The Perfect Property

5 Reasons To Buy A Condo When You Retire

by Zachary Thompson

Retirement is a nice reward for the work that you have put in throughout most of your adult life. However, it also comes with old age, in which you are not as physically capable as you once were. If you own a home, you may want to consider giving up this major responsibility after you retire.

To enjoy your retirement to the fullest, you can purchase a condo in a new city. Before making such a large decision, consider some of the following reasons why condo living may be ideal in your senior years.

Avoid Injury with Maintenance and Repairs

While you may still be able to handle most home maintenance without professional assistance, this will not always be the case. It is better to avoid the chance of getting severely injured, instead of taking such risks. Once you retire, you should focus on enjoying the free time that you now have on your hands.

Maintain Consistency with Expenses

Naturally, you are going to have sporadic expenses when you own a home. Although you can still have a few unexpected expenses with owning a condo, the number is much lower. Consistency in your monthly costs will help you keep your finances organized, so you can focus on using your savings for fun activities.

When looking at condos, you should pay close attention to the condo association fees, which will usually cost you more than $2,000 each year, but can cost much more depending on the condominium.

Join a Pre-Built Community

The great thing about moving into a condominium is that you are presented with an established community. It should not take much effort to get involved with the community, mainly because you share amenities with your neighbors and live so close to people that meeting them is quick and easy.

Live Near Local Attractions

Condos are normally located in areas with local attractions, unlike suburban neighborhoods. This means you can often avoid driving altogether to partake in fun activities on your own or with your neighbors.

Afford to Live in a City You Love

For the most part, single-family homes cost more money compared to condos. With a home, you own everything, including the building, interior, and land. However, owning a condo means that you own the inside of the home. Everything else is owned and managed by the condo association.

When you use the funds from selling your current home and the money you get from retirement, you should have no problem affording a condo in a city that you love.

Although it is a major life-changing decision to move to a new city after retiring, sometimes you need to make such a decision to start your retirement off in the right direction.