There are countless things to consider as you near retirement age. Like when you will retire, whether or not you will continue working part time and where you will live. Many people when they retire look to sell their home and downsize to a condominium. As we get older many of us think about a time when we won’t have to do lawn upkeep, shovel snow in the winter, etc. If you are considering buying a retirement condo there is a great deal to know and understand. While condo living is great for some people, others may find that it is not for them.
Everything You Need To Know When It Comes To Buying and Living In A Condo
Condo living is quite different than living in your own detached home. Here is a look at what you will want to consider before you make the jump to condo ownership.
- Many condos do not have their own entrance and are set up like apartment living. This means there would be one main entrance to the building then hallways leading to individual condos.
- You will have to share common walls with your neighbors. Depending on your building you may not have the best sound proof walls. Additionally, if you are sensitive to smell and your neighbor like to cook you may have an issue.
- Privacy may be an issue but in the same sense if you are a sociable person and enjoy spending time with others a condo may provide you with a great social outlet.
- Most condos have monthly maintenance dues to pay for upkeep like lawn mowing, snow removal and other amenities you might be privileged to.
- Condo developments often offer community areas like a clubhouse, swimming pool, tennis courts and more.
- Condos vary greatly in cost depending on where you decide to purchase, what amenities are included, the size of the condo you purchase and more.
- Very often condos are more difficult to resell than a traditional home and they can also sometimes depreciate in value. If you plan to resell down the road you may want to consider a different living alternative.
- Most condos come with associations that have strict rules and regulations that owners must follow. You will most likely have little or no input on the rules and this will be something you will want to consider.
- Some retirement condo communities also have age restrictions when it comes to residency and even if you have family come to visit they may not be allowed to use your community swimming pool for example.
Making The Decision To Buy Or Not To Buy
So, you may now be thinking is purchasing a retirement condo the right move for me? The answer is really up to you. You will want to carefully look at the condo living lifestyle and decide whether or not it is right for you. Additionally, if you do decide it is right for you make sure you carefully check out different condo communities and pick one that will best meet your needs and lifestyle.