Moving into an independent living or retirement community is no walk in the park. But with careful planning, it should be possible for your loved ones to afford a place of their own at some stage throughout their golden years. Here are four factors determining the cost of moving into an independent living in Broken Arrow, OK.
Location
Moving into independent living can be a daunting task, so it is important to consider location when calculating the cost. Housing costs vary dramatically from city to city, with some places being much more expensive than others.
Generally, apartments in major metropolitan areas are more expensive than those in smaller towns or rural areas. This is because apartment buildings are often built farther away from the city center, which increases their rental prices. Take note that homes are generally less expensive in rural areas than in urban ones.
Size of Your Living Space
It is important to understand that the cost of moving into independent living will vary depending on the size of your living space. For example, a single person who needs only a small amount of living space will incur fewer moving costs than someone who needs more space.
Additionally, funding and discounts available to residents can affect the cost of moving into independent living in Broken Arrow, OK. Generally, larger apartments and condos will cost more to move into independently than smaller ones. This is because independent living complexes typically require a higher down payment (between 20%-50%) and monthly rent payments. However, some people may be able to afford a larger space if they have saved enough money or received financial assistance from family or friends.
Age of the Resident
Moving into independent living can be a big decision. One of the most important factors is the age of the resident. As residents age, their needs change and it becomes more expensive to care for them in an apartment or home setting.
In the early stages of independence, people may need help with basic activities such as bathing and dressing, but they can live independently with some assistance. As people age, their abilities decline and they may need more assistance with daily tasks. For example, someone 80 years old might require full-time assistance with everything from bathing to grocery shopping. A study published in The Gerontologist found that the cost of care for an elderly person doubles between ages 75 and 85.
Type of Care You Will Need
Depending on the level of care required, the price tag can range from a few thousand dollars to tens of thousands. The type of care required also impacts the overall cost. For instance, if a person must accompany their loved one to all meals and activities, that will be an additional expense.
To conclude, it is important to remember these four factors when moving your loved ones into independent living in Broken Arrow, OK. Doing so will help ensure that your loved ones receive the best possible care and remain as self-sufficient as possible.
