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The cost of living in a retirement home: what about it?

Le coût de la vie en maison de retraite
Catégorie : Home Help  

The cost of living in a retirement home: what about it?

Have you made the decision to live in a residence but the cost of living in a retirement home makes you hesitate? This question can be asked for yourself or for a close elder like one of your parents for example. It is first important to understand what these different costs are and the factors that influence them. Planning these different costs well can of course help. In any case, it is important to determine your real needs in order to allow you to find the residence that will best meet your expectations.

The various costs associated with living in a seniors’ residence

Living in a seniors’ residence obviously involves certain inevitable costs. However, let’s keep in mind that most of these costs remain true even for someone who decides to stay at home or live in an apartment, for example.

Among these costs, there is first the price of the rent. Rent costs are the biggest expense in the vast majority of cases. Several factors can have an influence on this number such as its location, size and more!

In addition to rent costs, there are expenses associated with the various services included or chosen in excess. These costs are often included in the monthly price payable. Depending on the amount of services offered by the retirement home, the total amount will not be the same. Among these we find:

  • meal services;
  • healthcare ;
  • daily assistance;
  • and much more !

Do not forget either the various related costs such as parking, telephone, internet, etc. These costs are often included in the monthly rent payable at the residence. In addition, they are not higher in retirement homes than for someone living at home or in a condo, for example.

The cost of living in a retirement home: understanding the factors that influence it

Once the list of the different costs is well established, it is worth taking a look at the main factors that can determine whether this amount is higher or more affordable. These factors are of course not equally important for everyone. Each senior has their own unique needs and priorities.

The location of the residence

The cost of living in a retirement home depends first of all on the geographical location of the residence. Depending on the region, the cost of living may vary. It will therefore not be the same in the heart of a large city as in a remote region. In addition to the region, location within the same city is also a factor that influences the costs of living in residences. For example, a retirement home near all public services, easily accessible, and with a breathtaking view of the river might not be the most economical option. But of course it represents interesting advantages all the same. Everyone will have their preferences and priorities!

The area of ​​the living space

It goes without saying that the costs will not be the same if you are looking for a 5 ½ as if you have only one room for example. A small studio is also likely to be cheaper than a large, well-ventilated loft. In any case, there is something for all tastes and needs. An elderly person who lives alone will not have the same needs in terms of space as a couple who also plan to receive guests often. The size of the living space therefore has an impact on the total cost necessary to live in a retirement home.

Services offered by the retirement home

The services offered on site may also have an influence. For example, a retirement home that offers a full range of services to its residents may charge a higher cost than one that offers a little less. For fully autonomous seniors, it is therefore possible that a residence offering a little less services may be quite sufficient. The cost will then be much more affordable and may well match your budget.

For a senior with a loss of autonomy who needs constant care and assistance, we can expect that the costs associated with these services will increase the total bill somewhat. So it all depends on your needs.

Choosing to receive meals every day also influences the fees charged. The expense will be higher, but you will have the advantage of not having to worry about cooking. All you have to do is enjoy the good meals that will be served to you! The same goes for cleaning costs, for example, which can be added to the basic price but which allow you to benefit from an additional service.

Plan ahead well before retirement age

As we can see, the cost of living in a retirement home varies greatly depending on the type of living environment and what is offered there. In this sense, good planning is essential.

If you’re about to go looking for a retirement home for an elderly loved one, take the time to stop. Be aware that there is a variety of options available depending on your expectations and preferences. So, above all, it is important to determine your personal needs in order to choose the right living environment. This planning can be done long before you reach retirement age. If the situation allows you of course! We know that is not always possible. But when it is, thinking about these questions ahead of time will give you a definite advantage. When the time comes, you will be ready to make this transition to a retirement home. You can even forecast costs in your budget plans. It will then be easier to live in a residence and take advantage of all the services without financial hassle.

In any case, know that Visavie advisors can guide you. Through all these questions and this thought process, we offer you our personalized advice to help you in this important stage of your life. The goal is to allow you to find the most suitable retirement home for you according to your needs! After all, we know you deserve it!