Retirement home- this name might sound meaningless and may be derogatory for many but accept it or not, it is the need of our present times.
Times have changed drastically over the past decade. Gone are the days when grandparents used to enjoy taking charge of their grandkids. Todays’ age grannie and grandpas are more happy living with their own privacy among people of their age group. And this shift in mentality has given birth to the surge in the demand for retirement homes.
In fact, homebuyers in their 40s are also giving up the chase of a dream home to invest directly in a luxury retirement home. People often sell their family homes to settle in a smaller retirement home, and use the extra cash to fund the living and medical expenses.
Buying a retirement home is definitely a lifetime decision. Here are few things to keep in mind before making the final decision:
Since land on the outskirts of the city is cheaper, most of the retirement homes are situated in remote locations. Although such location offers the necessary peace, quiet and greenery, they might be tricky to reach. Make sure that the retirement home that you are choosing is connected well to the city by a highway or some form of public transport so that the commute is easy and hassle-free.
Know Your Kind:
There are two categories of senior living services- independent living and assisted living. The former includes housing units designed with seniors in mind with special features like skid-proof tiles, ramps for wheelchair access, grip rails, panic buttons, etc. On the other hand, assisted living features round the clock care for eating, dressing and getting around and is more suitable for older seniors or those with ailments. Know what is suitable for you and choose wisely.
Most of the high-end retirement homes have an in-house basic medical facility. However, the retirement home should be in proximity to a multi-facility large hospital so that you can reach there within half an hour’s drive to take care of health-related emergencies.
Choose a retirement home in the same climate zone. Don’t be tempted to choose a beach location if you haven’t lived in such areas for long or don’t go for a hill house if you have been living down south your whole life – the weather change may not suit you much in advanced years.
Always invest with a developer who has prior experience of running such a complex. Running a senior living complex is not a cakewalk. Apart from developing and selling, providing all the promised activities, a high standard of service and removing the myriad irritants in the residents’ lives is trickier.
Also, beware of the builders who simply rebrand their projects in remote areas that are not selling as retirement homes.
“Such developers, who are not committed to the concept, may not be able to offer the high level of service and maintenance standards required in such a complex,” Housing.com quoted Vishal Gupta, managing director, Ashiana Housing, as saying.
Some senior living facilities can even have hidden charges, clauses that don’t allow you to resell a unit you own or rules that curb your independence as a resident. Study the terms of the contract carefully before making a final decision.
Keep A Back Up:
As long as possible, keep the original house. Just in case if you don’t happen to like living in a retirement home, you can always come back to your original place.