Essential Tips to Buy Home for Retirement

Are you also planning to buy property where you can live peaceful post-retirement? Then, you must keep few points in mind before making a final home selection as one must live in a secure and amenity-enabled place during the old-age. Here are some tips to help you buy a home to live-in post-retirement.

Buy Home for Retirement

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Of course, the property market today offers a wide range of property option for all types of investors. But, the senior citizens must take few things into consideration choosing place as their home to live after retirement.

Here is how you can experience happy living post-retirement.

1. Look for Senior Living Project

The Senior Living Project is new a concept especially in India, but many realtors and property consultants offer this project. The only difference in Senior Living Project is that you have to specify this detail before the realtor starts suggesting various types of properties to you. Also, this type of housing includes properties for three income groups. The first among these groups is the Higher-income Senior units which cost property between 50lakh to 75lakh rupees. The second group includes Mid-income Senior Units where property ranges between 25 lakh to 50 lakh rupees. Finally, the third group is of a Low-Income group that incorporates properties with a price between 10 lakhs -25 lakhs.

2. Search for Identical Habitat

The people prefer a home with open spaces, greenery, spacious living areas and security while coming closer to the retirement age. Therefore, choose location while keeping your choice and comfort in mind. This is essential as the property bought once at this age is likely to be your final address for a lifetime.

3. Check for Amenities

Of course, the amenities are the first thing we look for while buying a property. But, the senior citizens have different requirements such as lifts in the apartment, nearby shopping arcade where they can buy daily need items. Also, check whether the residential complex is near to a hospital, police station and a healthcare centre. These are essential for the old-age people as you don’t know when you need to rush for these emergency services.

4. Compare Property Prices

The Senior Living Complex cost more than the regular property as the amenities and design of these properties incur higher construction budget. Therefore you are likely to pay 10 percent higher rate for buying a home for living post-retirement. Another reason for the hike in property price for this group is that the builder or the society offer gated security to the Senior living complex.

5. Track Connectivity:

Make sure you have easy connectivity till airport, railway station, bus stand and other places. Because the old-age people have to travel as they need to visit their children or even love to go on vacations. So, make sure to have smooth connectivity between all important places.

Keep these five points in mind while stepping out in the property market to buy a home for post-retirement living.