With the cost-of-living soaring, household bills have rocketed, petrol and food prices have spiked, and inflation is set to rise again in the coming weeks, greatly affecting our spending habits and causing us to consider more cost-effective choices across all parts of our lives.
Homeshare is an extremely affordable option that enables people across all ages to reap the benefits of intergenerational community-based living.
A low-cost service for older people
When older people need extra support, it’s common to be signposted to the more traditional routes of care, such as a care home. This level of support may not be required, and of course, it is the most expensive option which can run into thousands of pounds. Live-in care is another familiar option. Again, it’s a significant expense, which depending on the level of care required, can cost from £650 per week.
There is a misconception that if older people have reduced mobility or a disability, they will receive financial help to pay for support or access free services, however as many of you may already know, this is not the case.
The key question at this early point in the decision-making process is, what is the real level of support and care needed? Could you or your loved one remain in their own home if a lower level of support was available?
For those who want to live independently, without the high costs of a care home, or live-in care, a homeshare arrangement is a cost-effective option which saves thousands of pounds.
Homeshare: invaluable, low level support
Homeshare typically costs £35 per week, compared to hundreds of pounds for home care, or indeed even more for residential care. It is significantly better value and can even be paid for out of the Attendance Allowance, and sit alongside other support services and care packages.
An added benefit, which also saves a householder money, is that sharers provide 15 hours assistance per week with tasks such as vacuuming, collecting the weekly shop, or cooking a hot dinner. An extra pair of hands is of course invaluable for people who experience challenges with daily tasks. In fact, during the period of a 9-month homeshare, ONS (2019) research found that £3,240 was saved on household tasks alone.
Saving younger people money
Equally for younger people, homeshare is a very low-cost route to remain in the community in which they have always lived, or indeed to move to an area they would otherwise be unable to afford due to high rental costs.
Most of our sharers are students or professionals aged between 25-59, often working under 30 hours per week. With arrangement starting from just £150 per month for sharers, homeshare is a more viable and attractive option than social housing or private rental; again saving thousands of pounds.
With younger and older people alike having to find ways to tackle the cost-of-living crisis, affordable alternative choices are gaining prominence, and homesharing is cost-effective accommodation choice for everyone.
If you would like to discuss the costs of homesharing, whether from a householder point of view or as a sharer, our team can run through the options. Contact us today on 020 3865 3398.