Would you rather spend the next 20 years living in your own home or opt for a different home setting like an active adult community or assisted living?
77% of Americans over 50 want to stay in their homes for the long haul, according to an AARP report. But aging in place usually requires making a few changes and upgrades to your home to suit your needs as the years go by.
Whether you’re concerned about your own long-term living situation or making plans for a loved one, it’s important to start preparing sooner rather than later.
Here are a few things to consider.
Is Aging in Place Right for You?
“Aging in place” refers to living independently in your home as you get older, rather than downsizing or moving to a senior community.
Some people prefer staying in their own homes. After all, your home may hold precious memories of happy times. Maybe it’s near your friends and family, your health services, and the clubs and activities you love participating in.
For some people, aging in place is also the right financial choice. This could be the case if the costs of maintaining your home and lifestyle (plus the potential costs of renovations and at-home care) are less than the cost to sell your home and move.