With a rise in popularity of in-home senior care supports, there are now more senior citizens living on their own than ever before. Even for the most active of seniors, though, the wish for a more easily maintained living space is common. This has made condominiums a popular choice among the 65-and-over crowd. If you're considering a move to a condo, be sure to check out the major pros and cons below before reaching out to any local real estate agents.
Pro: There Is Little to No Maintenance Required of the Homeowner
Snow shoveling, raking, and lawn mowing are a few downsides to owning your own home. Whether you do them yourself, or hire someone else to do it, the task of landscaping still takes quite a bit of time and money.
Fortunately, the vast majority of condominium communities offer regular maintenance of your yard and community amenities which is great for busy senior citizens. Some communities will even handle exterior maintenance of your home which will not only save you time, but also considerable money.
Pro: Condos Are An Affordable Living Solution
Speaking of the cost savings of not having to perform regular maintenance activities, condominiums are well known for their affordability. After all, condos are smaller than many stand-alone homes which means they cost less to purchase, less in energy costs, and less in annual taxes.
Con: There Are Often Homeowners Association (HOA) Fees
While the affordability of condominiums cannot be ignored, neither can the fees associated with them. These include Homeowners Association (HOA) fees which helps to keep your condo maintained and the community running smoothly.
The HOA fees from one community to the next will vary greatly. They depend upon the perks offered to residents as well as on-site amenities (such as gyms and pools). Aside from the fees themselves, you should also pay attention to the rate at which they're increased each year. You can do this by asking potential neighbors, or even looking up the community's meeting 'minutes' from previous years.
Con: There Is Considerably Less Privacy
Condominium communities are known for their close proximity to neighbors, whether that means sharing a wall or a small tract of land. This may not be a problem for the most outgoing of senior citizens, but those who prefer a bit of privacy now and again may want to rethink the living arrangement.
When it comes to navigating the pros and cons of individual condominium communities, it's best to work with a seasoned real estate agent. Their knowledge and expertise will enable you to choose the right community for your needs so you can get on with fully enjoying your golden years.