January 25, 2022 - Independent Living
Independent Living: Cost Vs. Value
There’s an English proverb that states, “The worth of a thing is what it will bring.” When you are running the numbers on the cost of senior living, you of course have to consider your budget. But you also must look at the bigger picture of what you are actually paying for, in terms of quality, satisfaction, security, and peace of mind. It comes down to the independent living value—what it means for you, and your future.
Factors to keep in mind when considering independent living value.
- It’s hard to come up with an “average” cost for independent living, as the costs can vary widely with location. But it is important to know that independent living is always much less expensive than assisted living, memory care, or skilled nursing.
- As you review your budget and finances, you’ll want to get a clear picture of how each community you are considering structures its fees. Some independent living communities require an entrance fee. Others, such as Peregrine Senior Living, require only monthly, all-inclusive rent payments. The monthly rent typically includes:
- Most utilities
- Interior and exterior maintenance
- Some services may cost extra, so it’s important to obtain this information for each community you are considering in your review of independent living value.
Staying at home also has its costs.
- Keep in mind that many of the services and amenities you are paying for in independent living would not be available to you at home (or would cost considerably more). For example, emergency assistance available 24/7. Senior-friendly fitness programs for lifelong wellness. Nutritional counseling and restaurant-style dining. On-site security. And more.
- Also remember that living at home, you are not only paying for mortgage and rent costs, but also food, utilities, home interior and exterior maintenance, property taxes, insurance, entertainment, security, transportation (gas, insurance, maintenance). In fact, major projects like replacing a furnace and air conditioning system could run as high as $10,000. Window replacement for an average home could be $11,000. And don’t forget the inconvenience of scheduling repairs as well as the possible hazards of trying to tackle projects yourself. This is where independent living value can really tip the scale.
And then there’s the priceless benefit: quality of life.
When thinking about independent living value, you have to consider items that are hard to find on a spreadsheet. For instance, how living in an independent living community with all its resources, conveniences and perks can enhance and enrich your life. For example:
- Lifelong learning opportunities to help keep your brain sharp through classes, programs, seminars, outings, and on-site library resources.
- Friendly neighbors close by so you get all the perks of socializing when you want it. Research overwhelmingly reports the negative effects of isolation on the health of older adults.
- An environment designed for safety and security that helps you relax and enjoy life. Architectural details such as wider hallways, bright lighting, bathrooms with safety bars and walk-in showers, on-site security and 24-hour emergency alert systems.
- Opportunities to boost your self-esteem and sense of purpose by volunteering and participating in projects, events and celebrations. The Peregrine Way® is our new vision of the aging process that celebrates each person’s unique traits by encouraging continued spiritual, intellectual and emotional growth.
- Someone is always available night or day if you have an urgent need.
- Reassurance for your family that you are living a healthy lifestyle.
Independent living value: decide what matters most to you.
Life can be expensive, and it can seem like every year there is something else to pay for. A new roof. A new engine in the car. Retrofitting the house to reduce hazards of a fall or to install new lighting or a security system.
But if you choose independent living, you’re not only giving up worries over home maintenance, you’re giving yourself a lifestyle that can benefit your mental, emotional and physical health. You’re adding value to your quality of life—and your future.
The Peregrine Way®: a fresh perspective on senior living that could be just right for you. Contact us today to learn more. And please download the free guide, Just The Facts: Your Guide to Independent Living.