As we get older we have to come to a decision on our housing. Should we keep the big family home with all the memories, or downsize into a condo or rental space? It all depends on the family, so let’s figure out what will be the right decision for you.
Senior Living Communities
As we grow older, health issues arise increasingly, and memory can fade. Knowing you or your loved one are safely in a living community that monitors caregiving provides much-needed peace of mind for family members. Sleep easier knowing important concerns like proper nutrition or medication dosages are being looked after.
Plus, while many older individuals tend to get lonely in their later years, a senior living facility can provide a social community of friends for your loved one. Most facilities also have a list of daily activities for seniors to participate in. From card games to movie nights, it will help your loved one stay involved.
When looking at the financial side there are no growing payments or upkeep on a house. Mostly you will have a peace of mind knowing that your loved one is being taken care of, watched over, and engaged in social activities.
These are merely some of the broad benefits of senior living communities. Stay tuned to the Secure Aging blog where in our next edition, we’ll chat with a representative from a local senior living facility to dig deeper.
Renting a Smaller Space
Choosing to rent a living space in one’s later years has several benefits including less maintenance around the house. If traveling is a priority, the rental option allows for easy mobility to explore new locations.
Renting might also allow your senior to be closer to any kids and grandkids who have moved away. On the financial side, you wouldn’t be paying toward a mortgage every month, though you wouldn’t be gaining equity in a property either.
Buying
One of the main points people talk about when buying a home is the security and safety they feel. If you are choosing to buy for the first time or from moving out of a rental, at this stage in life, most seniors typically have good credit which will allow for faster loan approval, lower interest rates and a more positive financial outlook.
Secure Aging wants you to make the best choice for you and your family when it comes to living arrangements in your later years. We can help make life easier by tracking monthly income and expenses, as well as fully advocating for our clients’ well-being and safety. We are here to help make your life easier and keep your loved ones safe.
