Looking Forward: Retirement Condos

For many, retirement isn’t so much about stopping as it is about changing. Changing the priorities in their lives. Changing saving and spending habits. Changing the scenery by taking trips and vacation. Another change many retirees make is changing where they rest their head. Large homes, left empty-nested from children long grown; tedious and strenuous maintenance of the home and grounds; excess of possessions, space, and stairs: for some retirement is about cashing in their biggest nest egg – their home – and packing up their most treasured items and moving into something more managed and manageable: a condo.

The Perks of Condo Downsizing

Condominiums are smaller than most homes, but this isn’t always a downside. Downsizing, the scaling back of resources you have and use, can be both cathartic and liberating, and is probably far overdue. Moving to a smaller and simplified floor plan makes you evaluate what you do and do not need, as well provide relief for mobility issues. Below are some of the common perks to moving into a condo.

• Always at Hand – With less storage and space, finding items becomes easier and more organized.
• Less Ground to Cover – Especially for people with mobility issues, having less square footage and single-floor condos is a blessing.
• Grounds Maintenance – Tired of mowing the lawn? In a condo the association is in charge of maintaining grounds and common areas.
• Common Areas and More – Ever wanted a pool? Or maybe a tennis yard? Or maybe just a reflecting pond? Many condo complexes have such condo areas.

Changes from House to Condo

While there are a lot of perks to downsizing, for those who have owned their own house of a long period of time, changing to a condo can come with some surprises. Neighbors aren’t the next house over, they share your walls, floors, or ceilings: noise restrictions and covered floor enforcement are common. There are also restrictions on parking, on having a pet, and on what you can place in public areas and even your garage. It’s important to know these restrictions before you move in. In addition you must pay fees to cover maintenance of the common areas: depending on your complex there may be additional reoccurring fees as well.

Condos vs Retirement Communities

Many of those who look at condos for retirement also look at retirement communities: while the two share some things in common, they are very different in other ways. One key feature is the idea of “age restriction”: in retirement communities you must be of a certain age to join the community. Purchasing a condo opens up options: some are nestled away from the hustle of the city, while others are located in urban centers. While condos will allow you a more varied neighborhood in terms of age, it will also lack some of the age-centric support that retirement communities offer.

And of course just like a home, if you decide you want to purchase a condo, you’ll want to make sure it’s properly insured. It’s important to understand how your Master Policy differs from standard homeowners’ insurance, and what other insurance you may need to protect your home. Contact the condo specialists at the H&K insurance agency to learn more about your options.