There are many times in life when we ask ourselves if it is time to turn the page on a chapter of our lives or not. This can include trading in an old vehicle that is nickel-and-diming the family budget in favor of reallocating the money towards a newer, more reliable vehicle. While the topic of a vehicle can be gut-wrenching, similar life decisions are more critical. This may include where to go to college, when to take a new job, and in the final stages of life when to move out of your home and into a senior living environment. Obviously, there are a number of considerations, most notably financial, safety, and emotional variables to think about.
Lehigh Valley geriatric care managers, like Anne Grogan of APG Eldercare, advise that “the most important thing is to make sure that the senior can age in place in a safe environment.” Safely typically means the ability to move about the home, the ability to take one’s medicine, eat a nutritious diet, and complete tasks of daily living. Those with Alzheimer’s and other forms of dementia typically need higher level of care, either with in-home non medical home care or in a memory care community. In this article, we will just be looking at the financial aspect of a move for individuals with normal cognition.
Many seniors in the Lehigh Valley ask, “Is it cheaper for seniors to move out of their house into senior housing or invest in renovations?”
The answer to this question depends on a variety of factors, including the senior’s financial situation, the cost of senior housing in their area, and the cost of necessary renovations to their current home.
In general, moving into senior housing may be less expensive than investing in major home renovations, especially if the senior’s current home requires significant upgrades or repairs to make it safe and accessible. However, if the senior’s current home is in good condition and only requires minor modifications to make it more senior-friendly, it may be more cost-effective to invest in those renovations rather than pay for the ongoing expenses associated with senior housing.
Ultimately, the best way to determine which option is more affordable is to work with a financial advisor and explore all of the costs associated with both options, including the cost of any necessary renovations, the cost of senior housing in the area, and any ongoing expenses associated with living in senior housing.
The typical cost to move varies depending on a number of factors, such as the distance of the move, the size of the home, the amount of belongings being moved, and the moving services required. Here are some general estimates of the cost to move:
- Local move within the same state: The cost can range from a few hundred to a few thousand dollars depending on the size of the move, the number of movers required, and the distance between the old and new residence.
- Long-distance move: The cost can range from a few thousand to tens of thousands of dollars, depending on the distance of the move, the weight of the belongings being moved, and any additional services required, such as packing, storage, and transportation of vehicles.
- International move: The cost can range from several thousand to tens of thousands of dollars or more, depending on the distance of the move, the size and weight of the belongings being moved, and any additional services required, such as customs fees, import taxes, and shipping of large items.
It is important to note that these estimates are general and may vary depending on the specific circumstances of the move. It is best to get multiple quotes from reputable moving companies to get a more accurate estimate of the cost to move.
On the other hand, the average renovation that a senior requires to live safely at home may not be significant. Some are able to live safely with a few aging-in-place modifications.
Aging-in-place home modifications are changes made to a home to make it safer and more accessible for seniors who wish to continue living in their own homes as they age. Some of the most common aging-in-place home modifications include:
- Grab bars and handrails: Installing grab bars and handrails in key locations, such as in the bathroom, near stairways, and along hallways, can help seniors maintain their balance and prevent falls.
- Walk-in showers or tubs: Replacing traditional bathtubs with walk-in showers or tubs can make it easier and safer for seniors to bathe.
- Non-slip flooring: Installing non-slip flooring in areas prone to moisture, such as bathrooms and kitchens, can help prevent slips and falls.
- Lever-style door handles: Replacing traditional round doorknobs with lever-style handles can make it easier for seniors with arthritis or limited hand mobility to open doors.
- Wheelchair ramps: Installing a wheelchair ramp can make it easier for seniors with mobility issues to enter and exit their homes.
- Stair lifts: Installing a stair lift can make it easier for seniors with mobility issues to navigate stairs and access upper levels of their homes.
- Adjustable-height countertops and cabinets: Installing adjustable-height countertops and cabinets in the kitchen can make it easier for seniors to prepare meals and perform other daily tasks.
These are just a few examples of the many aging-in-place home modifications that can help seniors continue to live safely and independently in their own homes. The specific modifications needed will depend on the individual’s needs and the layout of their home.
While your questions may not be answered here, hopefully, we were able to list out may of the considerations needed to determine whether or not you stay or whether you go.