All too often I hear the phrase, “I live in my home for free so why would I want to move to a senior community or apartment?”

What’s the truth behind that statement? We all dream about the day we make our last mortgage payment and truly own our home…owing the bank nothing. When that day comes, we are ready to fully enjoy our retirement. However, as the home ages, the cost to live in it accelerates. There are also other costs we must pay to live securely in our homes.

There are also other considerations to consider when trying to figure the true cost of living in your home. For example, if prices fall due to the aging of your home or the economy, your home asset will actually shrink.

Real estate over the years has been a great investment. The purpose of this article is to provide awareness to those whose lifestyles would be dramatically improved by moving to housing more suitable to one’s physical and psychological needs. Taking an honest assessment of one’s assets must involve the costs of home ownership versus the costs of a senior community or apartment. A visit to your financial consultant or trusted advisor can go a long way to maintaining a healthy and vibrant lifestyle!

So, be realistic about the costs of living in your home. You do not live in your home for free, and moving to a place that provides safety and security may cost less than you think!

Based on a $200,000 home, in the four county Metro Milwaukee area, here are some typical costs that may vary by location:

• Maintenance: $500

Homeowner’s Insurance $50

• Property Taxes (varies by community)$400

• Utilities (gas, electric, telephone) $150

• Water/Sewer (varies by community) $75

• Sanitation (garbage pickup) $10

• Loss of Investment (3.25% per year) $541

The Total Monthly Expense Each Month $1,726

Bruce Nemovitz is a Senior Real Estate Specialist, as well as Certified Senior Advisor. Bruce has sold residential homes in the four county Milwaukee-Metro areas for 30 years. He has just published a book called Moving in the Right Direction, a Senior’s Guide to Moving and Downsizing. He works with his wife Jeanne at Realty Executives Integrity.

Please feel free to call Bruce or Jeanne with any real estate questions you may have at 262-242-6177, or email at Bruce@BrucesTeam.com. You can also go to their website at www.brucesteam.com and view the many articles and important information related to moving and downsizing.