Most people are often concerned about their retirement accommodation options. More often than not, they have to conduct a thorough cost-benefit analysis to determine the option that suits them best. The excerpt below discusses a few over 55 living options and why you should consider each alternative. Hopefully, it will guide you as you make your accommodation arrangements.
Aging In Place
This involves living in your home as opposed to moving to a specialised facility. Aging in place would be ideal for seniors who have made significant investments in their homes and do not, therefore, wish to relocate. It is also suitable for people who want to live with their families as they age.
Retirement villages are complexes designed to accommodate seniors. The primary advantage of these villages is that they offer a wide range of accommodation options to suit your needs. For instance, you could move into a mansion, penthouse, or one-bedroom apartment. Besides, you could own, lease or rent your unit. Retirement villages are the perfect option for seniors who would want to enjoy the company of other seniors in their retirement years. In the villages, seniors socialise through sports and specialist organisations.
Land Lease Communities
Land lease communities and retirement villages offer similar lifestyles and amenities. However, their primary distinction is the property ownership arrangements. In a land lease community, the resident owns the house but leases the land it sits on. As such, they are free to sell their property and keep 100% of the proceeds. It is unlike the retirement village concept, where the resident could have to share capital gains, pay stamp duty, and exit fees as they sell their property.
Assisted Living Communities
Assisted living communities are inclined towards the provision of health care services to their clients. In an assisted living community, residents enjoy the perks of independent living while receiving nursing care. Besides, the management offers housekeeping services to prevent residents from straining.
These are designed for seniors who would want a cost-effective accommodation option. Typically, the villages consist of modest but comfortable rental homes for seniors. Residents in these villages qualify for rent assistance. In most cases, tenants will receive meals, nursing care, and housekeeping assistance.
A nursing home is designed to offer 24/7 nursing care. This is the best alternative for seniors whose health has deteriorated and therefore require constant medical attention. Nursing homes provide varying accommodation options. For instance, you could choose to live independently or with other seniors.
Over 55 accommodation options include aging in place, retirement villages, land lease communities, assisted living communities, rental villages, and nursing homes.