Some might consider staying home the cheaper option when opposed to an independent living community.
But there may be some expenses that come along with home ownership that you may overlook.
Many of the following added expenses are often forgotten when considering moving into a community:
1. AC or furnace going out. Or really, any appliance or system that shuts down is a factor. It doesn’t necessarily happen often, but it can take a large chunk out of your budget.
2. Roof repairs. Roof, siding, and other external home repairs can be a pain. If you were to live in a retirement community, this is no longer your issue to deal with.
3. General maintenance. This includes paying someone to maintain landscaping, grass cutting and cleaning gutters
4. Keeping up with the housework. Not only housework, but purchasing the supplies to clean the house year-round like brooms, mops, buckets cleaning supplies, etc.
5. Property taxes. Of course, property taxes are a constant expense for a homeowner.
6. All monthly utilities. TV, gas, electric, water, internet — they add up quickly and sometimes they’re hard to keep track of. In a community, most of these utilities are added into the monthly payment!
7. Health club membership. Any sort of gym or other health center will cost you extra when you’re living from your own home.
8. The expense of having a car. Insurance, gas and upkeep on the car can add up. Plus, the trouble of driving to and from the salon or barber shop or grocery store are an unnecessary stress on your life.
9. The cost of meals. Purchasing all your groceries and trouble of fixing your meals is time consuming and costly. Not to mention the clean-up!
For some people, these expenses make sense. But there comes a time in a lot of people’s lives where they can’t justify all of these expenses anymore. Not only can it be hard on your bank account, but hard on your body and mind as well.