Comparing the Costs of Living at Home to Senior Living

Costs Associated with Living at Home

Many individuals believe that aging in place, surrounded by family members, offers both independence and cost savings compared to senior living. However, even with a fully paid mortgage, the expenses of aging in place can add up, particularly as health and care needs evolve over time.

As we grow older, the need for assistance with personal care, mobility, and daily tasks often arises. The financial commitment for in-home care services, such as personal care aides or nurses, can become significant over the years. For instance, according to Genworth's Cost of Care Survey, the average monthly cost for a home health aide is a substantial $5,148.



Home Maintenance & Repairs

As houses age, so does everything within them. Be prepared for repairs, upgrades, or maintenance for lawn care services, plumbing, electrical systems, flooring, and appliances. 



Fixed Monthly Expenses

Even if your home is paid off, you’ll still be responsible for property taxes, utility bills, and homeowners' insurance.



Age-Related Home Modifications 

To ensure safety and accessibility as you age, home modifications may be necessary, including ramps, a walk-in shower or tub, grab bars, guard rails, security systems, and smart home technology.   



Health and Wellness

Taking care of your health is essential to living a long, active, independent life. Consider the costs of gym memberships, fitness classes, hobbies, healthy food, and social activities. 



Costs Associated with a Senior Living Community

At Vendure Living, we provide a variety of care options, ranging from independent living to assisted living. The expenses linked to senior living communities can significantly differ depending on variables like the location, services, amenities, and the quality of care offered.



Monthly Rent

Senior living communities typically charge a monthly fee that covers rent, utilities, various services, and amenities.   

At first glance, monthly fees may seem expensive, but remember that services such as meals, housekeeping, transportation, maintenance, social events, and utilities may be included in your monthly fee.

Social Activities and Amenities

Take into account your lifestyle preferences when selecting a senior living community. Senior living communities such as The Waterview by Vendure Living, provide a wide range of social activities and amenities, including happy hours, special interest clubs, movie theatre, fitness centre, spa, outdoor recreation facilities, and transportation to offsite attractions and events.

These offerings can enhance your quality of life, potentially reducing the costs individuals at home face to maintain an active social life.



Care Services

Senior living communities that offer assisted living provide help with activities of daily living such as bathing and dressing. Communities such as Vendure Living have on-site nurses who can determine an accurate cost based on your needs. They will also partner with your family physician to best evaluate your needs. 



Wrap-Up

Deciding between living at home or at a senior living community is a significant choice that involves considering care needs, lifestyle, and financial factors. It’s essential for seniors and their families to carefully assess both options, considering the immediate costs and the long-term needs for quality of life and financial well-being. 

For inquiries regarding the expenses associated with living at Waterview, kindly reach out to our Vendure Living advisor.