The REAL Cost of Homeownership: Why Retirees Should Reconsider

Many retirees have a life-long belief that owning their home outright controls expenses and provides a sense of security. That’s why it’s surprising to many when they compute the real cost associated with maintaining their residence—and realize that living in their home is far from free.

Consider the costs of utilities such as electricity, gas, local and long-distance telephone service, expanded basic cable television, sewer, water and trash removal, along with bills for homeowners’ insurance and property taxes. Then add in the regular maintenance expenses associated with housekeeping, landscaping and security, plus costs for repairs, renovations, upkeep and other unplanned expenses—potentially thousands of dollars each year—you can see how it really starts to add up!

And, just as valuable as your money, is the significant commitment of your own time required in maintaining a home. The task of hiring and managing service providers and maintenance crews can transform your residence from an asset to a burden—one that keeps you from spending your time on things you truly enjoy. Time is something you’ll have plenty of at Meadow Ridge, where all the commitments and concerns of homeownership will be behind you.