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.