Using the chart below, compare what it actually costs you to live in your current home, with the cost of living at Hazeldean Gardens. Depending on your individual circumstances, retirement residence living can provide an attractive combination of security and comfort at a cost that is competitive with the total cost of maintaining a private residence.
What is often overlooked is the “opportunity cost” of investing the proceeds from the sale of a home. For example, if someone were to sell a home for net proceeds of $300,000, that sum conservatively invested to yield a return of 4%, would produce $12,000 annually, or $1,000 per month, which could be used towards the cost of retirement residence rent.
Then, there is the fact that home ownership inevitably means unexpected maintenance and other expenses. By comparison, living at Hazeldean Gardens means a predictable monthly cost that allows you to budget with confidence.
Finally, home ownership costs are not tax deductible, whereas a significant portion of living in a retirement residence may be claimed as a medical expense. To fully understand what this means to you, we recommend that you consult with your tax advisor.
|MONTHLY COST||CURRENT EXPENSES||HAZELDEAN GARDENS|
|Opportunity cost from investing home equity||$||$|
|Telephone, TV, internet access||$||Included|
|24 hr personal emergency response system||$||Included|
|Exterior repairs & maintenance||$||Included|
|Interior repairs & maintenance||$||Included|
|Yard care & landscaping||$||Included|
|Meals & snacks||$||Included|
|Transportation (gas, insurance, maintenance)||$||Partially Incl.|
|Social events, excursions, movies & seminars||$||Included|
|Health/fitness club membership||$||Included|
|Personal fitness trainer||$||Included|
|Whirlpool access & aqua fit classes||$||Included|
|Window coverings (venetian shades)||$||Included|
|TOTAL MONTHLY COST||$||$|