INDUSTRY INSIGHT
RETIREMENT COMMUNITY LIVING
Two Reasons to Reconsider
Aging in Place
H
ere at Springhill, we have daily conversations with people who
are weighing a move to a retirement community versus adapting
their current home to support changing physical needs, buying a
smaller place, and utilizing family and friends for support as they age.
But for some, the decision to age in place seems to stem more from
concerns about the task of selling their home, and misperceptions about
retirement communities, than a lifestyle choice.
During these conversations, we share two considerations that have
tremendous benefits:
• the social and wellness gains from retirement community living
• the freedom that comes from no longer maintaining a house
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within a few weeks of settling in that they are amazed by how liberated
they feel, especially when preparing for or returning home from a trip.
The financial burden of home ownership is particularly true in an
older home that may need major renovations such as a new roof,
furnace or water heater. The average cost of painting your home
is $5,700, while a new roof can set you back an average of $20,000.
Replacing 10 double-hung windows is an $11,000 investment.
Many of the expenses of home ownership are included in the
monthly service fee at a senior living community. Further, the monthly
service fee actually includes some of the bills paid separately as a
homeowner, not just the mortgage.
There is a general misconception that a retirement living community
is an expensive alternative. But there is a wide range of floor plans
and pricing options to match a variety of income and financial asset
levels. Comparing the cost of retirement community living to home
ownership is important, and may have a surprising result.
CHATTER MATTERS
Perhaps the greatest benefit of retirement communities is one that
seldom tops a person’s list of reasons for moving to one – preventing
the emotional, physical and cognitive cost of reduced social interaction.
Scientific studies continue to document the very real effects of social
isolation and lack of meaningful interaction. They include:
n Declines in physical health
n Increased risk of depression
n Increased risk of cognitive decline and dementia
Retirement communities are designed for successful aging. They offer
opportunities to remain engaged through volunteering, planned trips
and programs, resident clubs, fitness centers with trained staff, and new
friends right outside your door. This doesn’t mean that after a move, your
interests are limited to the campus. Residents maintain community ties
and friends, and continue to travel or enjoy vacation homes. How people
engage in their new community’s lifestyle remains a matter of their
preferences.
We commonly talk to new residents who note that even though they
didn’t feel lonely at home, they often ate alone or went long stretches
without much conversation. Time and time again, we hear, “I should have
done this sooner.”
HOME SWEET … MAINTENANCE
A well-known benefit of becoming a resident rather than a
homeowner is eliminating the burden of maintaining a home. The
upkeep on a house can become financially, physically and even
emotionally overwhelming as we age.
So many new residents — even those who never viewed maintenance
as a burden and worried that they would miss their house — tell us
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