Aging in place is a lifestyle choice that many people are considering to avoid the high costs of living in retirement communities.
Before making a decision, you will need to know what the financial cost is of aging in place.
There are two main factors that contribute to the cost of aging in place: property taxes and home repairs.
Property taxes can be a significant cost for homeowners in some areas, while homeowners who live in homes with low property taxes may find it easier to age in place.
Home repairs often arise when an individual hospital beds resides at home for extended periods of time and they become necessary as the individual ages.
The size of your house or property will determine how much it will cost you from year-to-year for both property taxes and annual home repairs.
In recent years, many people have been looking at ways to maintain their independence and quality of life as they age. Families are considering the best way to care for aging parents while still maintaining a work-life balance. In addition, more and more people are electing to age in place - staying in their own home or apartment while they age.
Unfortunately, this decision does not come without its costs. For instance, there may be a cost for providing caregiving services in an individual's home or a need for renovations to make a home safer or more accessible. There may also be expenses associated with equipment that can help maintain independent living such as ramps and adaptive-mobility devices.
Aging in place is the idea of staying in one’s current living arrangement as long as possible. The idea is that a person does not have to move from his or her home to a retirement facility, assisted living facility, nursing home, or other institution.
The main cost is going to be the physical work needed to make your home safe and accessible for an aging adult. This might include installing handrails on stairs or making doorways wide enough for wheelchairs.
Other considerations are the cost of utilities and maintenance of the property. For example, there may be an increase in gas and electric bills due to heating and cooling larger spaces now occupied by an aging adult instead of a family with children.