It’s a very common misconception. Many people our parents’ age believe that moving into a retirement community is either too expensive, that it won’t suit their lifestyle, or both. As a result, few people explore their options and many make a decision only after a need arises. When that happens, they often make a move quickly and in far less than ideal circumstances.
The reality is that staying in their current home may cost them far more than a move into a retirement community, and maintaining it can have a huge impact on their quality of life as they age.
Following are some useful points to consider and discuss with your parents as they contemplate a move, before they experience a “need-based” reason to do so.
FINANCIAL
Homeownership:
Paying property taxes and homeowner’s insurance goes along with owning a home. And while moving into typical 55+ communities may offer your parents a number of amenities and benefits, buying a home and moving into one will still require them to pay property taxes and homeowner’s insurance. And these costs will most likely only rise in the years to come.
There are other options. Choosing to live in a cottage or an apartment at Moravian Village offers a unique approach to retirement living. Your parents would enter into a lifetime occupancy agreement for their home and forego buying the property. As a result, Moravian Village pays all property taxes and homeowners insurance for as long as they live there.
Housing Market:
Selling your parents’ home at the right time makes a huge difference in the return they will get on one of their biggest investments. 2016 is shaping up to be a “seller’s market” and may be the ideal time for them to get the most for their home without having to invest as much for repairs or upgrades before selling. Waiting too long could result in more competition for a buyer, a lower selling price and less profit on the sale.
While the profit your parents see from the sale of their home may vary depending on timing, moving into Moravian Village guarantees a return on their investment. There are a number of options to choose from based on whether or not you choose a cottage or apartment. The most frequent option chosen offers a refund of 75% of your parents’ entrance fee upon the reoccupancy of their home. This refund is guaranteed regardless of how long they live in the community, or the upgrades or maintenance done on their home.
Home Maintenance:
Along with the inevitable repairs, simply maintaining a home can be costly. Consider the budget your parents may allocate toward the following on an annual basis:
• Landscaping / lawn care
• Snow removal
• Gutters and roof maintenance
• House cleaning
• Painting and exterior repairs
• Heating and Air Conditioning systems
• Septic / City services
• Sidewalks / driveway
Based on a $300,000 home, most people will spend about $4,000 a year on upkeep and system maintenance. Depending on the age of the home, that figure may be much higher. If your parents wait too long, they may need to make a significant investment in upgrades just to put their house on the market, which will have an impact on the profits they see when it’s sold.
Just as Moravian Village’s unique model covers property taxes and insurance, the community also manages 100% of all exterior and interior maintenance of every residence. A monthly fee covers maintenance costs, and ensures there are no more surprise bills to replace appliances, repair systems or upgrade amenities. Even the smallest needs are covered. Have a burned-out bulb in a lamp or in a fixture? Your Mom or Dad just needs to pick up the phone and maintenance will take care of it.
QUALITY OF LIFE
Leisure time and freedom:
Pursuing interests and enjoying their retirement years will be easier and far less stressful for your parents when the responsibilities and worries of home maintenance are gone. The time they used to spend on their home and property is now theirs to enjoy! Instead of mowing the lawn, they could take an energetic walk in a park, play a round of golf, go on a trip or volunteer their time.
When compared to other retirement communities, Moravian Village offers the ideal location for active seniors. In nearby downtown Bethlehem, America’s “Christmas City,” your parents and their friends will enjoy fine dining, shopping and historical attractions. The best part: they’ll do it all with the peace of mind that comes with being a member of our community.
Healthcare:
As we age, healthcare needs change. Moving into a typical 55+ community will not help your parents manage these needs, since they don’t offer access to the same services and medical professionals available within Moravian Village. This unique and well-conceived model includes top-quality healthcare providers standing by to assist your parents allowing them to age in place, which means they will never have to make another move into a new community.
Moravian Village of Bethlehem is a leader in 55+ independent living and has a variety of senior living options in their cottage and apartment communities located in beautiful historic Bethlehem. On-site personal care and skilled nursing are also available for residents as needs arise. The staff has years of experience and are happy to provide you with insights on how you can best support your parents emotionally and physically as they consider moving to an independent senior living community.
For more information about Moravian Village, please contact Jennifer Granda at 610-625-4885 x 407 or jgranda@moravianvillage.com.