Finding affordable senior housing options is important to ensure the well-being and quality of life of the elderly. With limited incomes after retirement, it will be hard for older adults to afford housing expenses. In this scenario, affordable housing offers seniors a safe and comfortable living space, helping them meet their basic needs during retirement. Understanding the types of affordable senior housing options also reduces stress and helps seniors stay connected in their community.

Tips to look for affordable senior housing options

Set a clear budget range and limit
Managing one’s finances becomes all the more important after retirement. So, it’s important to understand base property rates at the different localities one is considering. One should also factor in additional expenses like registration fees, stamp deposits, and brokerage fees because these can add up to an amount much higher than the base property rate. Calculate the approximate expense considering all of these factors, set up a budget range and limit, and look for senior living options in areas that fall within this budget range.

Look for areas with hospitals and healthcare facilities
Healthcare is paramount for everyone, but it is especially important for aging people. Accessing healthcare becomes highly convenient and cost-effective when hospitals and healthcare centers are nearby. So, seniors seeking housing should look for areas with multiple hospitals and clinics and ensure each healthcare facility has experienced doctors and staff members.

Check for aging-in-place features
Aging in place is essentially an arrangement that allows seniors to stay safe and comfortable in their homes, even if they face any issues moving around. For example, an accommodation sensitive to aging in place will have all rooms and restrooms on the same floor, grab bars in the bathroom, skid-proof floors, etc. This way, one doesn’t have to worry about spending money eventually to arrange such facilities.

Ensure that the area is well-connected
Senior housing options should be well connected to other major locations of the city, especially the airport, and should be in an area with well-paved roads, bus stops, highways, etc. This way, it eliminates the need to spend unnecessarily on commutes.

Buy a home that demands minimum maintenance
Homes that require a lot of maintenance can cause financial problems in the long run, not to mention physical strain for older adults. While seniors may seek professional help to maintain their homes, this might add to expenses. So, it’s best to look for homes that require less maintenance and cleaning.

Consider gated communities
Gated communities are safe and cost-saving in the long run because one doesn’t have to run pillar to post to stock up on essentials or avail of certain services. Since gated communities offer all such amenities within the complex, they are extremely cost-effective. Some gated communities may also offer properties exclusively to those 55 and older.

Consult a reliable broker
A good broker can make the home-buying process incredibly convenient for seniors and help them find the most affordable yet comfortable senior living apartments. When hiring a broker, it is essential to check the professional’s expertise, experience, ratings/reviews, track records, and brokerage fees. Brokers should be able to guide seniors on the best deals in specific areas, cities, or towns; they should also be familiar with different local areas.

Consider assisted living
These days, many seniors are considering assisted living, where they will get physical assistance and care, in-house healthcare options, companionship, and cognitive support as they age.

Types of senior housing options

Life lease housing
Here, the buyer pays a certain amount in advance to buy the home and then continues paying for expenses like maintenance and property taxes. In return, they get to occupy the house for a long period, typically for a lifetime.

Co-housing
In co-housing accommodations, seniors share their homes with friends or family members. This allows them to save considerably while having physical support and companionship.

Supportive housing
Supportive housing facilities have independent apartments that provide access to services like health care and housekeeping, either free of cost or at subsidized rates.

Co-operative housing
Here, buyers purchase shares in a residential society and, in turn, are given benefits like a share in the maintenance. Some co-operative housing societies may be only for seniors, offering housing exclusively for those aged 50-60 or above.

Retirement homes and assisted living facilities
These facilities are meant for older adults and are often not for profit. As mentioned before, they provide all facilities that seniors may need, including assistance with daily activities if needed, hygienic food considering specific health conditions, social and cognitive activities, access to proper healthcare services, etc.

Average cost of senior housing options in Canada

The average cost of a senior housing option may vary depending on the type of housing facility one opts for. According to Canadian Mortgage and Housing Corporation reports, the average rent for standard spaces amounts to $3,075 per month, but this figure varies across different cities in the country.

Assisted living facilities may cost approximately $3,300 per month for a one-bedroom accommodation. While home care costs may vary based on the person’s needs, they are significantly lower than those charged by assisted living facilities. Nevertheless, many seniors prefer assisted living facilities and retirement homes for the infrastructure and community care they offer.