Why Senior Housing Is Becoming More Affordable Throughout the U.K.

Your golden years should be the best years of your life. Unfortunately, seniors aren’t living worry-free –they’re left with worries about the cost of housing and how they’ll be able to afford or enjoy the retirement they deserve. For decades, seniors throughout the U.K. have struggled with increasing housing costs that have made their lives into a struggle for survival.

Now, however, seniors have options. A new range of accommodation options are becoming available for U.K. seniors. With enough research and knowledge of where to look, U.K. seniors can find affordable housing without reducing their quality of life. Whether you’re caring for an aging loved one or need housing as a senior yourself, you need to know how you can take advantage of the affordable housing options available. Here’s how you can turn your retirement worries into budget-friendly, worry-free living.

@cam / ShutterstockWhat Does Senior Housing Cost?

The cost of senior housing varies widely, but one thing is certain: it’s expensive. Staying at home can cost seniors £150,000 for a live-in caretaker, according to Unforgettable.org, while nursing home fees start at £750 a week. Costs vary, too, depending on the level of care you require and the standard of living you wish to maintain. Assisted living, in general, entails extra costs because qualified nurses and doctors have to administer care on a daily basis.

Here are the costs of two of the most common living options for seniors:

Retirement Communities: The most inexpensive senior living option is a retirement community. The BBC reports that the average rent for a one-bedroom condo in a retirement community is £580 per month.

Assisted Living: Seniors who need the active assistance of professionals daily often choose assisted living. Assisted living facilities in the U.K. charge an average of £2,000 to £4,000 per month, according to the UK Care Guide. Most of these costs go to services and medical care, depending on your unique needs.

These costs are high, but there is good news: the cost of senior housing is becoming less expensive. Right now, you can save money by considering different living options, comparing prices, and doing your research.

New Options Are Appearing

Senior housing and retirement living don’t have to cost you all of your savings. There are new options and solutions for seniors throughout the U.K., and though they can be difficult to find, they do exist. They just aren’t readily promoted or advertised.

If you want affordable senior housing, here are some of the cost-friendly options you need to consider:

Personal Independence Payments

If you’re an adult under age of 64, the U.K. government offers Personal Independence Payments that can help cover your cost of living. PIP benefits range from £97 to £624 per month depending on your finances and the severity of your health problems. One of the best aspects of PIP benefits is the U.K. government distributes this aid strictly on the basis of how your health problems affect your quality of life. You can, therefore, qualify for PIP benefits with mental health problems, chronic physical conditions, and even general issues doctors cannot diagnose.

Attendance Allowances

Seniors who are 65 years of age or older can qualify for an Attendance Allowance that provides £246 to £368 per month to help with living costs, according to CitizensAdvice.org.uk. Individuals under the age of 65 can also qualify for an Attendance Allowance if they have a physical or mental disability. If you can get an Attendance Allowance, your benefits from other government programs may increase.

Carer’s Allowance

If you’re unable to afford assisted living, in-home care can be a viable alternative. You can, however, save even more money by getting assistance from a relative or friend. Individuals who care for a senior in the U.K. can qualify for a government-granted Carer’s Allowance that pays caregivers a fixed sum each month. You can qualify for a Carer’s Allowance if you provide assistance for any senior on a regular basis. Spouses who are living with an elderly individual can also qualify for a Carer’s Allowance.

Any and all seniors who are concerned about the cost of housing should be sure to research government aid and options. Take advantage of all the aid that the government can provide, and you could reduce your costs by thousands of pounds. Many seniors who struggle with high living costs qualify for several assistance programs, but they fail to investigate thoroughly.

How to Find Affordable Senior Housing

Affordable senior housing is within reach for all U.K. citizens. To find the right housing option for your needs and your budget, it’s important to conduct your own research. You can find a senior housing option that matches your personal requirements – and you can live comfortably during your golden years, enjoying peace of mind and financial stability.

How can you get started in your search for senior housing? The first step is to begin comparing what available care facilities have to offer, what U.K. aid is available, and what prices different living facilities charge. You can simplify your search by searching online for low-cost options that meet your needs, comparing and discovering available housing all at once.

Interested in finding affordable senior housing? Start a search today.

Featured Tip

Worried about retirement? You aren’t alone. Motley Fool reports 24% of Americans don’t have any retirement savings at all, and nearly 40% are worried about living comfortably as seniors.