Eager to own a house? Most of the graying populations choose to own one to enjoy their sunset years at peace. The problem comes with the search and the viability of each of these options. Whether a particular area would suit you or whether the budget would be within your means.
There are three financial models tailored to suit the needs of the grey haired.
Outright Sale Of Retirement Homes
The units in housing projects meant for senior citizens is sold on a per sq ft basis. The customers usually are between the age of 50 to 55 years. A son or a daughter aged less than 50 years can purchase the house but the resident of the acquired property has to be a senior citizen. The son or a daughter cannot reside in it.
Deposit model/Payback scheme
An upfront deposit which is 60 to 70 per cent of the sales value of the unit is charged according to the size of the unit Charges are levied on food, electricity and water etc.The deposit charges are [aid back to the successor with some deductions at death or end of lease.
Lifetime Lease Of Old Age Home
A small deposit is charged for handing over the unit to the customer. A recurring monthly rent is charged for the duration of stay (rent, electricity and water charges). The rest of the facilities (food, healthcare, security and social engagements) are paid on the percentage of their usage. The holder does not pay property tax.
Following the above models may get you some respite in deciding you future course of actions. Choose wisely, as you would be spending your entire life’s hard earned living.