Many of us today are facing issues with parents who are unable to care for their homes. Aging parents often become reliant on others in order to continue living in home.
Have you noticed anything different around your parents’ home? Is routine maintenance going undone? Not keeping up around the house can lead to larger problems with serious expenditures. Keep a look out for:
- Over grown or dying lawns
- Weed control issues
- Insects and pests
- Dripping faucets or evidence of leaks
- Electrical problems
- Gutters jam packed with debris
- Clogged dryer filters and vents
Loss of Home Value
Your parents likely have assets tied up in their home. Will they rely on those assets in the future? Being unable to take care of a home can be more costly than finding an alternative living arrangement. The lack of maintenance can cause a significant loss in the value of the home.
The longer a home is not maintained, the more the value decreases. It could easily cost thousands of dollars to prepare the home for sale. Sometimes a home must be sold quickly due to a sudden change in health. The sale price is often lower if you have to sell in a hurry.
Home vs. Senior Living
The logic of many is that staying in their home costs less per month than downsizing and moving to a senior living community. Take in to account the following:
- Home maintenance
- Yard care
- Property taxes
- Car insurance
- House cleaning
- In-home care
Retirement communities such as Eskaton include all day restaurant-style dining, friendly staff to help with activities of daily living, and transportation to shopping and appointments. The benefits of not having to plan, shop for and cook meals, along with the money saved from home expenditures, allows your parents more time and money to do the things they enjoy.
When discussing the move to senior living, know the factors that will help with decision making. Download the Eskaton Cost Comparison Guide to compare at-home spending to the price of living in a retirement community.
At Eskaton, we understand everyone has unique circumstances that determine how to best fund senior living options. Talk to an Eskaton representative at 888-684-6554 and learn more about the financial services we offered.