Apr

15

Retirement Or Independent Living Community?

Posted by maureen

April 15, 2007 |

The kids may have been gone for sometime and you have spent the last couple of years wondering if its time to move. You realize now that your “empty nest” has rooms that are no longer needed and stay empty for most of the time. The yard that served so well as a baseball field is now too big and takes too long to keep neat and tidy. You long for something that fits you and your lifestyle better: something smaller, with plenty of amenities and perhaps even some of the maintenance taking care off. You want a home that allows you take off at the drop of a hat and doesn’t keep you hostage for long hours mowing grass and cleaning. You want to trade the responsibility of home maintenance, in exchange for a range of social, educational and leisure activities. Today there are plenty of choices to fit your needs:

Adult Retirement Communities

These communities usually have a minimum age restriction of 55 for at least one of the residents. They offer a variety of activities which may include golf, tennis, swimming pools, hiking and biking trails, exercise rooms, social halls and a variety of clubs and interest groups. These communities are often designed as private campuses and are often located on golf courses and resort regions. Considering a Retirement Community may be your first introduction to a Community Association. To better understand the costs involved, compare the Community Association fees to your present home costs:
Home Maintenance and Repair
Gardening Service
Landscaping costs including watering
Pool and spa costs including maintenance and repairs
Fire and theft insurance
Country Club membership and privileges
Golf and tennis fees
Snow plow, trash, and other local services
Cable access
Other home utilities -i.e. water, if included in C/A fee
Security services
Cost to commute to clubs and activities
Cost to get together with friends
Cost for home security

Independent Living Communities

These communities are designed for seniors who are active, healthy and able to live without assistance. Since lifestyle is the attraction independent living communities usually offer living spaces in a range of sizes and configuration with the option to rent or own. They all offer the privacy and freedom of home combined with the convenience and security of on-call assistance and a maintenance-free environment. These communities are designed around activities and other services, like a spa, beauty shop, library, chapel and activity rooms are also very common. Community dining areas or restaurants is available; residents also cook and dine in their own homes if they choose.
If you are in a rental facility then you will incur rental fees indexed to the cost of housing in your geographic area. In addition to rent, you’ll also incur a monthly charge for services. These can from a few hundred to several thousand dollars depending on the type of services. The same is true if you are buying a home or living unit. Generally you can figure in a monthly fee of between $1000 to $2000


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