Staying at home vs retirement living: the pros and cons
When faced with a difficult choice, nothing beats a good old-fashioned pros and disadvantages list to help you gain perspective. The choice to relocate from a long-held family home to a retirement community is a major one.
We’ve done the research and compiled the pros and cons of both retiring at home and spending time at retirement village.
To feel confident in your decision, it will help you organise your thoughts before visiting a retirement village and compile a list of questions for our team to answer.
The drawbacks of staying at home
- As your needs change with age, your current home may no longer be suitable. For instance, stairs become more difficult to navigate when old rugs are present.
- Keeping everything running around the house may get tiring. You may no longer be able to give the physical care that a large house, especially one with a garden, requires.
- If your friends and neighbours have gone on and your family doesn’t make regular visits, you may find yourself increasingly alone. Physical and mental health might suffer when people feel lonely.
- Your diet may suffer as you lose interest in cooking.
- Mortgage payments aren’t the only costly part of home ownership; there’s also the upkeep of the house and gardening etc.
Staying at home has several benefits still
- Staying at home is easy since you don’t have to go through the mental and physical strain of relocating. You have an established sense of security and community.
- Feelings of loss and upheaval are common when moving out of one’s own home. It’s possible that you won’t want to deal with that.
- You have established ties to the neighbourhood since you frequent the same businesses, are known by your neighbours, and value your daily chats with the barista.
- Your residence’s location may make it easy for you to see or be seen by loved ones.
The downsides of retirement villages
- To relocate, one must physically move. It’s not always easy and often feels daunting. It’s been a while since you moved, so you might benefit from some extra help from loved ones.
- Moving far away from your former neighbourhood can leave you feeling isolated from loved ones, and it may take some time to make new acquaintances in your new area.
- Entry, ongoing, and exit expenses must be considered with potential benefits.
The benefits of retiring home
- As you age, you can continue living on your own terms.
- The residences and surrounding areas were created specifically with the requirements of the elderly in Australia in mind, with a focus on security and convenience.
- There are many people your age living in the area, giving you a chance to make friends and expand your social circle.
- Recreational opportunities abound in retirement communities, from physical exercise and artistic expression to gardening and day trips.
- In some cases, retiring in a retirement community might save you money compared to staying in your own home.
- Having a goal to work towards is important for your health as you become older. Whether it’s through organised events, new friendships, or volunteer opportunities, residents of retirement communities may grow and preserve their lives.
- There will be little or no requirement for you to perform any sort of garden or property care.
Whether or not you decide to sell your house and move into a retirement village is a very personal choice. A good starting point for making a selection is to write out the benefits and drawbacks of both options.
One last bit of advice? Check out several retirement communities you might be interested in to get a sense of the lifestyle. Ask the right questions on the tour day with the help of your handy checklist.
To get more tips and ideas on moving to a retirement village in Sydney, give us a call on (02）91 888 555, or send us an inquiry on [email protected].