3 Myths About Senior Living You Should Be Aware Of

Senior living is not only about owning a property of brick and mortar, but it's about living a joyful life, getting adequate facilities and appropriate socials suitable for seniors. Many senior citizens have misconceptions or myths about senior living, and they often reject the idea of living in such a community if given an option. Let's know about 3 Myths About Senior Living You Should Be Aware Of. 

Myth No 1: Senior living properties are always costlier than regular residential property

It is natural to assume that, given the facilities like 24x7 medical assistance and housekeeping, dining, security, concierge, and legal services, and health and wellness facilities will cost significantly higher than normal residential homes. Therefore, on average, senior living projects cost 15 per cent higher than average residential capital values in the relevant market.

The fact is, in perspective, buying a house in a non-senior-living project and subsequently spending on all services that are provided will result in higher absolute cost and manpower spent for sourcing services when compared to investing in the senior living project, which ensures peace of mind for senior citizens.

Myth No 2: Senior living properties are suitable only for sick people

Senior livings are well-planned community-focused projects offering independent and assisted living options. Usually, the move into a senior living property is well planned and opted for after evaluating the range of requirements of the elderly. More importantly, it allows for non-elderly to buy in early to plan their retirement and opt for a customised lifestyle depending on their financial situation.

The fact is, senior care living is very different from memory care and nursing care projects, where the assistance levels are very high.

Myth No 3: Occupants can't spend time with their relatives and close friends. It's the same as an old age home

"Old age homes are mandatorily assisted living facilities where elders are given continued care based on their condition. Depending on the funding mechanism the old age home avails, the level of services, ergonomics, and attention to detail of the space varies significantly. Old age homes house elders with limited family care options or destitute with minimal financial support. There are various limitations to facilities provided by old age homes which limit the spectrum of elderly persons it can cater to", says Ajay Sharma, Managing Director, Valuation Services, Colliers India.

Sharma adds, "Many senior living projects have the majority of residents who seek identifiable community with comforts of home. Most senior living communities allow for kin of the residents to stay with them for a specified duration or provide the freedom to live with their families outside the community and return to pursue their life as per their choice".

Finally, experts believe that the most important aspect that makes senior living a good choice is the support system as the years progress, where residents move from independent to assisted nursing care systems. Being part of the senior care community allows for smooth progression into each phase with the stress of identifying how the next stage needs to be supported.

The author is an Independent Financial Journalist