The Hidden Costs of Home Ownership - Harbor's Edge Norfolk

For most people, owning a home is something to be proud of and often it is our biggest financial asset. We buy homes with the expectation that they will serve us well into the future. And, after spending a long time in one place it is easy to understand why the biggest challenge for seniors choosing to move into a retirement community is giving up their home. However, the reality of financial burden caused by home ownership can be daunting, especially on a fixed budget. Interest rates and loan repayments aside, just the cost of maintaining a home could be causing you to pay more than you realize. Not only do you have to deal with the general maintenance of your home, i.e. repairs, replacements, etc., you will likely also want to pursue improvements to keep up with the Jones’ or at the very least, the housing market. Even if you bought your home out right, there is no such thing as an expense free home. Consider the bills you pay for gas, or oil, electricity, water, sewer, phone, security, cable, housekeeping, trash removal and landscaping. Plus there are the usual insurance and property tax bills. All of these expenses could be costing you up to $60,000 or more per year. The more valuable a home, the more you are likely going to have to pay to repair their problems. Experts suggest putting away 5% of a home’s value every year for major projects such as replacing the roof, heating and cooling system, plumbing or dated appliances For example, if a home is worth $1million, it may need repairs costing $50,000 per year. Even so, that only represents the financial side of home ownership. Then you have to consider the heartache of a busted pipe, or the hassle of hiring and overseeing a contractor. The reality is, as you age your ability to handle all the stresses of home ownership will significantly decrease. Not to mention how these stresses may have an adverse effect on your well being. Your home will begin to consume all your time and extra money, thus becoming a burden rather than an asset. In essence, the decision to move could be a life saver and a money saver – and the benefits of moving to a Continuing Care Retirement Community (CCRC) are many. Residents of a CCRC are able to enjoy an engaging lifestyle while securing financial security and ensuring peace of mind for the future.

At a an all-inclusive CCRC like Harbor’s Edge, residents pay a one-time entrance fee and a monthly fee which covers the costs of their residence, fine dining, maintenance, housekeeping, fitness and wellness programs, planned activities and special events, scheduled transportation, and a wide range of other social and cultural experiences. Most importantly,   should a need arise for higher levels of care such as assisted living, memory support or skilled nursing, the resident will be able to move freely along the continuum without having to worry about hidden costs or charges. And, the sooner you consider a CCRC for yourself, the better off you will be in qualifying for the LifeCare contract and enjoying all the great features the community has to offer. Perhaps a better use of your home’s value is for the entrance fee to a CCRC, and not for endless repairs and maintenance. By doing this you are investing in peace of mind for yourself, but also for your family as a significant portion of your entrance fee is refundable to your family, trust or estate upon move-out. Harbor’s Edge offers a variety of entrance fee options which sets our residents’ minds at ease by allowing them to make a smart decision which benefits them and their loved ones. And, considering all the benefits of a CCRC, it is likely to become the great asset you’ve been looking for, one without any burdens in sight.

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