Condos are a great living option for people who are retired and want to downsize, but still want to live an active lifestyle. While retirees can live in any condo building they want, certain demographics often are drawn to certain buildings, meaning retirees and young professionals, for example, often choose different places to live. Condo retirement communities, though, generally are for older adults who, for the most part, at least, can care for themselves, and want opportunities for activities and socialization.
There are a wide variety of condo buildings available to retirees (or even those who are nearing retirement, or working part time, for example), including both high-rises and low-rises. For many retirees who choose to buy or rent a condo, one of the main reasons is downsizing. Why care for an entire single-family home if you only use a small part of it? Indeed, there are many upsides to condos for retirees.
The upsides include: More time for activities. You have worked all your life. It would be nice to have more time to do the things you really enjoy, right? Condos allow you to do that because there is not a lawn to mow and care for. No bushes or trees to trim. No snow to shovel. And there even will be less maintenance, as you can simply call building maintenance or management if something goes wrong. If you plan to travel in your golden years, that is a lot less to worry about when you should be off enjoying yourself. Other upsides of condos include the opportunity for socialization. Your neighbors likely will become your friends, and it is entirely possible the building will have organized activities designed for those who want to stay active. Pools, tennis courts, and other amenities will help you stay in shape, too.
And, finally, there is a sense of security in a condo building. That applies both while you are there and, perhaps more importantly, while you are gone.
As they are searching for condos, retirees should keep a couple of things in mind. Do some research on the condition of the property, and of the fees homeowners are charged as part of the association. You do not want to plan to leave maintenance behind, but move into a place that will require a bunch of work. Also, check out the budget reserves of the association. The fee you pay every month pays for amenities like pools and fitness rooms, but you do not want to get into a situation where those fall into disrepair because the association had to spend its money on more pressing maintenance matters.