Choosing Senior Living: Buy-In vs Monthly Rent

Choosing the right place to live as a senior can be tough. There are many options, but two common ones are renting or buying into a senior living community. Various factors can help you determine which option is right for you.

Paying Monthly Rent in a Senior Community

If you don't have a lot in savings, renting might be best. You can have your own home in a community that may provide some services or amenities. Renting gives you the freedom to come and go without paying a big upfront cost.

You can usually find these communities near various area attractions. You have easy access to events and activities you enjoy.

Buying Into a Life Plan Community

Another great option is a life plan community. Previously known as CCRCs, these senior communities provide the ability to easily move into higher levels of care. This continuum of care includes independent living, assisted living, memory care, and rehabilitative care.

Buying into a life plan community means paying an upfront fee instead of monthly rent. It's an investment in a lifelong opportunity with lots of high-quality services, amenities, and activities.

These communities often have fitness centers, pools, libraries, hobby areas, and places to socialize. This can help you stay active and meet others who share your interests.

Life plan communities offer comprehensive amenities and services. You can even get discounts on nearby activities like golf and cultural events. You still have the freedom to live your life the way you want.

Other benefits of life plan communities include on-site medical staff 24/7 and regularly scheduled events, classes, and programs.

If you’d like to learn more about senior living options, contact Canterbury On The Lake. Schedule an appointment online or call to discover the peace of mind you can have about your future.