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Rent or Own…Where to Begin?

As retirement gets near, the discussion about downsizing begins. The burden of homeownership is real. It seems there is always something to fix, flower gardens that need tending, lawn mowing, snow removal and the list goes on and on. At one time this all was manageable but now, it’s just not fun anymore. You’ve paid your dues, right? Once the thought process begins about a move from your existing residence, your mind gets flooded with questions. What exactly is senior living, where should I move, what is the “right” size of home for me, do I purchase, or do I rent, what do I do with all my stuff?

The term senior living is broad. The process of exploring senior living options reveals there are a lot of choices. Consider all opportunities that best support the lifestyle you expect. There are several considerations.

Choices include:

Cooperative: Senior living cooperative, (co-op) is one living situation. Residents in the senior co-op usually purchase a share of the community. All the residents of the senior co-op own the community together through individual shares. Members of senior co-ops are responsible for paying dues, usually once a month. These dues may go towards paying for expenses such as landscaping, property maintenance. In most situations, members are responsible for selling their own apartment when the time comes.

Senior Apartments: Another housing option, for those 55+. Often these do not include planned life enrichment, meal options, transportation and many of the amenities found at other senior living communities. The Arbordale is an independent living community, nestled in a beautiful tree filled neighborhood. We recently completed a multi-million-dollar renovation and provide a vibrant, active living lifestyle.

Independent Living: Designed for older independent adults who want to live in an active community, surrounded by like-minded people, with choices for engagement and socialization, and completely maintenance free. Amenities vary but commonly included are utilities, Wi-Fi, basic cable, transportation, meals, and housekeeping services just to name a few.

Continuing Care Retirement Community (CCRC): These communities offer a combination of different care levels; independent, assisted, memory care and long-term nursing. Generally, the monthly fee is higher as you are paying for the possibility of having additional care needs with age.

Assisted Living: Typically consists of small apartments in a care community. This level is for older adults who require some assistance and have staff 24 hour/7 day/week. The cost range may be all-inclusive or all-a-carte.

Are you ready to explore senior living communities? Schedule a tour today to see if The Arbordale is a good fit for your future.