Senior citizens are playing a more active role in the real estate market, both as end-users and investors. With growing financial independence, many seek homes that also serve their changing needs, including access to healthcare, safety, and social engagement within integrated townships. Regular reality project comes to serve the needs of the working population and they are built to match the needs of that segment. Regular reality projects may not suit senior citizens whose requirements are completely different, but they may find a senior living property to be more suitable. However, seniors need to choose the senior living property carefully. Here are some important things that buyers must consider when they choose a senior living property.
Things That Buyers Must Consider When Choosing A Senior Living Property
The needs of senior citizen homebuyers differ from those of regular buyers due to variations in age, income, and lifestyle preferences. Therefore, seniors must select their homes thoughtfully. What are the things they should keep in mind to make homeownership more beneficial?
Location Is Crucial!
When senior citizens buy a home, they should focus on a location that is close to family, hospitals, and essential services to make life easier. A neighbourhood with nearby markets and social activities can add to their comfort and well-being.
Accessibility And Security
Seniors should consider a property with adequate security to ensure their safety, prevent emergencies, and provide them peace of mind. A secure environment also reduces risks, offers them quick assistance when there is a need, and enhances their overall well-being.
“Accessibility features are critical; homes should include age-friendly designs like ramps, wide doorways, and minimal stairs to ensure long-term comfort and ease of mobility. Safety and security also play a major role in the decision, with gated communities offering 24/7 security, surveillance, and emergency support being highly preferable”, says Dr Niranjan Hiranandani - Chairman- NAREDCO.
Affordability And Maintenance Cost
Seniors should carefully consider the affordability factor when buying a senior living property, ensuring their retirement savings and fixed income can comfortably cover their expenses. Choosing a low-maintenance home or a well-maintained property can help reduce the effort and cost of upkeep.
Finally
New home costs the same for seniors as it does for others, but since they are at a stage where taking high risks isn't ideal, careful planning is essential. Seniors should also consider factors like the availability of senior-friendly properties, possession timelines, and construction quality before making a purchase.
The author is an independent financial journalist