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Retirement Living: The Cost of Homeownership vs. a Lifecare Community

Piggy Bank with coins

Many older adults believe that remaining at home instead of moving to a Lifecare community is a less expensive and more beneficial option for them, but is that really the truth? Most of the time, it’s not – in fact, staying at home can be downright costly.

“Older adults often decide to remain at home because they either feel as though it’s a good cost-saving technique or they believe their money will spread further this way,” says Jean Eccleston, Chief Financial Officer at Kendal® on Hudson, the only true Lifecare Community in Westchester County. “They often believe that they can experience the lifestyle they’ve become accustomed to, but it doesn’t necessarily provide them with peace of mind or the opportunities and carefree lifestyle that they’ve always dreamed of. Residents at Kendal® on Hudson truly understand the value that a Lifecare community offers, not to mention the costs it can save them both now and in the future.”

The Cost of Homeownership vs. a Lifecare Community like Kendal® on Hudson

Lifecare Communities such as Kendal® on Hudson offer a carefree experience that homeownership just doesn’t while saving you money in an array of ways, like:

  • Mortgage or rent. Whether you own or rent your home, keeping up with that payment can be painstaking. Even if you own your home, it doesn’t mean that you don’t pay anything. You still need to pay taxes, insurance and more. With an entry fee and ongoing monthly fees, many of your needs are covered in Lifecare, including utilities. Delete this. People in Westchester paid their mortgages off a long time ago and don’t care about rent either:).
  • Utilities can add up quickly when you choose to remain at home. Whether it’s water, electric, sewer, trash, heat or any other number of utilities, keeping track of all of these different bills can be enough to make your head spin. This is yet another reason why Lifecare Communities hold so much allure for older adults – the single monthly fee makes one payment easy, leaving more time to do what you want to do, not spending time sorting bills, checking accounts and worrying you missed something.
  • Maintenance and housekeeping. Many spend vast amounts of time maintaining homes and yards, cleaning and fixing things around the home. If not, they are paying someone to do it. Why waste your money on that when you can enjoy the fact everything is included in communities?
  • Delicious dining. Between grocery shopping, preparing meals, cooking and cleaning up, dinner is another costly thing about owning your home. If you don’t feel like doing all of this, then you are spending money going out to eat and potentially enjoying a less-nutritious meal. At Kendal® on Hudson, our dining is based on the latest culinary trends and designed to optimize health. We provide an array of options to meet different tastes and, even better, it’s included in your monthly fee.
  • Services and amenities. It can be difficult to access to the range of services and amenities that a Lifecare Community provides. From security and maintenance, scheduled transportation, a community center, salon, wellness center, fitness center and close proximity to the Metro-North commuter rail with service to New York City, residents have everything they desire and more.
  • Protection from the high cost of health care. While many older adults believe that they are independent enough and that care is a long way off, it’s just this that can cause an emergency. At Kendal® on Hudson, long-term care is included in the price and remains the same as independent living, so there are no surprises. This not only allows peace of mind but ultimately freedom. Those who remain in their homes are subject to the ever-increasing costs of health care, which can quickly deplete savings and affect the lifestyle they’ve desired and dreamed of.

For more information about how Kendal® on Hudson can transform the experience of aging for you or a loved one, please contact us. We’d be happy to help you consider the costs of homeownership versus enjoying a Lifecare Community such as ours. Please call us at 914-922-1000.

Together, Transforming the Experience of Aging®.

Founded on Quaker principles and guided by our values and practices, Kendal on Hudson provides a vibrant, active and social senior lifestyle on our 25-acre campus next to the historic Hudson River. As the only Lifecare community in Westchester County, we offer four levels of service for our residents: Independent Living, Assisted Living, Memory Support and Skilled Nursing and Rehabilitation Services.

Kendal on Hudson is a not for profit 501 (c) (3) organization led by a volunteer Board of Directors. Kendal on Hudson is an affiliate of The Kendal Corporation, a system of communities and services for older people based in Kennett Square, PA. We support diversity, inclusiveness, and independence and support the values and practices of Kendal by remaining focused on healthy aging. Located in Sleepy Hollow, New York, just 35 miles from New York City, we offer a vibrant lifestyle, cultural programs, continued learning and health care for life.

For more information, please call 914-922-1000.