There are a variety of options available when it comes to how you pay for or live in a retirement home. There is an old adage, why rent when you can own? This does not always apply when considering a retirement home, of course - you may want freedom from some of the responsibilities of ownership – but there are also a variety of options that you may not have considered in earlier years.
Two important options are retirement condos and life lease retirement homes.
A third, very common option is a senior apartment, being an apartment within a retirement village or in a tower with age restrictions, like a 55 plus retirement community. We take a close look at each option with a list of excellent retirement homes offering each ownership option.
Retirement condos: The ownership of a retirement condo is ideal for those who still want to retain some control over their lives while opening up some new freedoms over home ownership. Retirement condos are, in most cases, age restricted and resident expectations are similar to what you might find in any condominium or townhouse complex. That is, condo fees will apply, and a variety of services may be covered by the condo fees. These may include snow removal and lawn cutting. A break from these mundane responsibilities ought to be appealing to anyone of retirement age.
In addition, in certain more expensive retirement complexes there may be some added services, such as laundry and housekeeping. However, extended help and services may include personal support and care services. Every retirement home or complex has their won ideas about how to appeal to residents so you need to consult closely with retirement home or condo complex in order to see how their offerings match up with your needs or desires.
No matter what the exact arrangement, these types of retirement condos are marketed to healthy, active seniors wanting to age in place while accessing services and amenities that may not be available to them in another situation. In the best cases, these retirement condos will price extras or add-ons on a per-service basis. As it goes with other real estate, costs can vary widely depending on the market in which you are hoping to live. Read more about retirement condominiums.
Life lease retirement homes are a relatively new option in ownership and have increased steadily in popularity since their introduction in the mid 1990's.
Read more about life lease retirement homes.