Want To Purchase A Senior Apartment? 4 Ways To Make The Right Decision

Real Estate Blog

If you are reaching retirement age and are ready to downsize, you may want to consider purchasing a senior apartment. A senior apartment is located in a building where everyone in the building has to be over a certain age to rent or own an apartment. This can help to foster a community where everyone is in the same or similar life stage.

Way #1: Talk to the Residents

When looking at senior apartments, don't assume that the apartment building will be perfect for you just because everyone living there is older. People are just as diverse and different as they age as they are when they are younger.

You will want to talk to the residents to get a feel for what the community in the apartment is like. This will give you an idea of the age range of people who live in the community and help you learn if the community has a more cohesive feeling of people living together and carrying about one another or more of a traditional apartment feeling.

Way #2: Learn About Community Requirements

Second, with a senior apartment, you will be expected to sign an agreement that will detail what you are expected to contribute to the community and how the community is supposed to support you. For example, you may find out that there are restrictions about who can live in your apartment with you and restrictions about who can visit and how long they can visit.

For example, many over 55 apartment communities do not allow children to live on the property, so if you are helping raise your grandchildren, this may not be the best living situation for you. In other communities, both spouses must be over 55, and in other communities, only one of you needs to be over 55.

Way #3: Research Neighborhood Life

Third, you should research what life is like in the neighborhood, especially if you are looking to move to a new city. Find out what type of community activities there are that you can participate in. Find out if the apartment community coordinates any events or activities for residents. You will want to make sure you enjoy the life and feel of the neighborhood before purchasing an apartment. If you are looking to move somewhere new to you, you may want to rent for a year before buying.

Way #4: Clarify Living Expenses

Finally, when buying an apartment, you need to make sure you clarify all the living expenses that you will be responsible for beyond the apartment's cost. Find out if you will have to pay for community or individual utilities. Find out if you have to pay a community management fee, which will take care of landscaping and maintenance. Find out if any other services are offered and if you can opt-in or out of those services.

When it comes to living in a senior apartment, talk with the neighbors, and research the neighborhood life to learn if the apartment is right for you. Be sure you are fully aware of all living expenses you will be responsible for, and make sure that it fits your budget. Review and be clear about the rules you are expected to follow.


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