Should you start thinking about investing in a retirement home with assisted living facilities even if you still have 20 to 30 years until you can officially call yourself a retiree?
Value-packed condominiums and compact spaces in general are becoming an increasingly popular option for retirees and those who are approaching retirement age and are looking for a personal sanctuary to spend their senior years in. They provide an excellent alternative for elderlies who are fed up with the high maintenance of single-family homes.
The perfect combination of freedom and security can be found in the lifestyle offered by condominium living from emerging locations in Greater Manila Area (GMA) and regional areas nationwide.
In this article, we will discuss some of the reasons why you should consider purchasing a condominium unit investment for your retirement.
What exactly is a retirement condo community?
Enjoying your golden years to the fullest without being burdened by the never-ending upkeep and other challenges that come with owning a detached home can be possible when you shift to condo living. Retirement condos are condos that are particularly designed for older people.
Most condos are characterized by a particular type of ownership arrangement, and retirement condos also have these features. Although retirees always have the option of purchasing a regular condo, the purchase of a condo specifically designed for seniors is doubtless the more ideal choice.
Elderly-friendly community
One of the key characteristics that determine whether or not a community is specifically designed for retirees is elderly-friendliness. Older residents are more likely to feel at ease in their surroundings because their practical investment is located in a community with neighbors who are within the same age bracket.
This has a number of knock-on benefits, including facilities and amenities that are tailored for persons of their age group, social activities that are meant to be enjoyed by senior citizens, and rules and regulations that are set for their collective wellbeing.
Common areas and age-specific amenities
The ability to access amenities and participate in social events are two of the primary benefits of living in a condo. This is especially true for communities that restrict entry based on residents’ ages, where residents have access to shared thoughtfully designed spaces and amenities that have been specifically crafted for their demographic.
The inclusion of swimming pools, fitness centers, bowling alleys, golf courses, and entertainment spaces are all commonplace in condo communities today. Retirement condos, in addition to having access to the amenities of the surrounding neighborhood, also offer a variety of age-appropriate activities, such as social clubs, fitness classes, massage and beauty services, and more.
The established norms and guidelines
Living in a condo comes with a number of responsibilities, including following the rules and regulations necessary to uphold the community’s shared ideals and ways of life. Despite the fact that all condo communities have regulations, retirement communities may have rules that are different from or in addition to the standard rules. This is done to improve the quality of life for elderly residents.
For instance, there may be restrictions on the amount of noise allowable during nighttime, particularly in certain parts of the building. The ownership of pets and the presence of guests who stay for an extended period of time may or may not be prohibited, depending on the community.
Advantages that condominium living offers to older people
Living in a condo provides various advantages in comparison to living in a separate home, particularly for senior citizens who seek to adjust their future lifestyle while avoiding the headaches of property upkeep and maintenance. These advantages are:
Cost Savings
For starters, owning a condo is ultimately the cost-effective choice compared to purchasing a traditional house or a single family dwelling. Because you do not own the building outside or the land around it, you may be able to save a significant amount of money on the initial purchase price and the continuing maintenance costs.
If you’re getting close to retirement age, a reduced purchase price gives you the opportunity to spend more of your money on things like hobbies, family, and other interests.
Condominium Conveniences
Senior living in a condo provides residents access to a variety of facilities, including those designed for physical activity like an exercise facility and sports court made perfect with tranquil landscapes and pool area for the rest of the family to bond over. Condos offered by Asterra also have open greens, which are especially conducive for healthy and practical living among senior citizens.
Many condo communities include commercial amenities, such as full-time stores or visiting practitioners, so that residents can get goods and services without having to leave the grounds.
Social Interactions When Living in a Condominium
The quality of life can be significantly enhanced by the ownership of a condominium. Condo living gives you the opportunity to meet and build relationships with others of the same age group, as opposed to the social isolation that comes with living in a single-family home.
It is not uncommon for retirement condominiums to include intricate social support systems, which may include everything from social and sports organizations to recurring events and day trips. Before settling on a condominium, it is imperative that you investigate both the “membership” options and the activity calendar.
The Ultimate Ambiance for Family and Friends
You will find that the setting is perfect. Living by oneself in a big house can feel isolating for anyone, but it can be especially more isolating for older people. Having no one at home to talk to when you get there is sure to bring on feelings of isolation.
Is it not the case that no one desires to get older and be lonely in their latter years? The practical solution for this would be to purchase a condo. Even though there are several people in the room with you, you still have your co housing spaces.
Low Maintenance
When you reside in a conventional house, it is your personal responsibility to perform all of the necessary maintenance and cleaning tasks. On the other hand, residents of a condo only have to worry about the upkeep of the interior of their own unit, therefore the overall maintenance requirements for this type of living situation are very little maintenance.
Because the maintenance of the common areas and the exterior of the building is included in the monthly condo fees, you won’t ever have to worry about mowing the grass or clearing out the gutters among many others, giving you the best value for money.
Both Place of Residence and Way of Life
You can afford to be in a better location in a condo in a high-rise structure amid a growing cityscape. For the same amount of money, you could not do that in a typical detached home.
Condominiums are typically situated in close proximity to well-known places to shop and eat, which helps cut down on the amount of time spent traveling.
Finding vertical homes for senior citizens that is convenient means finding a home where all of the essentials and vital goods are within easy reach. Condo living entitles you the desired level of comfort while also positioning you in an excellent location near a variety of amenities, including those catering to your leisure needs.
Because the properties offered by Asterra are located close to a variety of businesses, restaurants, banks, malls, and grocery stores, it is convenient to purchase necessities without having to travel far or take public transportation. Those who are pursuing careers in the business world must also put significant emphasis on location, especially in areas posed for growth.
Assuring Everyone’s Health and Safety
The senior apartments are particularly susceptible to being taken advantage of by thieves and other criminals through a variety of schemes. Because of the numerous security and safety precautions that are in place, living in a condo allows you to experience less stress.
The vast majority of condominiums are only accessible to the persons who live there, and condo unit owners are required to verify the identities of guests before allowing them entry. 24 hours a day, seven days a week, the premises are monitored by closed-circuit television cameras (CCTV) and patrolled by security officers.
A high-security fence and gate are two more reasons why condominiums are safe places to live. The vast majority of condominiums also have fire sprinklers and smoke alarms installed in their buildings. You can now breathe a sigh of relief knowing that you have someone to help you in a crisis.
Retirement communities with all of these different support services elements provides senior citizens with a secure atmosphere.
The Importance of making the proper decision for your golden years
As a time to unwind and appreciate life at a more leisurely pace, retirement is something that many individuals anticipate with excitement during their entire careers.
Rather than dealing with the constraints of having a separate house, an increasing number of people are preferring to embrace the condo lifestyle and everything that it implies rather than cope with the responsibilities of property ownership.
Independent living communities can provide you with all the benefits, including an accessible and up-to-date amenity set, an economical place to call home, and a carefree way of life. Because of all of the advantages that come along with compact living, it is an excellent option for spending your retirement years in.
If you want to make a real estate investment in your oldie but goodie age, invest in any of our Asterra properties for your retirement community, starter home for millennials, or as an investment property for overseas Filipinos, Asterra is the best condo brand locally for all age group of aspiring homeowners.
Have some more questions or want to schedule an onsite visit? Browse through our website or send us your detailed message about your condo-related inquiries, whether it’s an investment or your first home as a retiree.
