How Moving into Independent Living Saves You 45+ Hours per MonthApril 30, 2021
The American dream is rooted in homeownership. One thing often left out of the dream scenario is how much time and money owning a home takes. When you’re invested in a community through your job and children’s schools, it’s all worth it. But what do you do when your kids are on their own and you’re done with your career? Then homeownership can start to keep you from doing what you want.
This blog will show you how a maintenance-free independent living community like The Woodlands at Furman can help you save time. By letting us take care of the chores usually associated with owning a home, you’ll have freedom to do more of what you want to do. To help you make a more informed decision, this blog post will show you the average time spent taking care of a home and give you an idea of your future home repair costs.
Time spent on upkeep.
Think about all the time you spend on chores around the house. Doing laundry; cleaning the bathrooms, kitchen and floors; taking out the trash and recycling; cooking and doing dishes; the hours can quickly add up. A 2018 American Time Use Survey found homeowners, on average, spend 90 minutes per day on household chores, maintenance and yard work. That’s 630 minutes per week, over 45 hours per month, totaling a whopping 546 hours per year.
Yes, you can save time by hiring someone else to do your home upkeep. But in 2018, personal finance site Bankrate.com found that homeowners spend an average of $2,000 per year. Some of their top monthly expenses included:
- Housekeeping: $285
- Homeowners association (HOA) dues: $210
- Landscaping: $144
- Security systems: $130
- Pool care: $123
- Snow removal: $84
- Septic service: $67
- Trash and recycling collection: $55
And even if you can afford to have someone work around your house and make needed repairs, where can you find someone you can trust? Especially when things like your roof and furnace may only need replacing/repairing after decades of use? When the time comes, it’s very likely you’ll have to find someone new.
Estimating future repairs.
One thing about houses: There is always something that needs to be repaired, maintained or cleaned. So how do you know how much you’ll need? To ensure you’re able to keep your home looking and working it’s best, here’s how to figure out a yearly budget for your home’s upkeep.
The percent rule: Experts recommend saving 1% to 4% of your home’s value for annual home repairs. As an example, if you bought your home for $250,000, you should be putting $2,500 to $10,000 a year into a dedicated savings account. By figuring out how much you should save for home repairs as a set percentage, it’s easier to determine what you need to set aside. Market value considers the market, physical size, and overall condition of your home, making it a safe way to estimate maintenance savings. Of course, it’s unlikely you’ll have $2,500 or $10,000 in repair costs each year. But if you have a one-time $15,000 repair bill, you’ll be glad you put money away.
The square-foot rule: This rule suggests you set aside $1 per square foot of your home each year. If your home is 1,400 square feet, you’ll want to save $1,400 a year for home repairs. While the square footage rule is definitely a good rule of thumb to follow, it doesn’t account for specific factors that play a major role in repair expenses like the cost of labor and materials in your area.
Fine-tuning: The goal of each of the above rules is to make sure you have enough money to deal with any repairs. But neither one of them is perfect. To fine-tune your savings, take the averages of the percent rule and the square-foot rule. If 1% of your purchase price equals $3,000, and the square-foot rule equals $2,000, then your average is $2,500. Then add 10% for each factor (weather, condition, age, location, type) that adversely affects your home. If you have an older home in an area that experiences freezing temperatures, increase the total by 20%: $2,500 x 1.2 = $3,000 (or $250/month).
Benefits of senior living.
If you truly want to save time on chores and home maintenance to do more of the things you enjoy, consider an independent living home or senior apartment at The Woodlands at Furman. Not only do we have a floor plan that will fit your lifestyle, but we also feature these time-saving services:
- Interior maintenance, including plumbing, painting and appliance upkeep and repair
- Exterior maintenance, including lawn care, landscaping, painting, gutters, downspouts and roof
- Weekly housekeeping and flat linen service
- Chef-prepared meals in our dining room and casual options at the bistro
- 24/7 security
Plus we feature of lot of activities and and amenities within easy walking distance:
- Fitness center
- Salon and barbershop
- Art studio
More possibilities. Less responsibilities.
Now is the time to do the things you love to do. If you’re ready to discover all the time-saving opportunities The Woodlands at Furman can offer you, contact us here.