Retirement Living in Condos: Spend Your Golden Years in Style
Retirement for most people is when they slow down on the work front and enjoy the fruits of their careers. Different people choose to spend their retirement years in different ways. Some travel, some pursue hobbies, some folks start ticking items off a bucket list or a life list. Other people choose to continue working either part-time or managing their businesses.
What we all have in common is that we need a roof over our heads even as we enjoy our golden years. Retirement living in condos is one of the most popular ways to keep a roof over your head minus all the headaches and hassles that come with maintaining a family home. And trust me, maintaining a dwelling is hard work. You have to do repairs, mow the lawns, fix leaking faucets, secure the house and a whole of other tasks.
Retirement living in condos saves you most of that hassle. You can enjoy your golden years without thinking about when to mow the lawn or fix a leaking faucet. Most of that is taken care of by the homeowners association.
Another benefit is the sense of community. Isolation can be a problem in retirement. Living in a condo brings the community right to you.
By late 2016, 1.6 million Canadian households lived in condos according to census data. To put it more concretely, Canada is a nation of condo dwellers. And with good reason.
Advantages of Living in a Condo
A condo at its most basic is a system of ownership. Yes, a condominium is a real asset. But instead of owning the whole, you own the interior space of your unit, and the amenities are shared.
So why should you consider spending your golden years in a condo? Here are some advantages to retirement living in condos:
Sense of Community
People surround you. This is especially important in cases of emergency. You can call on your neighbors to help out. Additionally, socializing is a breeze. This beats the odds of loneliness in your golden years.
Most condos come equipped with recreational amenities such as fitness spas, swimming pools, saunas, patios for parties, etc. This makes it easier to live a healthy and active lifestyle in the comfort of the condo grounds. And unlike in retirement homes, your grandkids and kids can stay with you. The rules are typically set and enforced by the homeowners association - and you can opt to join the management if you feel up to it.
No Mowing Lawns and Other Repairs
The homeowners association handles the maintenance of the grounds and other repairs. Yes, you still have to pay some fees, but they sure beat the hassle of spending your golden years worrying about repairs, the lawn, and other things. Retirement living in condos is convenient. In most cases, a handy-person is just a call away.
Equipped with Amenities
Most condominiums come equipped with amenities such as grounds, fitness centers, gyms, saunas, recreational spaces, swimming pools, tennis courts, etc. You don't have to leave the grounds or pay through your nose for these services. The homeowners association fees typically covers them. You also eliminate the need for constant transportation when you opt for retirement living in a condo. Most amenities are within walking distance.
Safety and Security
The last thing you need to worry about in your retirement is your safety and the security of your items. Retirement living in condos eliminates the worry about your safety. Most condos come equipped with gated and locked entries, surveillance cameras, door attendants etc. The sense of community also makes it easier to notice strangers who may intend to harm. Moreover, in cases of emergency, you can call on your neighbors!
Situated in Accessible Areas
Most condos are located in metropolitan areas which makes them ideal for retirees. You have access to shopping centers, restaurants, entertainment options and easy transportation as you enjoy your golden years. Some condos are located in the suburbs. This creates a broader range of choice for your preferred lifestyle.
Compared with living in a single-family home, retirement living in a condo could be much cheaper and more convenient. There is little in the way of maintenance. The costs of maintenance are shared and covered by the homeowners association fees. This is especially great for those who want to retire and downsize to something they can afford. It's also convenient for retirees who wish to maintain a busy travel lifestyle. You can go anywhere without worrying about who will take care of your home while you are away.
Potential for Profits
One of the most significant worries for seniors is running out of retirement income. Retirement living in condos slashes the costs of homeownership. As mentioned earlier, a condo is a real asset. You can sell your condo for a profit if the price is right and move to some other place. You can also rent out your condo to supplement your retirement income.
Design as Your Heart Pleases
Most people fear that they can't renovate their condos. This is entirely untrue. You own the space. You can renovate or redesign the space to fit your lifestyle. Some homeowners association regulations prohibit certain renovations. Read the rules before you choose to live in the building.
Retirement living in a condo is a great way to spend your golden years. You don't have to worry about most of the problems of homeownership. Most repairs are just a call away. You also get to spend time surrounded by a community of people and amenities to keep you healthy, engaged and productive. And the best part, you don't have to worry about your security.