Where to live when one gets older is an issue we all need to confront at some stage in our lives, be it making the decision for ourselves, or assisting a loved one to make that decision. Moving into a retirement village or rest home is now becoming more popular. However, there are other choices:
- Stay in the same house and modify it with ramps and rails, install assistance alarms, and get in some home help, but take into consideration the costs of doing so. If your house allows it, you may even be able to have a live-in caregiver.
- Take in a boarder or move in with family or friends - that way you have some companionship and security, plus added cash flow.
- Downsize to a smaller home that is closer to the desired facilities. This could be an apartment or town house, or a cottage on the property of family members. It should provide added security and reduced maintenance.
The decision that is made will be determined by issues such as your financial situation, desire for fewer home-related commitments and greater flexibility, health status, desire for a better climate, proximity of your interests, access to medical facilities, plus location of family and friends. When making a decision, take your time and do the research. Consider all the costs and issues and in particular, consider what you need to live a good life.
The key is to make the decision on where to live in your next stage of life while you still have options. Too often, we see clients avoiding making a decision and then their health suddenly declines and they need to vacate their large family home fairly rapidly. This sometimes leads to rushed decision making on where they live next, plus they may sell their original home more cheaply than they otherwise might have, as they are unable to get it to the presentation standard required to maximise its sale value.
Give your Milestone adviser a call. We can talk you through the various options available and help you to make the right decision for your situation.