Downsizing, less maintenance, or desiring a second vacation home are just a few of the great reasons baby boomers and retirees are choosing condominium communities for their active lifestyles. Buying or renting a condo in a 55+ retirement community can be the perfect option for a single-family home in terms of both price, and convenience. Some offer features such as underground parking, elevators, or a doorman, and many communities are located near exciting local attractions with amenities such as fitness centers, and clubhouses. If retiring the lawnmower, and stowing a shovel sounds like a great idea, then condo life could be for you!
Affordability
Many 55+ condo communities are located in highly desirable areas where a single-family home would be out of reach cost-wise. Depending on the community, some condos are available to rent, which may be a great option for active adults who spend much of the year traveling, or snowbirds living in the unit on a seasonal basis. Another money-saving aspect of a condo lifestyle, is utilities are often lower than in traditional homes, but keep in mind that association fees should be factored into the monthly housing budget.
Low Maintenance Living
Active adults who want more time doing what they love can enjoy the low-maintenance lifestyle of a condo community. 55+ home buyers using their unit as a rental property, or who spend most of their time traveling can enjoy having the exterior building maintenance, and landscaping is taken care of in their absence. Seniors living on their own, or looking to downsize may find the upkeep of a condo much easier to manage.
Special Considerations
Homeowners association fees exist to cover the expense of building maintenance, amenities such as concierge service, and landscaping. Monthly dues collected may be higher depending on community location, available amenities, or assessments incurred due to unforeseen maintenance issues. Active retirement housing in a condo community often places restrictions on pets, so it’s a good idea to check the association guidelines beforehand. Another thing to consider is sharing common walls, and being in close proximity to neighbors. Noise and problems like cigarette smoke should be factored into the decision to choose a multi-unit dwelling.
Whether you’re seeking a snowbird rental community, or are looking to purchase a primary home, condominium/apartment-style living is a great choice for active adults wanting a simpler lifestyle, with more time to enjoy their retirement years.
