In the know.

Young people in the market for a new home may be drawn to large yards, swimming pools, large kitchens, extra bedrooms, and oversized living spaces.  All of the extra space makes perfect sense for a growing family. But does a home like this still make sense for a senior? Maybe, maybe not.

For some older adults, the large yard becomes an overwhelming chore, meanwhile the extra square footage is rarely used. In some cases, the home can become challenging if mobility becomes an issue. For example, the stairs become harder to navigate while attic space becomes nearly impossible to access safely. At some point, most aging homeowners begin to question whether they should move, or if they should modify their home to continue to age-in-place safely.

Here are the top three things to consider as you decide to move or modify.  

Consider the Future

Even a healthy senior today must acknowledge that the future may hold new challenges to their health or mobility. Depending on your needs, the home might require some or all the following adaptations: easy access shower, taller toilet, widened doorframes, ramps or lifts, grab bars, non-slip flooring, lowered countertops, or specialized alarms and monitoring systems.

The problem is that most seniors refrain from making this dramatic of an overhaul to their home until it becomes an undisputable need. Which means, they are enduring a home renovation project and managing the construction crew, while also adjusting to the new change in health that made the changes to the home necessary. All the while, there is still a yard to maintain, house to clean, and meals to cook.

Instead, those willing to move are turning to Continuing Care Retirement Communities (CCRC).  Often entering the community at the Independent Living phase, where all their home maintenance issues are managed by the in-house team of trusted professionals. Plus, this type of move provides priority access to future care like Assisted Living, Memory Support, Long Term Care, or even Short-term Rehabilitation services if ever needed.  

Consider the Cost

The cost of modifying a family home can vary depending on what type of needs are being accommodated and how these needs may change over time.  As you make these changes to your home, it is important to acknowledge these updates may negatively impact the resale of the home.

In comparison, Independent Living in a CCRC may require an Entrance Fee at the time of move-in. An Entrance Fee is typically a refundable fee that is roughly equal to the price of a home. Additionally, there is a monthly fee which covers the meals, services, housekeeping, entertainment, and use of amenities. However, the resident is no longer paying for other expenses like property taxes, homeowner’s insurance, or HOA dues.  

Consider your Well-being

Where you live plays a huge role in overall wellness and ultimately longevity.  Maintaining wellness includes consistent efforts to be socially engaged, intellectually stimulated, emotionally balanced, physically active, spiritually content and occupationally fulfilled.

Without significant effort, seniors who live in their own home will have fewer daily interactions with others compared to those living in a retirement community.  However, those living in a community have access to fitness classes, well-balanced meals, social clubs and faith-based groups, right outside their door.    

Whether the choice is made to move or modify, there is no doubt that proactive planning is the best strategy for successful aging.

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