Cost Comparison: Retirement Village vs Living At Home

Today’s retirement villages are a far cry from the old stereotype of being places to go when you can’t look after yourself anymore. These days, they mark an exciting new chapter and can provide just the right balance of freedom, spaciousness and support to someone in their golden years. But it’s easy to assume that aged care costs outstrip those of staying at home. Here are some key considerations when comparing costs: 

It’s about more than money

It’s easy to assume that the only aged care costs to compare are monetary. But the time, effort and investment required to make a success of each type of living option is also worth considering. 

For example, staying home might seem like the simplest and most attractive option. But ultimately, it may not offer your loved ones the most independence. As they get older, your loved one will need increasing support to maintain their quality of life — all of which takes time and energy. As leaving the house becomes more of an investment, you may find that a move to aged care would prevent them feeling like a prisoner in their own home.    

Staying at home comes with hidden costs

When you compare the cost of staying at home versus living in a retirement village, bear in mind that it’s more complex than simply making a 1:1 rent or mortgage comparison. Staying at home comes with plenty of hidden charges that are usually built into aged care rental costs. Ask the following questions to begin teasing out which hidden costs you could be facing should you choose to stay home:

• Will the property need any major repairs in the next decade or two?
• What are the costs of socialising and entertainment? How will these change once your loved one can no longer drive or attend independently?
• Does the home require modifications to facilitate aging?
• What will in-home care cost?

There’s a range of retirement living options to suit every pocket

While it’s fairly obvious you can’t live somewhere you can’t afford, it’s worth exploring the aged care costs of more than just one kind of living option. Australia’s different communities and levels of care come with an equally diverse range of price tags. Add the prospect of government subsidy to the mix and you may be pleasantly surprised at how affordable your options are. The Essential Guide To Choosing the Right Aged Care is a quick and easy way to explore these. 

Alternatively, you may want to chat directly to the experts. Contact us and explore the possibilities that suit your pocket. Our luxury aged care residences in Perth are created with sophisticated design and quality of life in mind. And we care about providing excellent service at a reasonable price. All of our residents, for instance, enjoy 5-star service at no extra cost — it just comes standard!