YOUR HOME MAGAZINE | 13
Agingi nGrace
FOR THOSE OF us fortunate enough to reach our “golden” years,
the ideal location to live out those remaining days crosses everyone’s
mind. This series will explore different options, along with the pros
and cons of each, to give you insight into the best choice for you.
First consider is what is termed ‘aging in place’. Through careful
planning to accommodate the inevitable changes that occur as we all
age, it is possible to live out senior years at home. For many, this seems
best because moving from the comfort of one’s home and leaving fond
memories is not appealing.
This may include renovating your home to account for changes such
as diminished mobility and agility, loss of eyesight and hearing, difficulty
driving, and a host of other factors that could affect daily activities. For
example, a shower step can be removed to lessen the risk of slipping. Grab
bars can be added for extra safety. Doors may be widened to accommodate
the possibility of a wheelchair. Make sure you work with an experienced
remodeler such as the professionals featured in Your Home Magazine®.
Remember to start planning early. Making necessary accommodations
when you need them means you’ve waited too long. Renovate early if you
are going to stay where you are. Many people who decide to age in place
downsize to a villa or condominium reducing the burden of maintaining a
larger home. A villa or condo in an all-inclusive community eliminates the
need for landscaping and repairs which are taken care of by an association.
“We are seeing a growing trend in downsizing,” says Tony Spano, a Realtor®
at Olde Naples Real Estate in downtown Naples. “As the years go by, our need
for large, family-sized homes and the expense of maintenance required is not
necessary. We are seeing more and more people selling their bigger homes and
purchasing smaller ones in communities with more lifestyle and less worry,”
Spano continues. “Since a larger residence generally has more equity than a
smaller one, the difference can be put towards enjoying life in investments set
aside to take care of unforeseen circumstances in the future.”
However, regardless of the planning you do in advance, you may find
yourself in a greatly reduced capacity, requiring part- or even full-time care
at home, which can be extremely costly. According to AARP, you should
anticipate $125 per day for 44 hours of home care per week. You could
consider long-term care insurance, but again sooner is better—people with
preexisting conditions may not qualify.
Considering all this, many opt to move into senior communities that offer a
wide range of lifestyle choices, from active independent living for those still in
their prime, with the facilities to transition into an assisted living when and if
that time comes, and finally into a full-care nursing facility.
In the next article, we will explore the different senior living options from
equity ownership to Life Plan communities.
If you are considering downsizing or moving to a senior community
and would like to know the current market value of your home, please call
239.216.9507 and we will provide you with a complimentary Comparative
Market Analysis.