Almost every person wishes to age and die quietly in their own home. But not everyone is that lucky.
Dementia, accidents, chronic diseases, and other health concerns make it impossible for ageing individuals to survive on their own. And with no caregiver available at home, above 55 senior housing in Victoria, bc proves to be the only option.
Even though senior housing programs feature everything an ageing individual might need, it all comes at a cost. And sometimes, affording such facilities becomes impossible.
Thankfully, there are ways to make 55 senior housing Victoria affordable. Here are some tricks –
1- Choose a smaller room
You may feel like asking for a bigger room to accommodate all your stuff while taking a tour of the senior housing community. But don’t let this temptation take over. Remember, the larger the room, the higher the charges will be. Instead, choose a smaller room and downsize your belongings a little. This way, you can save immensely.
2- Rent your existing property
If you own a residential property, consider renting it so you can pay the same towards your assisted living arrangement. This way, you will retain the ownership of your property and still be able to make some monthly income out of it.
3- Negotiate
Just because there is a price tag, it doesn’t mean you should stick to it. There is always a wiggle room. So, try negotiating and never settle for the very first deal offered by the property manager.
Keep in mind senior housing communities have grown immensely across the country in the last decade. And most of these communities are looking for ways to attract new residents on a regular basis.
It doesn’t hurt to ask. To keep you as a resident of the community, the manager might be willing to cut back your monthly fee.
4- Opt for Medicaid programs
Medicaid waiver programs are set in place to keep people out of senior homes, which saves money and even offers support in senior living.
Remember, the way this program is administered might differ from state to state. For instance, if a person living at the 55 senior housing in Victoria runs out of money, he/she might qualify for the Medicaid program instead of moving out. The province provides financial support here to help such individuals remain in senior housing. Besides the financial support, nursing visits, aide services and case management may also be provided through such programs.
5- Sell an existing property
If you are ready to sell your property to finance the cost of 55 senior housing in Victoria, consider calculating your profits and determine how long will the money obtained from selling the property might last you.
Signing off
If you have been delaying moving to 55 senior housing in Victoria because of the expenses associated with it, then we hope this article was able to give you some idea.
For added assistance, call the experts at Berwick Retirement.
Micheal Cowan is the author of this article. To know more about Senior Housing in Nanaimo please visit our website: berwickretirement.com
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Nursing homes have a value that is both tangible and intangible.
Hence, we have to dig deeper than just the real estate component.Firstly, tangible assets comprise real and personal property.
Real property is the real estate which includes fixed property, building, land and the bundle of rights that goes along with it.
The senior housing industry calls the real estate – physical plant.
This is the property that a nursing home owns or uses to serve its residents.
An accounting term for the physical plant would be Furniture, Fixtures and Equipment (FF) and Inventory.Secondly, the intangible component of value comprises assets that are not physical.
The 68-unit, 8 story HANAC Corona Senior Residence was constructed in Corona, N.Y. for providing safe and affordable housing system through cutting edge sustainable building design to low-income seniors.
The project aimed at achieving 75% - 90% energy savings compared to the existing buildings, which is a prerequisite for obtaining the Passive House Institute (PHI) certificate.PHI developed the Passive House certification system, a high performance building standard, in 1990 which focuses on building’s passive measures like insulation, air tightness and heat recovery for providing superior indoor air quality, while reducing the energy bills to the highest possible extent.In October 2020, HANAC Corona Senior Residence was fully approved as a Passive House certified building with the help of New York Engineers, a NY based MEP engineering firm.
This made HANAC as the 1st affordable housing project in NYC that meets the PHI standards.
NY Engineers provided mechanical, electrical, plumping and fire protection designs for achieving superior energy efficiency and indoor air quality.Requirements For a building to get the Passive House certification, it must meet several performance requirements.
The following table represents the building quality requirements and the associated performance levels of each.
Building QualityHANAC Senior ResidencePassive House CriteriaHeating Demand (kWh/m2a)13≤ 15Heating Load (W/m2)15-Cooling + Dehumidification (kWh/m2a)13≤ 19Cooling Load (W/m2)14-Frequency of Excessively High Humidity6≤ 10Air Tightness0.4≤ 0.6Primary Energy Use115≤ 120 HANAC achieved this performance level with a combination of architectural and MEP design features by New York Engineers for minimizing energy consumption that led to HANAC Senior Residence getting the PHI certificate.
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Pacifica has developed, invested, and diversified its real estate portfolio in the US, spanning asset classes like hospitality, land acquisition, residential development, senior housing, townships, mixed use projects, retail and REO, in 22 different states.
We ensure superior returns on investment across all asset classes, always.
