How Much Money Will Seniors Save When They Move to Maintenance-Free Senior Living?

Independent Living, Moving to Senior Living

You’ve got a beautiful home, and perhaps you’ve put quite a bit of elbow grease into it. We get it — that’s an investment that’s hard to let go of. But what about the estimated $2,000-$3,000 per year you’re spending keeping up that home, and handling unexpected damage and repairs? And how about the stress and time that goes into taking care of your home? This is where maintenance-free senior living can provide some relief. Maintenance-free senior apartments save you time, stress, and possibly as much as $2,000-$3,000 every year — a benefit you can’t find in any other living situation.

How It Adds Up

Home maintenance includes, but isn’t limited to, landscaping, housekeeping, plumbing, damage repair, and general wear and tear. According to a report from Home Advisor, homeowners spend an average of $1,105 on annual maintenance. More than 30% of homeowners incur emergency home repair costs, averaging $1,206 yearly. Homeowners spend the most on housekeeping, followed by homeowners association fees, and then landscaping. When you live in a senior independent living community, you don’t have to pay homeowners association fees because you don’t own your home, and the other costs for maintenance and upkeep are wrapped into your monthly service package. Explore how independent senior living costs compare to your current cost of living.

How Personal Factors Come into Play

The location of your home affects your personal cost of yearly maintenance. The environment you live in may cause natural wear and tear. If you live in an area with extreme weather, you’re more prone to having to pay for emergency home repair. If the climate in your area has large variations in temperature and humidity, the material of your house can swell and dehydrate, causing breaking and damage. Ice storms, heavy rain and snowfall, and high winds can put more strain on a home and cause greater environmental attrition. Topographical, geological and biological variables (such as adjacent flood plains, trees or termite infestations) can also affect your home’s lifespan.

The age of your home also affects your yearly spend on maintenance. If you’ve lived in your home for several years, you may have moved in a few decades ago, and maybe the house was already a few years old when you moved in. If this is the case, it’s more likely you’ll have to pay for major structural upkeep, like a new roof, siding, plumbing, or a blown-out air conditioner. It’s also possible that your home was poorly maintained by the previous owner, which can mean more home repair costs for you.

How Long Your Home Will Last

The materials inside and outside your home won’t last forever. Sealants and stains last three to eight years, cultured marble countertops last an average of 20 years, and carpeted flooring lasts eight years at best. Many factors go into your average yearly spend on maintenance, and many of them we forget about until it’s obviously time for repair or replacement.

How to Calculate How Much You Spend on Home Maintenance

Some experts say one way to calculate how much you spend on home maintenance yearly is 1%-4% of the purchase price of your home (for example, if your home cost $500,000, 1% is $5,000 yearly), or $1 per square foot. To find a safe estimate, calculate both numbers and settle on the median between the two. Cutting out those costs is one way you can save money by moving to a senior living community.

Why Living in a Senior Living Community Is Cheaper than Owning a Home

Let’s face it: Home upkeep costs are unpredictable. Damage just happens without warning, and the cost of labor and materials fluctuates with the market. The average $2,000-3,000 yearly spend on home maintenance is just that — an average. Some years, large maintenance or repair projects such as a roof replacement may cost in the five-figure range. You don’t want to be caught having to pay for that in a year when you also happen to have extra medical costs for whatever reason. When you also have unpredictable medical costs to worry about, it’s just added stress. Moving to a senior living community can help alleviate that stress. If you have additional questions about the cost savings associated with moving to a senior independent living community, a Sedgebrook lifestyle counselor will be happy to answer them; just send us a note to let us know you’re interested.

Ready to save money on home repair costs and maintenance? Move to Sedgebrook and choose from over 35 one-, two- and three-bedroom independent senior living apartment home floor plans nestled in our scenic, landscaped campus in Lincolnshire, IL.

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