Thinking of downsizing? You have options!
Maintaining a large home can start to become less of a pleasure and more of a chore when you factor in cleaning, mowing the lawn, repairs and maintenance. If you’re starting to feel overwhelmed, you may be ready to consider downsizing.
It’s important to remember that even though downsizing can be difficult, it’s not an ending – it’s a new beginning! Moving can be an exciting fresh start, but it can also be very emotional. The transition can be significantly easier if you’ve chosen the right living situation for your needs, and done some research on your options.
If you’re thinking that the only alternative to staying in your own home is a group retirement setting, and you’re not ready for that, there may be an alternative that is a better fit for you.
Factors when considering downsizing:
| Independent Living | Assisted Living | Seniors’ Home | |
|---|---|---|---|
| Cost | Low |
Medium |
High |
| Independent Living |
Privacy, your own space Operating on your own schedule |
Still have your own space, but additional assistance available |
Shared accommodations (unless you pay for a private room) Strict schedule & supervision |
| Style |
Many apartment and condo types to choose from Your own furniture, décor, and belongings |
Varies, but usually your own furniture, décor, and belongings |
Most suites are identical Very limited décor and belongings |
| Meals |
Cooking and shopping for your own meals Private dining in your home |
Private kitchens may be available Meal plans or assistance often available |
Most meals are included Set menus & schedule Common dining area |
| Flexibility |
Standard lease agreements After 1 year, most go month-to-month offering significant flexibility |
Varies between standard leases and life-lease agreements Services are adaptable to changing needs |
Life-lease agreements lock you in for the duration |
| Population |
Some buildings mostly seniors, but may have mixed ages as well |
Seniors requiring varying degrees of assistance |
Seniors requiring full-time assistance |
| Medical Assistance |
None provided Home care can be brought in at your own cost |
Some provided Other services may be available at an additional cost |
Most provided Other services usually available at an additional cost |
| Independant Living | |
|---|---|
| Cost | Low |
| Independent Living |
Privacy, your own space Operating on your own schedule |
| Style |
Many apartment and condo types to choose from Your own furniture, décor, and belongings |
| Meals |
Cooking and shopping for your own meals Private dining in your home |
| Flexibility |
Standard lease agreements After 1 year, most go month-to-month offering significant flexibility |
| Population | Some buildings mostly seniors, but may have mixed ages as well |
| Medical Assistance | None provided |
| Assisted Living | |
|---|---|
| Cost | Medium |
| Independence | Still have your own space, but additional assistance available |
| Style | Varies, but usually your own furniture, décor, and belongings |
| Meals | Private kitchens may be available Meal plans or assistance often available |
| Flexibility |
Varies between standard leases and life-lease agreements Services are adaptable to changing needs |
| Population | Seniors requiring varying degrees of assistance |
| Medical | Some provided Other services may be available at an additional cost |
| Seniors’ Home | |
|---|---|
| Cost | High |
| Independence |
Shared accommodations (unless you pay for a private room) Strict schedule & supervision |
| Style |
Most suites are identical Very limited décor and belongings |
| Meals |
Most meals are included Set menus & schedule Common dining area |
| Flexibility |
Life-lease agreements lock you in for the duration |
| Population |
Seniors requiring full-time assistance |
| Medical Assistance |
Most provided Other services usually available at an additional cost |
Questions to Ask:
On-site staff ensures help is available in the building at all times, so you won’t have to call an 800-number and wait for an out-of-town landlord to arrive.
Look for controlled entry, intercoms, and video surveillance.
Communities that cater to older residents will often have activities geared to them, such as low-impact exercise classes and shopping shuttles.
Whether a community includes mostly older residents, children, students, or young professionals can affect what activities are available and the noise level.
You’ll need to know how much you can bring with you to your new home, so that you can pare down your possessions appropriately.
Make sure you know what is available (for now or in the future) and how much you can expect to pay for things like meal plans, private rooms, and additional health care.
Unfortunately there may come a time when you need more extensive health care. Consider flexibility in your lease, upgraded services, and cost of moving.
It can be easy to see the negative side of downsizing, because you may feel that you are losing part of yourself. Instead, think of all you are gaining! Downsizing can provide a simpler lifestyle with less to worry about, leaving you more time and energy to enjoy this new chapter of your life.