it can give you. Selling a house before moving into a retirement home unlocks your home’s equity, giving you a bigger nest egg that can in turn be reinvested to generate ongoing income.
This means that, by the time you move into a retirement home, your personal finances will have improved, likely dramatically, freeing up money not only to cover the price of your new retirement home, but also to generate monthly income from dividends and financial investments.
If you add it all up, you will find that your average monthly cost of living in a retirement home is more affordable than you think!
If you have any questions about the value and benefits you get from moving to a retirement home, don’t hesitate to contact us today. Our friendly staff will answer your inquiries, and if you like, we will give you a complimentary tour of Sundial Lakeview Retirement Residence in beautiful Orillia so you can see for yourself how convenient and rewarding Orillia retirement home living can be. We’re at your service!