Establishing where to reside is among the biggest decisions faced by retirees. For numerous people approaching retirement, the choice to maintain the family home or downsize to a smaller place is a difficult one.
Nevertheless, here are a few reasons why you should consider an apartment during retirement.
Free up Equity
Retirement should be a time to enjoy life and relax. It’s also a chance to spend extra time with loved ones and travel to new destinations.
Selling the family home and downsizing to a property that suits your needs better, allows you to free up equity, which you can spend on better things: holidays, boost your family economically, or simply make your retirement more economically secure.
Downsize
Once your children shift from the house, you no longer require as much stuff or space. Downsizing to a space more suitable for present needs can be more helpful if shifting from a multi-to single-story home.
No Maintenance or Repairs
One of the obligations of a building’s owner is maintaining the structure in working order. With an apartment, repairs or property maintenance is no longer your concern but the responsibility of the landlord.
Amenities
Amenities such as a fitness center or swimming pool are things numerous people would prefer to have in their homes. However, this may be costly for any home. Nevertheless, numerous apartment complexes offer these amenities, allowing you to socialize and forge new friendships.
Security
Another benefit of apartment living is the accessibility of several security layers. You’ll find gated complexes as well as those with security at the entry to keep track of visitors and residents. It’s also common to find alarm systems on individual apartments.
Lower Living Cost
Retirees don’t have to reside in costly areas, for instance next to the office. Sometimes, relocating a short distance could lead to a drastically lower cost of living.
Apartment living can also be cost effective in terms of rent and bills. Cooling and heating a smaller area will save you money on electric and gas bills.
Rent is also considerably cheaper than paying mortgage. Therefore, you could use the money you save for various life investments.
Move near Family
Retirement can be a chance to shift closer to your family. If you rent close to them, you’ll save on travel expenses. Additionally, you can assist each other with eldercare and childcare as necessary.
More Flexibility
Renting enables the flexibility to experience a new lifestyle or location without making a long-term commitment. Renting gives you the chance to try out a location and see what it’s like to reside there.
Age-appropriate Features
Retirees can choose complexes with amenities that permit independent living for as long as possible. Features to look out for include apartments with fewer stairs and convenient laundry facilities.
Community
Another benefit includes the social implications of the connections you develop during your residency as well as the close proximity.
While both suburban and rural areas offer a sense of community, the close proximity associated with apartment living enhances the likelihood of forging lifelong connections. If you enjoy socializing, apartment living can produce the ideal social setting for you.
For more information on apartment living for retirees, contact us at Apartment Agents or leave suggestions.
Image: Apartments for retirees