A Life Plan Community Can Be Your Best Bet in a Chaotic Economy

Prices are up, the stock market is down, and while interest rates have almost doubled, the upward trajectory appears to have lost momentum (for now). Many who are living on a fixed income from investments and a pension might be feeling the squeeze in today’s turbulent financial climate. You may be wondering about your home’s value in a volatile real estate market. The past few years have been such a roller coaster ride for the economy, it’s no wonder many are a little queasy as they think about the future. But there is an antidote to this uncertainty. The independent living community at Fellowship Village doesn’t have to worry about trying to predict the financial future. Here’s how to decide if the time is right to make your move to a life plan community.

Is Now a Good Time to Sell My home?

Experts agree it’s still a sellers’ market, but how long that will last is anyone’s guess. With the recent announcement from Federal Reserve Governor Michelle Bowman that there could be further interest rate increases on the horizon, house prices could fall as more buyers get bumped out of the market. Higher interest rates might slightly benefit your savings. But if you’ve been thinking about downsizing within the next few years, higher rates will likely significantly impact your plans. The heady days of inflated offers and bidding wars appear to be over. The New York Times reports realistically priced properties are typically selling for the asking price in a matter of weeks, making this a good time to seize the opportunity.

Can Independent Living Save Me Money?

From groceries and gas to home repairs, everyone is paying more for all the essentials these days. Did you know New Jersey ranks higher for costs in maintaining a home than any other state? That doesn’t include the modifications you might have to make to your home in order to safely and comfortably age in place. This is why making the move to a life plan community is a smart way to beat inflation.

At Fellowship Village, our beautiful homes have been designed with fully accessible spaces, not to mention desirable features like porches, custom kitchen cabinetry, walk-in closets, and fireplaces in select properties. Residents enjoy a maintenance-free lifestyle, which means regular housekeeping services and upkeep both indoor and outdoor are included. So if your heating system malfunctions or you need someone to change a light bulb in a high-ceilinged room, all you have to do is make a phone call and the on-site staff take care of the problem at no extra charge.

Is Fellowship Village a Good Investment?

Whether you have a passion for sports to stay in shape or you’re the creative type, you’ll appreciate the top-notch facilities on your doorstep, from a woodshop and a putting green to an art studio and a state-of-the-art wellness center set to open in 2023. You can opt into a flexible meal plan to enjoy our award-winning cuisine. And you can take advantage of personal training, group and video sessions as part of our BRAVO Wellness program. Worried about your electricity bill? Basic utilities are included.

Will it Protect Me From Rising Care Costs?

While the Inflation Reduction Act of 2022 is good news for Medicare recipients who rely on insulin and other prescription drugs, many healthcare costs associated with aging are accelerating. Medicare doesn’t cover long-term care, including assistance with daily living and post-pandemic staff shortages have led to increased costs for visits by home health aides. Genworth’s most recent Cost of Care Survey reports an average increase of 15.19% in New Jersey between 2020 and 2021 to $68,526 a year for home-based care. As a Fellowship Village resident, not only do you have access to our wellness facilities and programs to keep you healthy and independent longer, you’ll have peace of mind knowing you’ll receive high-quality care when the time comes.

As recent events have shown, no one can predict what will happen tomorrow. We know making a big move is always daunting. But choosing our life plan community is a smart way to take control of your future, no matter what lies ahead. Call us today at (908) 580-3840 to learn more and schedule a tour. You’ll see why our life plan community is a smart financial move!