Welcoming a senior parent into your home is an act of compassion, but it can also be a bit of a burden on your family’s budget. You need to make sure your home is safe and comfortable enough to keep your loved one happy without draining your bank account. That may seem like a huge challenge. Luckily, Red Stone Estates has a few tips you can use to keep your expenses low and your loved one happy when prepping your home.
Home Modifications
While almost any home you choose may require some modifications, some will certainly be easier than others. You’ll want to check the housing market to see what your options are. Luckily, there are plenty of options out there – including 982 in Chattanooga alone – so with a little effort, you’ll be able to start strong!
From there, your home will probably need certain design changes to make it safer and more accessible for an aging parent or loved one. Falls are a primary concern of aging-in-place home modifications, which is why most people begin by remodeling the bathroom. You may be handy with tools, or you may want to trust professional bathroom renovators to remove the guesswork. This option is usually preferable
Smart home technologies can significantly ease the task of caring for an aging loved one. For instance, automated medication dispensers can ensure they take their prescriptions on time, while smart sensors can monitor their movements, alerting you if there's a fall or unusual activity. Video doorbells and security systems can provide a sense of safety by allowing you to see who's at the door or monitor the house remotely. Smart thermostats can ensure a comfortable, consistent temperature, which is crucial for seniors' health. Voice-activated assistants can help with tasks like setting reminders, making phone calls, or controlling other smart devices. By installing these technologies, you can provide your loved one with a safer, more comfortable living environment while giving yourself peace of mind.
Funding Options
If you don’t have the money in your savings account for these types of changes to your home, there are other options you can explore. For example, you can look into different refinancing options to make use of your home equity. A home equity line of credit is one option that may work best for you. Before doing anything, however, it’s important to understand how and when to refinance your home. Speak with a lender to learn more about your options and to explore current mortgage rates. It’s worth noting that if you do make significant changes, they could ultimately increase your home’s value. This could make the refinance a more palatable option.
Family Caregiver
Prepping your home can put a strain on your budget, but so can being a family caregiver. In fact, financial worries are one of the contributing factors to many cases of caregiver burnout. Caregiver burnout can have severe consequences for your physical and mental well-being, so it’s important to take the time to prepare yourself for this major transition, even as you take the time to prepare your home for a senior loved one. If you will be missing out on income as a result of providing care for an aging parent, know that there are financial options that you can use to fill in those income gaps.
Paying for Care with a Home Business
Starting a home-based business can be a strategic way to generate the necessary funds to pay for a caregiver for your senior loved one. This approach not only provides financial aid but also allows you to have a flexible schedule, making it easier to balance work and family responsibilities. Depending on your skills and interests, your business could range from online retailing, consulting services, freelance writing, or even a personal blog. The revenue generated from this venture can then be allocated towards hiring a professional caregiver. It's a win-win situation where you get to do something you love while ensuring your senior loved one receives the care they need and deserve.
Look for Savings at Top Retailers
Gathering all the necessities before your loved one moves in will be another to-do on your list. But it doesn’t have to be an expensive undertaking. Stores will have all the big and little touches you need to help a senior parent settle into a new home, plus with regular sales, it’s easy to find maximum savings on your shopping list. You can find everything from a new bed to new clothes to housewares to update your home for an aging loved one, and perhaps even a few items to keep you comfortable as a family caregiver.
Since you will be adding more items to your family’s grocery list, you may also need to look for grocery savings to keep your shopping within budget as well. You can definitely use coupon sites to get discounts on grocery store purchases, but you may also be able to trim your food costs by picking out and paying for your items online before you pick them up so you’re not tempted to make extra purchases.
Moving an aging family member into your home can be a major transition, but you can still do it on a budget. Focus on home modifications and smart home technology. Explore financing options like a HELOC or consider starting a home-based business. By using these tips, you can focus on providing a warm, comfortable, and welcoming home for your senior loved one.
Feeling overwhelmed with all of these options? Let Red Stone Estates ease your mind by providing a welcoming environment without the stresses of home ownership! Call or visit us today to see how we can help with your transition to Independent Living!
