Should I Buy a Home or a Condo For Retirement?

As more and more baby boomers head toward their retirement years, they may discover that the home that seemed so perfect for a growing family suddenly seems far from ideal after the kids moved out. It can be a real pain to haul out the lawn mower or spend time shoveling snow from the driveway. Also, as their friends start to sell their homes, downsize and move into smaller homes or condos, boomers may find the idea even more appealing. Why face retirement with the burdens of a large home to maintain? Why not opt for a simpler lifestyle?

Realities Of Condo Ownership

Condos and homes designed for seniors and baby boomers come in a wide range of prices. It is entirely possible to sell your home, buy a less expensive condo and pocket the savings. You can find out what types of condos or homes are available in your area.

The tradeoff for a condo might be less square feet of living space, but the gain may be special amenities such as a pool, common clubhouse, gym or tennis courts. Other condos have saunas, sun decks, health clubs and even personal trainers on call.

Some condos also are situated on or near lakefront property, with access to free boat docks, fishing and water activities. All of this can add some very luxurious touches to your lifestyle, perhaps enough to make you decide a condo is indeed for you, especially if it comes with state-of-the-art appliances and upscale features. Sounds like a nice, easy lifestyle, doesn’t it?

Amenities In Condos And Homes

Amenities are often a big factor for seniors and baby boomers trying to choose between a condo and single family detached home.

Luxury condos even have 24-hour chauffeur services on call, as well as scheduled activities, lectures and shopping trips for the community. That community can be very close-knit, having parties together and truly creating a neighborhood feel. This can be a great benefit.

But there is such a thing as too much closeness, and shared walls and common outdoor areas may mean you see too much of your neighbors. If the walls are thin, you may hear fights and be forced to listen to loud television shows or other noises. Also, if you don’t plan to use many of the amenities, you’re still likely to be charged a fee for upkeep on areas you rarely use.

For more great information go to How to Get a Home Inspection.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.