5 Important Considerations For Finding The Best Retirement Home
Making the important decision of choosing where to spend your golden years is as important as buying a house or renting an apartment. You can avoid troublesome surprises by taking the time to understand the fine print of their contracts and looking at five key aspects.
The reputation of the home. Check a company’s reputation by talking with past or present customers and making sure it belongs to an accredited association. When visiting a potential home, check for cleanliness of the environment, nutritious food, and respectful staff – to name merely a few. Beware of deals that seem too good to be true because there are some greedy and desperate retirement home operators.
Cost. Don’t shy away from financial questions, you need to know exactly how much services cost, how you may terminate a lease and the financial penalties that may apply if you end a contract early. Lastly, consider inflation because retirement homes have different laws when it comes to the increase in rent or care rates, and the biggest question – can you afford to live there for the rest of your life?
The level of care you need. Each retirement home only provides a certain level of service and depends upon each facility. It’s important to research what services they provide to know if the offerings match your needs, avoiding a surprise if your condition becomes too much for staff to handle. If you or your loved one will require an assisted living arrangement, be sure to focus on only these type of residences. Normally, you can tell quickly on the home's website. If you are unsure, call the home directly.
Consult a lawyer. Before signing a contract, consulting a lawyer can ensure everything the facility promised verbally is included in the fine print. A lawyer can also explain the fine print and help negotiate unwanted clauses for those looking to purchase a residence in a retirement home.
Rent vs. Buy. Buying property in a retirement home is not very common and it’s suggested that it may be smarter to rent. The most important thing is doing your research and knowing the fine print, as you are in a pure contract agreement.
Making the decision to leave your home can be difficult, so you, or your loved one, need to take the time to find the right fit by being honest about your concerns and needs. The thought of leaving everything you know can leave you feeling vulnerable, like you’re losing your independence or a part of your identity. This is normal and needs to be acknowledged because moving is stressful but when contemplating leaving your home for a retirement home, stress doesn’t begin to cover the tip of the emotional iceberg. So be sure to give yourself or loved one time to transition and get used to the change.
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