Bruce Nemovitz

Last month's article dealt with the four main reasons seniors procrastinate in making a decision to move to a better lifestyle. The reasons were as follows: The fear of making the wrong decision, the overwhelming process of downsizing, the issue of money, and too many choices as to the types of senior housing available. Solutions tothese issues involved knowing your personal assets, tips to start the process of downsizing long before the actual move, matching your needs to the type of housing most beneficial to your lifestyle situation, and gathering as much information about the housing available and touring the actual communities. It is this last action step I would like to discuss: The types and definitions of senior housing options.

My clients seem somewhat confused and overwhelmed with where to move and what to expect in their new home. They know they want their freedom and privacy, and in many cases want to socialize more than their current situation allows. The following are types of communities currently available throughout the Milwaukee-Metro area:

Condominiums
Condominiums are typically purchased just as single family homes. They are set up as a complex of units. There are many variations of the types of condos available. Some are side by side ranch units with attached garages, and others are in a building several units with an elevator and underground parking. There is a condo fee, usually monthly. These fees can range from $80-$500 per month depending on the area and services offered. The price range would depend on the location, as well as square footage. The outside maintenance is usually handled by the condo fee. Improvements needed can be assessed to each owner, although there is typically a reserve fund for such repairs.

Senior Apartment Complex
An apartment complex catering exclusively to older adults. Individuals must be able to care for themselves, and will find limited services available.

Retirement Community
A self contained residential development designed for older adults. Support services and recreational/social amenities are often available.

Continuing Care Retirement Community
A retirement community that offers three levels of living including:

1. Independent
2. Assisted Living (which includes CBRF and RCAC)
3. Skilled Nursing Facility (SNF / Nursing Home / Health Center)

The presence of these levels of service ensures continuity of care as health changes occur.

Life Care Retirement Community
This falls into the category of Continuing Care Retirement Community, but is distinctive in two ways:

1. They require payment of an endowment/entrance fee and a monthly maintenance charge. This fee has very limited refundability, and is intended to cover some of your future care expenses
2. You are given guaranteed placement in their skilled nursing facility.

Assisted Living
Wisconsin law provides for three types of assisted living.

1. Residential Care Apartment Complex (RCAC) ' Available services include personalized assistance with activities of daily living and health care. Supportive services range from minimal to a very high level of assistance. These facilities must be registered with the state, however, they are not as highly regulated or as routinely inspected by the state as are CBRFs.
2. Community Based Residential Facility (CBRF) ' State licensed and regulated facilities that are staffed 24 hours a day, and provide personal assistance, help with medications, supervision and three meals a day. License is based on the residents' ability to ambulate, follow directions and to act for self-preservation under emergency conditions.
3. Adult Family Home - Facility serving 4 or less residents.

Now that you have the definitions, what do you do with this information? First, make sure you take a good look at your current situation in both health and money. You need to match your needs with a type of housing that will provide the necessary services you need or will need, as well and fit into your retirement budget. Ask yourself questions like do I need one level or are stairs a good exercise program? Can I drive at night, or do I need assistance in getting around? How much money do I have to spend monthly, as well as an update from a financial consultant as to proper strategies for having your funds last a lifetime, with housing taken into consideration. Will I enjoy the location, and does it provide the best situation for me as to stores, my doctors, restaurants? Do I feel comfortable in the type of community that I have chosen? Remember, you can change your furniture arrangements, colors, etc. but you can't change the location! Love where you live. If being close to your family and friends are important to you, then make sure you stay close to your desired location if at all possible. Location, location, location, applies to all real estate including senior housing.

Once you have narrowed down the choices, take a ride with your trusted advisors to physically view the potential home of your choice. The better prepared you are, the more likely that your happiness will be fulfilled in your new home. Ask questions, and go with your gutt feeling as to the right place for you to live. 'Know thyself', is a phrase most appropriate to finding the right place to live and to love where you live. The most successful moves I've been a part of involve my clients who have done the most planning and researched and visited all of the choices available.

Next month's article will deal with the question, should I sell my home 'as is', or should I update and improve my home for my buyer?

By Bruce Nemovitz, Certified Senior Real Estate Specialist, Certified Senior Advisor. Bruce and his team can be reached at 262-242-6177 or email at: Bruce@BrucesTeam.com