As we age our housing needs change, and these changes can be time consuming to consider and expensive to implement.
Moving house is a massive cost burden. Real estate fees can be 4-5 per cent and these come on top of legal fees, house removal costs and any mortgage discharge fees.
Finding a suitable home, can be time consuming and emotionally draining, with the need to factor in redecorating or modernising to your tastes or needs.
Future-proofing
As we get older, one thing is certain – it is better to appraise your needs ahead of time and plan for the future.
A future-proofed home can be important for your psychological and physical wellbeing. It can also provide family members with the confidence that they are doing the right things by you, to meet your needs.
It is important to appraise your needs now and in the future. Review your property and consider how it may or may not meet your needs and how it can be adapted.
Making adaptions to your current home can often be the smartest move by keeping you in the home you love, surrounded by familiar places and people without the stress and costs of moving.
Home Adaptations
Handrails, walk-in showers, home elevators, adapted kitchens and ramps, for example, can make all the difference and are usually beneficial before they are critically needed especially if they mitigate a trip or fall which is the leading cause of decline.
In fact, falls are the primary cause of injury-related hospitalizations and deaths in individuals aged 65 and over, with fall-related injuries costing the Canadian healthcare system approximately $2 billion annually.
Home adaptions that mitigate these risks can also be the cheapest option for you and your family, when compared to residential care fees or moving home. A 2021 survey by March of Dimes Canada identified that 93 per cent of seniors and 78 per cent of working-age adults agree that home modifications can help people age in place
Help and Support
Take some time to consider what help is available. Depending upon your needs and whether or not you have a disability may affect what support is available. Are there any government grants or assistance that can pay for renovations?
Loneliness is also a major factor as we age and the importance of preserving access to a community that you are familiar with (someone to talk with and walk with), leads many seniors to adapt their homes and stay in the area they love.
Having a plan and knowing that you have reviewed and approved these options means that you can relax and look forward to an exciting retirement spent doing things you love.
What types of housing are available?
As there is no one size fits all, it is important for you to do the research on your locality and individual circumstances.
There are many different types of supported housing arrangements which are designed for differing needs – whether those needs are cognitive or physical. This is a broad category of housing with different names. However, they are all different versions of a similar concept – that a residential placement comes with support services which can be added or are included in a package of care.
The services offered can range from meals, support with eating and drinking, assistance with bathing, and an on-call nurse. What is offered depends on the place available, and what you choose dependent upon what you need at the time.
Make yourself aware of what facilities are available in your area and what the costs involved are. These may be owned and run for-profit or by not-for-profit organizations such as service clubs or churches. There are others that are government owned. In some provinces and territories there is government support for low-income seniors to make this type of housing affordable to meet specific needs. Take time to budget and think about how these needs can be funded.
Long term care / nursing home
When there is a high level of care needed a nursing home may be appropriate.
This is for when there is a high level of need for personal and/or medical care due to chronic illness, disability or for end-of-life care.
This level of need will need involvement of a doctor and/or other health care provider. Individual assessment of health needs will be needed to get access to this level of care.
How much does it cost?
To help you to plan accordingly, The Canada Mortgage and Housing Corporation (CMHC), Seniors’ Housing Report, has information about the average cost of seniors’ residences throughout Canada on the CMHC Website.
Top Tips to Help You Plan for Your Future Housing Needs:
· Appraise your home needs now and the future.
· Consider home adaptations such as a residential elevator
· Review home support services are available in your community (home care, meal delivery service etc).
· List seniors’ residences available, what services are included and at what costs.
· Have a lawyer provide a Power of Attorney, a Representative Agreement or Personal Directive.
· Make sure your trusted person(s) knows your plan and the options available to you now and in the future.