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The Hidden Costs of Your "Free" Home
An article from Senior Lifestyle News - an ACTS publication

Owning a home is a wonderful thing. Your house provides comfort, offers a retreat from the outside world and welcomes your family and friends. No wonder so many people dream of the day they'll pay off their mortgage and live "for free."

Yet, as many have discovered, there's no such thing as a "free" house. On-going home expenses-real estate taxes, utility bills, homeowner's insurance, fees for cable TV, lawn care, security, trash and snow removal services, gutter cleaning, and other costs-continue to come due every month and increase annually. Such expenses often add up to much more than the amount of your now-retired mortgage payment.

Add to those expected expenses unforeseen emergencies or major home maintenance costs. Among the problems you might encounter at any time (especially if your home has been around for two decades or more): roof repair or replacement; plumbing projects related to aging pipes or deteriorating heating systems; sidewalk and driveway repair work; mature trees needing extensive pruning or removal due to storm damage.

The bills mount up quickly. For example, the average gas-fired furnace lasts only 15 to 20 years and costs thousands of dollars to replace. Repainting a home's exterior-needed every six to eight years or so to protect the structure- can cost thousands of dollars. As a rough guideline, housing experts say annual maintenance and repair expenses run about 1 to 3 percent of your home's current market value. Of course, taking care of your house requires time and effort, as well as money. Even if you no longer perform all regular maintenance yourself, you still must find and supervise the contractors you hire. That takes time and energy away from more enjoyable activities.

In a Continuing Care Retirement Community (CCRC), those on-going costs and burdens of home ownership are replaced by residential amenities and services that provide an easy resort-like lifestyle. The community offers active, independent living without maintenance headaches and bills. There's no more worry about clearing snow from driveways, keeping up with grass cutting, adjusting storm windows, or handling a sudden repair emergency. What's more, residents of a CCRC also enjoy having many of their meals prepared by experienced chefs and served in restaurant-style settings. That benefit reduces grocery shopping, meal planning and cooking chores, while offering dining companionship...and relief from the dreaded task of washing dishes.

Other CCRC features offer even more opportunities for socializing. These may include a fitness center with swimming pool, hobby and charitable club meetings, special events on-site, day or overnight trips, religious services and much more.

When considering whether to move from a "free" house to a CCRC, compare the home expenses and chore duties that you'd eliminate with the residential ease and social benefits you'd gain. Instead of tackling a seemingly endless pile of bills and to-do lists, at a CCRC you'd have only your monthly fee and telephone charges. The rest of your time, and money, are yours to enjoy.