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Mar 2018

Tips for buying a house for retirement

Tips for buying a house for retirement

Are you planning to purchase property where you actually can live peacefully after retirement? Then, you certainly jeep some points in mind before making the final house selection as one live in secure as well as amenity-enabled place during old-age. Here are some of the tips to help to buy a house to reside in post-retirement.

The property, of course, the market today proffers a wider range of property option for all investors. But, senior citizens must take the things into consideration choosing the place as the home to reside after retirement.

Here is how one can experience happy residing post-retirement.

Look for senior living project

The senior living project is actually a new concept especially in India, but numerous realtors, as well as property consultants, proffer the project. The only difference is the senior living project is that you certainly have to specify the detail before the realtors begin suggesting numerous properties to you. This type of home includes properties for the income groups. The prime among the groups is the higher income senior units which actually costs the property between 50 lakh to 75 lakh rupees. The second group includes mid-income senior units where the property ranges between 25 lakh to 50 lakh rupees. And finally, the third group is of the low-income group that basically incorporates the properties with the price between 10-25 lakhs.

Search for identical habitat

People prefer a home with the open spaces, spacious living areas, greenery, and security while coming closer to retirement age. Thus, choose the location while looking the choice as well as comfort in the mind. This is important as the property bought once the age is expected to be the final address for the lifetime.

Check for amenities

The amenities, of course, are the prime thing we look for some time buying the property. The senior citizens have different requirements but the lifts in the house, nearby shopping complexes where they purchase need items. Check whether housing complex also near to the police station, hospital and a healthcare center. These are important for old-age people as these don’t know when you require rushing for emergency services.

Compare property prices

Senior living complexes do cost more than regular property as amenities as well design of the properties incur higher construction budget. Thus, you are expected to pay 1% higher rate for buying the house for residing post-retirement. Another reason for the increase in the prices of property is that the developer or the society offer gated security to senior living complex.

Track connectivity

Ensure you have convenient connectivity till the railway station, airport, bus stand and other places, as the old-age people have to travel as these require visiting their kid or even loving to go on the vacations. Thus, ensure to have some smooth connectivity between the important places.

Keep these points in mind while you step out in the property market to purchase the house for post-retirement living.


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