Cost is a major factor for most seniors and their families when choosing a senior living community. After all, it’s important to choose carefully for your long-term financial wellness, in addition to your mental wellness! When deciding in a direction to go, many older adults like to look at price vs. value when choosing a senior living community.
In other words, would you be getting the best return on your senior living investment?
To help you determine which senior living communities are the best possible fit for your needs, here are two questions to consider, in relation to price vs value when choosing a senior living community:
How much are you really spending right now?
When it comes to price vs value, it’s important to understand your actual cost of living right now compared to what it will be in a particular senior living community. Oftentimes, it’s tempting to compare your current mortgage or rent against the cost of senior living and make a straight comparison.
When looking at costs specifically, it’s important to consider ALL costs associated with your current living situation to determine A) what you’re really spending, and B) how much value you’re going to get from a senior living community.
To start, here are a list of monthly or frequent costs associated with homeownership or traditional renting for many seniors:
- Mortgage/rent
- Homeowners/renter’s insurance
- Property taxes
- Utilities (including electric, gas, sewer, and water)
- Home maintenance (including new appliances, repairs, and more)
- Groceries
- Car payment/gas
- Car insurance
- Homeowners association fees
- Lawn service
- Cable/internet
- Recreation and activity costs
It adds up pretty quickly, doesn’t it? Senior living communities like Veranda of Pensacola offer so much incredible value by packing all these, plus our activities, amenities, and so much more, into a single payment. In fact, many of our residents actually save money from their current cost of living!
How much are “hidden” costs affecting you?
Although the actual costs are often very compelling for older adults researching senior living communities, there is also some additional value to consider when choosing a senior living community:
Time saved
All those elements listed above that add literal cost to your budget also take away from your most precious asset, your time. Time spent sitting down and writing checks/stuffing envelopes to pay bills, calling the electrician, buying groceries, and more. These things add up – and you’ve got better things to do with your time!
When you become a resident at Veranda of Pensacola or another senior living community, you gain back time that you can spend relaxing, visiting with friends, or enjoying our many activities and amenities.
Stress
In addition to time spent on homeownership or traditional rent, there is incredible value in senior living because it reduces the stress of thinking about or worrying about stressors that come along with homeownership or traditional renting.
Waiting for the landlord to call back and fix the furnace. The hot water tank in your house died and someone has to clean up the mess. It’s time to look into a new insurance policy for your homeowners - who should you go with?!
There are so many little stressors that impact daily life, many residents don’t realize how stress-free life becomes until they actually become a resident here at Veranda of Pensacola. But, the impact is profound and has a dramatic impact on the day-to-day life of our residents. Talk about value!
Freedom
More time and less stress also equates to more freedom. You won’t have to wait for a four-hour block of time for the maintenance man to come or the delivery of your new furnace. You don’t have to worry about having someone watch your house if you go on vacation. In our conversations with residents, there is overwhelming gratitude toward the sense of freedom gained when you don’t have a house or traditional renting situation hanging over you.
Ready to get the most value out of your retirement years?
Here at Veranda of Pensacola, we provide a resort-style living to our residents, with added value at every corner. Our team is happy to show you just how much value a Veranda of Pensacola lifestyle can provide. To learn more, contact us today.
