Assisted Living Renting Or Ownership: Which One Is Better For You?

Senior Assisted Living

The reports show that more and more aging adults are now opting for senior assisted living facilities. It is important to understand that in the case of senior rehab facilities, there are no universal principles applicable to everyone. Instead, finding the right option requires an honest assessment of the requirements and budget and a good understanding of what is included in the admission fees to the senior assisted living community.

Some of the factors that you need to consider to find the option that is the most suitable for you are discussed below.

Renting Assisted Living Apartments 

Many elderly adults go for the option of renting assisted living apartments due to the potential cost savings and flexibility. In addition, senior residents should consider the value of buying when they might be in the final years of their life. In the case of renting, you may be usually released from the contract within a month and some of the assisted living communities in the country offer earlier release from the contract if medical needs demand it.

The rental charges of assisted living apartments usually include meals as well. Moreover, as you do not own your home, you need not worry and unexpected expenses like repairs, and other charges of house ownership.

However, renting might not be a good option if:

• You are relatively healthy and can expect to live for many more years.
• You do not suffer from any progressive or chronic conditions and do not have a family history of such health conditions.
• You wish to have complete control over your home and do not like to seek the permission of your landlord to make repairs or home improvements.

Owning Assisted Living Apartments 

Even though ownership does not offer the flexibility that renting offers, there are many benefits of owning your senior assisted living apartment. Many senior rehab facilities that offer a buy-in option also provide a range of care that can make the option worthy. For instance, if you own your senior living apartment and need to stay in the skilled nursing community for therapy after surgery, your buy-in money will be able to cover the skilled nursing charges.

However, owning an assisted living apartment might not be a suitable option for you if:

• You suffer from a terminal condition.
• You have a very tight income and are unable to afford home repair costs.
• You like to have an approach ensuring that someone is available to make the necessary repairs.