Checklist for buying property in a retirement community

Living an active post retirement life is a dream of all realized by only a few. The trend has come from the western countries like the U.S and Australia. The frequently collapsing joint family system is also a major reason for the growing popularity of retirement homes in India. Retirement community is housing properties designed for senior citizens and maintained keeping a focus on the needs and comfort of senior citizens. Facilities such as anti-skid tiles, grab-railings, wheelchair passageways, etc. are being provided in the project.

But, the housing projects for the retired people is still a fresh concept in India and has been looked upon only in the last 5-6 years.

Read on to know the checklist before you go on to buy a property in a retirement community for your relaxed life post responsibilities.

Location of the property: It is a very important factor because of two reasons- firstly, properties near or in the metro cities are going to cost you more as compared to the properties away from big cities. Secondly, if it is important to stay in the close proximity of your grandchildren or family, then you might want to shift to a place nearby your relatives only. Climate of the place also matters a lot in the old age; hence you must consider the favorable climatic conditions too.

Consider the changing needs: Consider the changing needs of your future, even if you’re buying the property today. Looking for a retirement community means that you want to spend your old age among the best of facilities you may require at that time. Communities that offer daily needs within reach along with optimum medical and health facilities should be preferred by you. You also need to consider the services needed by spouse as well.

Don’t be in a hurry: Don’t be in a hurry to make decision for the retirement community. Take a tour of different communities, talk to the current residents there regarding the facilities and the property, the maintenance work and the activities being carried out. This information will help you take a more informed and better decision for your retirement.

Check the finances involved: So, you have decided your retirement home needs, but it is also important to check the finances involved in buying the home as well. Financial aspects like homeowner association fees and dues, cost involved in providing a host of extra services by the project, the rate of increment on these fees, etc should be taken into consideration before you finalize on your retirement home deal.

Retirement properties are emerging as a good investment option for the young who want to plan early for their retirement and old age. Making an investment today gives you a lot of room for the price increment of the property and growth in terms of area and property value.