Moving into senior living can be as much a financial decision as it is an emotional one. From home selling and moving costs to the price of the senior living arrangements, it can be hard to keep your head straight with the many fees you’ll have to consider, let alone pay. But fear not! We’re here to lend a hand. Together, we’ll not only go over the senior transition costs you’ll need to account for but also provide a solution that will make the transition both financially and mentally manageable.
Breaking Down the Costs of Transitioning a Senior
Multiple financial components contribute to the overall cost of transitioning a senior. Let’s talk about the specifics to paint a clearer picture:
Selling the Home
Transitioning to senior living often begins with selling the home. This includes a variety of costs including real estate commissions, which averaged 6% in Kentucky at the end of 2023. This of course doesn’t cover total closing costs which are between 8%-10% of the home’s agreement value. To put that into perspective, the median Kentucky home is valued at $206,517, meaning you’d pay anywhere from $16,521 to $20,651 in closing costs.
Other factors to consider are home improvements and repairs which can significantly enhance the property’s appeal and sale price. There are also professional home staging expenses, which can cost anywhere between $787 – $2,837 according to HomeAdvisor.
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Moving and Storage Solutions
When it comes to transitioning a senior to a living community, moving yourself or a loved one is only one part of the puzzle. From furniture to beloved heirlooms, and even the stuff that won’t make the move, there’s a house filled with items that will need to be addressed.
To remove anything you don’t plan on taking, the average cost of junk removal is $242. Yikes!
What about the things you do want to keep? According to Forbes Home, hiring a moving company can cost $40-$80/hour with two movers.
Do you need to store items for a while due to a long transition process? Average storage prices can range from $75-$185 per month.
Legal Fees
The move to a senior living community often incurs legal fees for necessary paperwork, which may include contracts, powers of attorney, and estate planning. Hiring an elder law attorney to help you through the process typically results in hourly rates that could span from $200 to $500, fixed charges, and retainer agreements.
Senior Living
Of course, the price of where the senior moves must also be considered.
“Depending on your location, living in an independent living community can cost from $1,500 to $4,000 a month, and seniors residing in assisted living facilities have a monthly average cost ranging from $3,500 to $10,500 a month.” – Assisted Living.org
Flexible Funding: How Our Easy Equity Loans Can Help
Transitioning into senior living involves numerous moving parts, both financially and emotionally. Fortunately, Senior Family Solutions is dedicated to aiding seniors and their families through these changes with compassion, professionalism, and expertise. Our comprehensive services are tailored to meet the unique challenges seniors face during this life stage, ensuring a seamless and stress-free transition.
One standout feature we offer at Senior Family Solutions is our Easy Equity Loans, designed to alleviate financial pressures during the transition. These loans provide a flexible financing option, allowing seniors to manage their expenses without having to worry about immediate out-of-pocket costs. Whether you’re facing unexpected repairs, needing to clear out possessions, or covering the initial costs of senior living arrangements, our Easy Equity Loans can provide the necessary financial support.
We understand the complexity of this transition and we’re with you every step of the way — from the sale of your home and managing legal necessities, to physically moving and adjusting to your new home. Schedule a consultation today, and take your first step toward a stress-free transition into senior living with Senior Family Solutions.
