Matt K Asks...
What are the important factors to consider when searching for a retirement home?
Many of the items we should consider when thinking about retirement living are the same as those when searching for a rental home. However some are specific to retirement living, such as the amount of care provided. A simple way to begin the process is to break it into four main groups: location, budget, and individual needs and wants.
Location: Ask yourself how important location is? Consider searching out of your comfort zone; most major cities are surrounded by more scenic accommodations with lower costs.
Budget: Medical care, utility bills, transportation and downsizing can all affect your costs. Speaking with a financial advisor is always a great first-step.
Needs: These are items that directly relate to your health and safety. Take some time to identify what you need right now and what you might need in the future. Use our helpful online tool (link to care profile) to help you understand your needs.
Wants: Your wants are items such as leisure, pets, recreational activities and cultural or language specific care.
Remember to weigh your needs versus your wants, it’s important to only sacrifice your wants.