Helping Our Aging Parents Find the Best Living Conditions
This is a two-part case study. For a link to the entire case study in pdf format, click HERE. For a link to Part II, click HERE.
Part 1
I wrote this in 2020. At the time, my parents were living in their house of 46 years, and wanted to stay in this home despite my father’s declining health. It was then that I had decided to start having serious conversations with my parents about their future as we explored alternative living conditions. This case study describes my family’s experience with the concept of aging in place and how I used my experience as a licensed realtor to present my parents with options for their future to help make the best plan from both a financial and care perspective.
Starting the Conversation
A few years ago, I started having conversations with my parents about the best home and living conditions for them as they age. My father is currently 79 years old and has a musculoskeletal condition that impairs his ability to move around; he has had one surgery, but his mobility has continued to decline. My mother is 77 and in great shape, but at a slim 125 pounds, she isn’t easily able to lift or carry my 190-pound dad.
My parents live in a three-story house with approximately 2,500 square feet in Silver Spring, Maryland, where I grew up. Three steps lead up to the entry, and the main floor includes the kitchen, dining room, living area, and den. Bedrooms and bathrooms are up a set of steep stairs on the second floor, and the basement, down a set of steep stairs, contains the laundry room and storage.
My parents have lived in this house for 46 years and are reluctant to move. My mother, being in good health, feels she can care for my dad, so she doesn’t see a reason to leave the home where she is comfortable. My father, despite undergoing a neck fusion and physical therapy, has not seen improvement in his mobility, and at this point, future medical procedures are off the table. Since most of his care falls on my mom, we wanted to explore housing that includes assisted living options.
Exploring Financial Options
When my parents and I started this conversation about their future housing, they had been going to Florida every winter for four or five months. The house in Silver Spring sat empty during that time. We talked about the finances of maintaining their house versus moving to a less expensive place; the topic of where they wanted to live as they age grew out of that conversation.
An option they seemed comfortable with was Leisure World, a large, independent-living retirement community in the general area. Leisure World has condos and single-family homes of various sizes. Costs of units are based on age, square footage, and whether or not they’ve been renovated, and range from $150k to $450k. The community is convenient to family and friends, and several couples they know have moved there.
Working in the real estate industry for nearly 20 years, I have a good handle on finances for buying, selling, and renovating. I offered my parents my expertise and prepared a cost analysis to help with their decision.
I’ve estimated the Silver Spring home to be worth around $550,000 in today’s market. The house is paid off. Taxes, insurance, and maintenance cost about $8,000 a year. At Leisure World, the purchase cost of a 1000-1100 square-foot condo ranges from $200,000 to $300,000. Renovating and updating would cost about $20,000-$40,000. Moving to Leisure World could potentially add a few hundred thousand dollars to my parents' retirement/health care fund. If they took the profit from selling their house and paid off the condo, their only housing costs would be their monthly condo fee, which ranges from $600-$800. This would be about the same as they are paying now, but they wouldn't have to maintain the yard, fix the roof, or shovel snow.
They are in a financial position to get a loan to purchase a Leisure World condo, fix it up, move in, and then sell their current home. After selling their home, they could pay off the condo or invest the profit if that made financial sense. With interest rates hovering around 4%, investing the cash may be the smarter move.
A similar option with a different model is Riderwood Senior Living in Silver Spring, Maryland. Like Leisure World, Riderwood offers a full range of amenities such as a swimming pool, dining, and on-site medical care, but instead of outright buying a condo in the community, residents put down an entrance fee ranging from $300,000 - $450,000 depending on the housing option chosen. When the resident leaves the community, 90% of the fee is refunded to them or their beneficiaries. In addition to the one-time entrance fee, a monthly service package ranging from $2,000 - $4,000 covers expenses such as property maintenance, utilities, meal plans, and more.
In most cases, I recommend owning a home when possible, but I do see a lot of benefits and value to Riderwood. Although you’re not investing in property, you’re buying a lifestyle that will bring enjoyment throughout the later years of life. As much as I’d want my parents to own, the tradeoff is that they will live a much happier life in a community setting with convenient opportunities for both leisure and assisted living if it becomes necessary. I do not look at Riderwood as throwing away money (as is the case with rent payments) because 90% of the entrance fee will be returned to their beneficiaries.
Choosing between something like Leisure World and Riderwood is not a clearcut, easy decision, but I am leaning more towards Riderwood because I think their lifestyle will be better there.
However, while discussing future living arrangements with my parents, I realized what an emotional decision it would be for them to leave their current home. Wanting to provide them with the best support I can, I did some research about aging in place.
Research on Aging in Place
The overwhelming majority of older adults surveyed say they prefer to age in place — that is, stay in their own homes or communities. They would prefer to find a way to adapt their homes* to fit the limitations of movement that can come with aging or illnesses. If that isn’t an option, they want to find another place to live in the general area so they can patronize familiar stores and stay close to friends and family.
Home Modification and Neighborhood Considerations
About half of older adults say their current homes aren’t well suited to aging. Various physical modifications* can be made to facilitate movement and enable them to live in their homes longer. But aging in place also has to take into account access to services outside the home. How will they get to the grocery store or doctor’s office when they stop driving if they live in a car-dependent suburb? Will supermarkets and pharmacies deliver? Do they have family members or community buses to take them places and pick them up? If not, moving to a community that provides those services could be a better choice.
Geographic Stability
Older adults are the most geographically stable of any age group, and most who do move remain in the same county. According to the Administration on Aging, only 3.7% of older people move* , as opposed to 13.1% of those under age 65. Data from the Center for Retirement Research at Boston College shows most of today’s retirees who do move stay within 20 miles to remain close to family and friends.
Exploring Options for Aging in Place in Montgomery County, MD
Based on my experience with my parents and as a Realtor, there are numerous suitable options in Montgomery County for older adults to age comfortably.
Make simple, cost-effective adjustments to the home
Adjustments to your parents’ current home can make it safer and more comfortable for aging bodies. Some things you can do are: add properly installed grab bars in the shower, tub, and next to the toilet; replace low toilets with new, higher versions (easier to get up!); add a roll-in or curbless shower on the main level; and add handrails on both sides of stairways and stoops.
The CDC says falls are the leading cause of injury and fatality among the elderly. So help parents remove trip hazards such as scatter rugs and trailing electrical cords, and rearrange furniture to allow freedom of movement in and between rooms*. Also, add brighter lighting, which helps aging eyes see and avoid potential dangers.
The AARP HomeFit Guide* provides a thorough checklist for room-by-room design elements and safety features that help make a home livable for people of all ages.
Move to a home better suited for aging in place
Moving to a retirement community, condominium, or manageable one-story home are all viable options in Montgomery County, Maryland (MoCo). An adult independent living community, such as Leisure World or Riderwood, has properties designed for accessibility and aging in place. They make it easy for residents to meet people and participate in classes and events for an active lifestyle.
Depending on your parents’ price point and lifestyle, they may want to explore condominium buildings around the county with amenities to choose from, such as 24-hour doorman security. MoCo is also rich with single-story ranch-style houses that individuals can renovate to meet their preferences and needs. However, with the massive appreciation over the past three years, this might be out of reach, which leaves them with Leisure World or Riderwood — not only good options financially, but they also come with more options for assisted living. Additionally, these buildings are already outfitted for older folks with mobility issues.
Use the Cadillac plan for aging – a forever home with universal design
Throughout this process, I’ve learned about the inclusive concept of universal design — designing buildings and spaces with easy access for all in mind. If your parents are planners and have the means, they can renovate or build a home (one-story or multi-story with an elevator) that includes accommodations for normal aging and possible future needs, such as wheelchair accessibility. The Universal Design Living Laboratory in Ohio is the nation’s top-rated* demonstration of universal design.
My Parents’ Resolution
For now, my parents have decided to stay in their current home. I’ve added grab bars in the bathrooms, side rails in the shower, and hand railings on both sides of the front stoop. We’ve priced out an electric chairlift at about $3500. Since my father’s surgery wasn’t as successful as we had hoped and his mobility hasn’t improved, future options are to convert a small first-floor den into a bedroom and add a main-level bathroom.
I’m concerned about them staying in their home because as time goes on and my father’s mobility continues to decline, the risk of falling increases for him. I also worry about my mom injuring herself while trying to care for my dad, as well as her well-being in the scenario that she long outlives him and ends up unhappy and in perfect health at Leisure World or Riderwood wishing she were back in the house.
The most important thing to come out of our conversations is that we now have options on the table. Living in Leisure World or Riderwood appears to be a great option for my parents. When the time comes to move out of their home and find a place to age safely and comfortably, we can follow through quickly.
How I Can Help You and Your Parents with a Similar Decision
I can help you address your concerns about aging parents in the following ways:
● Frame the conversation you want to have with your parents
● Guide you through some of the steps I took
● Prepare a cost analysis for staying in place versus moving
● Provide an estimate for renovations and find experts to remodel for aging in place
● Find a property for your parents that will stand the test of time
● Find a new home for your own family that includes future living space for your parents as they age
● Help you make a plan with your parents that we can follow through on together
Don’t underestimate the emotional journey your family is undertaking with a change such as this. I’m available to guide you and provide a smooth transition.
How I Can Help You and Your Parents with a Similar Decision
I can help you address your concerns about aging parents in the following ways:
● Frame the conversation you want to have with your parents
● Guide you through some of the steps I took
● Prepare a cost analysis for staying in place versus moving
● Provide an estimate for renovations and find experts to remodel for aging in place
● Find a property for your parents that will stand the test of time
● Find a new home for your own family that includes future living space for your parents as they age
● Help you make a plan with your parents that we can follow through on together
Don’t underestimate the emotional journey your family is undertaking with a change such as this. I’m available to guide you and provide a smooth transition.
Jason Cohen is a Realtor® with Compass Real Estate in Washington, DC. He is a tenured real estate agent who is passionate about connecting people with homes that inspire them. Thanks to unparalleled local expertise and a commitment to exceeding expectations, Jason empowers his clients to navigate the search and sell process more seamlessly than ever before.
Born and raised in Silver Spring, Maryland, Jason is an active member of the Washington DC community that he has called home for 24 years. He lives in Shepherd Park Washington DC with his wife Debbie and their two sons.
Jason can be reached at jason.cohen@compass.com or 202.957.6060.
References
https://www.aarp.org/research/topics/community/info-2018/2018-home-community-preference.html 2 https://www.huduser.gov/portal/periodicals/em/fall13/highlight1.html
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