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How to estimate your budget for a home in a 55+ community
Any big decision implies an investment and plenty of preparation. Planning a vacation, for example, requires thinking about where you want to go, where you’re going to stay and how much it will all cost, on a small scale. A well-organized trip leaves you lots of space and time to enjoy yourself. However, when it comes to large-scale planning and preparation such as moving to a new area, careful thought and planning are absolutely essential, so you can accurately estimate your budget and manage finances confidently.
Here are some tips for you to get organized and embark on this amazing life journey.
What do you want?
One of the first questions you should ask yourself is: where do you want to live? Knowing what you want is better so as to determine the budget you’ll need. Although it’s normal not knowing where you want to live (we all get indecisive), it does simplify things. It limits your spectrum of options so you can prepare a plan according to the prospective facility in mind. However, you can do it the other way round and ask yourself first…
What ‘s your budget?
Life expenses increase proportionally to your age. When you get older, you tend to have more expenses such as extra medical care, better housing, and a better overall lifestyle. Currently, it is estimated that an older adult’s average senior living costs range from $1,625 to $8,517.
That is why knowing exactly what your budget is makes things easier for you. This question can take place at the same time as the one above. You can limit your decision to what you can afford or vice versa.
Now, you’re ready to draft a personal budget. Be honest. It’s not necessary to lie to yourself.
Here is a list of things you should take into consideration when drawing up your budget:
- Financial income: pension, investments, and small business.
- Fixed expenses: rent, medical insurance, etc.
- Variable expenses: Things like groceries and medications. These vary each month.
- Credit card expenses.
- Essential and discretionary expenses. This helps you to know which expenses you can disregard.
What do they offer?
After knowing what your budget is and where you want to live, check out what the community offers. You may have a global idea, but it is better to schedule a visit and inquire about certain prices such as:
- What is the monthly payment?
- Are there any entrance fees?
- Are there any extra amenities? How much do they cost?
- Is there any extra service provided by the 55+ community?
- What about the security deposit and refund policy?
If you have any other questions, you can ask our team here at Corbinton. We will guide you and help you in any other inquiries about our active adult communities. Just contact us!