What Makes Condos the Perfect Retirement Homes?
Thursday Sep 24th, 2020
If you are nearing retirement, you must be thinking what’s next. If you are looking to ‘age in place’ but escape all the hassles and isolation of living in a detached family home, retirement condo living is becoming an increasingly popular choice with retirees. Not only does the condo lifestyle offer the perfect blend of independence, companionship, and security, it is a great financial investment as well. Here’s why condos make the most perfect retirement homes.
Lower Purchase Price
On average, a condo costs $10,000 less than regular housing, which makes them a much more affordable housing option. Since you do not own the building exterior or the surrounding land, you can save a fortune on the purchase price and the ongoing maintenance. For people who are nearing retirement, it is much more prudent to save those extra dollars for family, hobbies and other pursuits.
Condos offer residents a wide range of amenities, ranging from sporting amenities such as pools, tennis courts, basketball courts, and bowling greens to social amenities, fitness centers, co-working spaces, and shared living spaces. Not to mention, specialty retirement condos also include commercial amenities, including visiting practitioners and full-time shops, making sure you have access to everything you need. Most of these amenities offer an excellent chance to enjoy the company of your new friends and neighbors and stay fit and active.
Ease of accessibility is a huge winning factor for older residents who prefer public transit over driving. A lot of retirement condos offer regular buses and scheduled day trips for the ease of their senior residents. Not to mention, you no longer have to travel long distances just to eat out, watch a movie, or get groceries, because most retirement condo building are situated in close proximity to these amenities. In addition, most retirement condo buildings are located just a walk away from farmer’s markets, shopping centers, hospitals, parks, and malls. Concierge service aids in delivering online orders right to your doorstep.
Most retirees complain of a lack of companionship. Condos offer an amazing community experience because you can meet and socialize with your neighbors in shared spaces, share the same amenities, and be close to your neighbors all the time. Many retirement condos also include planned social clubs and regular activities for owners in order to make for less isolated living. If your aim is to expand your social circle post retirement, we recommend that you check out the building’s activity calendar to see if they suit your interests. Living in a condo community means that you will find a swimming buddy at the pool, a barbecue enthusiast on the terrace lounge, or a fitness partner at the gym.
Lifestyle and location
Since buying a condo is more affordable than investing in a detached house, you can afford to buy a nicer condo in a premium location than a traditional detached home in a less desirable location. Be sure to buy into a building situated in close proximity to popular stores and restaurants to save up on travel.
Condos are generally low maintenance as compared to single family homes, since you are only responsible for the condo interior and not the building’s exterior, yard, or any shared areas. The monthly condo fee you pay takes care of much of these expenses, as well as many kinds of liabilities, such as water and fire damage. When you are living in a two-bedroom condo, you also have less furniture to buy, fewer walls to paint, and fewer space to maintain. If a major expense crops up, such as fencing, repainting outdoor walls, or roof replacement, the cost is shared by all the residents. Not to mention, since the cost of most amenities, such as gym, pool, and cable subscription, are included in the HOA fee, you can save up on these membership fees as well.
Condo residents enjoy a laid-back lifestyle since there will always be someone to fix the pipes, mow the lawn, clean the gutters, keep the furnace working, keep your windows clean, and maintain the roof. The maintenance personnel of your condo building will take care of these chores for you. Spend all this extra time rediscovering your hobbies, pursuing interests, or even spend more time with family.
If safety is your priority, you can sleep easy in your condo unit. Most condo buildings are equipped with state-of-the-art security systems that ensure the safety and protection of all residents. Contrary to detached homes, you don’t have to fret over someone stealing your car or breaking into your home. Rest easy when you go out of town, knowing that your condo is secured and watched over.