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Who should look out for retirement homes?

Senior living communities are suited to:

  • People whose families are settled outside the country or city. Retirement communities ward off the loneliness by providing them the much needed social interaction with like-minded people, in the same age group. 
  • People who would like to have an independent lifestyle and engage in recreational activities.
  • Healthy and physically fit people can avail of greater benefits, especially in an independent housing system. 
  • Older adults who stay alone and desire greater security.

What should you be looking at before the final decision?  Read Here:

What are the costs associated with senior living housing? Can property be rented or resold?

The initial steps:

In the initial investment stage, you can choose from the following options:

  • Direct purchase: You can buy the complete apartment for a lifetime
  • Lease: The lease can be purchased for a set number of years at a cost lesser than that of outright purchase.
  • Rent: You can move in the property on a rental basis

Maintenance charges: These are monthly charges which residents have to pay. They cover all the additional services like home cleaning, society maintenance, water, maid/ caretaker, clubhouse and library use. The charges may be on square feet basis or on the types of services availed. Resale and rent: These homes are for senior citizens only and sale or rental to a person who is not a senior citizen, is not permitted This restriction makes the properties relatively less liquid. However, in some companies, the builder takes upon the responsibility of resale and finding a tenant.

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