As you move through life, it’s smart to ponder your future living situation. Aside from finances, there’s plenty to consider in terms of what you need and want from a home.
Community, convenience, safety, independence?
After all, you’ve got to feel comfy, happy and secure, wherever you are. Maybe you need on-site healthcare, for example, or you prefer the specific facilities a retirement village offers. In which case, living in your own home may not be for you.
But if retirement facilities aren’t necessary and long-term finance is important to you, it’s worth asking the question: ‘What’s a smarter financial decision: a retirement village or purpose-built senior-friendly home?’
If we’re talking long-term, a senior-friendly home will most likely take the cake.
Before we explain why, let’s get clear on what exactly we’re talking about.
What exactly is a senior-friendly home?
It’s a home for seniors and retirees, purpose built to create an environment that promotes comfort, independence, safety, and quality of life for seniors.
At Kingston, for example, we carefully consider every aspect including location, landscaping and interior fit-out. That includes:
- wider doorways and no-step entries
- user-friendly kitchens and bathrooms with safety features like walk in showers, non slip surfaces, grab rails in the shower and next to the toilet
- accessibility height toilets
- we make sure there is fixing in the wall to install a seat in the shower in the future if needed
- well-lit pathways, hallways, and rooms to reduce fall risks
- lowered Countertops and Cabinets for easier access in kitchens and bathrooms.
These homes are compact, simple and homely, designed to allow seniors to enjoy life without obstacles, and at a price that makes sense for a later stage of life. Fixtures, finishes and layouts can be customised to reflect taste and lifestyle.
When it comes to outdoors, we include raised garden beds, low maintenance planting, garden sheds and built-in water tanks to avoid water restrictions.
Location is also important. Our senior-friendly homes are nestled in welcoming communities of like-minded people. So, there’s the option of both privacy or social interaction. Plus, each home is close to the kinds of amenities you’ll likely need later in life.
What are the financial benefits of a senior-friendly home?
Retain ownership and build equity
This is the obvious one. When you purchase a senior-friendly home, you own the property as opposed to a space in a retirement village where you’ll be given a licence to occupy. And ownership means equity and financial security.
Appreciation in property value
Real estate typically appreciates over time. Opting for a senior-friendly home means you’re not just securing a comfortable living space tailored to your needs; you’re also making a financial investment.
As property values increase, so does the value of your investment, and that means financial security for you and your family.
Lower ongoing costs
Retirement villages can offer a range of services like dining options, gyms, clubs etc which have value in themselves. So, if those things are important to you, they’re worth considering when making your decision.
However, they often come with high ongoing fees. And monthly costs for maintenance, healthcare services and community amenities can quickly add up.
If you choose the right senior-friendly home that’s thoughtfully designed and carefully considered with low-maintenance spaces and materials, designed for efficiency and simplicity, then ongoing costs can be much lower.
Financial security for your family
A senior-friendly home can also be part of your financial legacy. Unlike a retirement village unit, a home you own becomes a tangible asset that can be passed down the line.
Choosing What’s Right for You.
Ultimately, whether you choose a senior-friendly home or a retirement village will depend on your personal needs, preferences, and financial goals. While retirement villages offer convenience and community, owning a senior-friendly home can provide long-term financial security and the comfort of knowing your investment is yours to pass on. If you’re ready to explore the possibilities, our team at Kingston is here to help you find a home that meets your needs now and in the future.
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