The true costs of homeownership …
We recently held several events focused on de-cluttering your home.
It’s amazing how much stuff we can accumulate over the years so de-cluttering can be important, particularly as people age.
At the same time, some of that “stuff” often is what may make a home special to us. It makes the home “ours.”
According to industry data, nine out of 10 adults—and not just older adults—say they want to remain in their homes as they age. Typically, they want to stay close to family and friends, are satisfied with their current home and find comfort in their community.
Finances come into play, too. After having lived in a family home for decades, many older adults are comfortably mortgage-free and have no desire to go back to paying one. Living in a home you already own is much more affordable—right!
Maybe. But maybe not.
Certainly, when you start looking at the costs of senior living communities—particularly Continuing Care Retirement Communities, sometimes called CCRCs—the price tag can make you pause. Not only is there a monthly charge, but CCRCs also have an entrance fee that must be paid to become a resident.
However, after you review those initial figures, you may be surprised—and a little shocked—at how affordable a CCRC can be when compared to traditional homeownership. Let’s use an example.
Retired for several years, Peggy and John are in their mid-70s and have owned their current family home for more than 25 years. The home is paid off. However, they’ve been thinking about the future and wondering whether staying in their current home is the right choice.