Retirement is the time when most elderly people think of settling down with a quiet and peaceful life by the countryside.
The Vanaprastha life, when the aged and old have the urge to leave the busy humdrum of daily life and enjoy the calmness of the scenery around. The sunset years most people want to spend in a good house, chatting and discussing with friends of their own age. A retirement home becomes a symbol of calmness and serenity.
Usually these retirement homes are located in the suburban areas of the bigger cities, but some are being developed in smaller cities like Goa, Coimbatore and Dehradun. These smaller cities are known to have a more hospitable and relaxing environment when compared to the big metros.
Today more and more affluent aged population of the country wishes to find a housing of their own with all the required facilities in it. Many estate developers are building such retirement homes with all the needs, and these are not pitiable old age homes but residential complexes that take care of food, housekeeping, health care and security.
Here are a few things you should keep in mind while buying a retirement home
Budget and Investment: Check whether the residential area you have chosen suits your budget or not. There is no point in investing in a house which leaves you penniless since you would be living on your hard earned savings. Also cost of the services would be rising every year, so think before you invest. Do weigh your options. What would you do with your house in the city when you move to the retirement home? Would you like to sell it off? Then you would have no back up options. Also would you like to leave the city you have lived in for decades, leaving behind your family and friends? Moving into a new place would mean making new contacts all over again.
Retirement homes are not liquid assets like other real estates, so banks and housing finance companies are not very eager to give loans. As most of the clients are well past the earning age and the property cannot be reverse mortgaged since the ownership has pre-existing conditions.
Viability of the projects: Check if the housing projects were genuine. As many times a lot of developers re-brand their projects, claim that these are senior citizen housing projects because the project might be situated in a far off place where the land is not selling.
Safety and Security: Some housing projects and apartments have CCTV cameras installed to keep an eye on the movement of the people inside and outside the campus.
Health care system: A system is created to ensure that proper health care services are given when the senior citizen residing in the complex require it. Giving first aid immediately or rushing them to a nearby hospital etc.
Vibrant interaction: A residential complex with people of your age as neighbors give you a much needed company and interaction. Otherwise a lonely environment can force you into depression.
So when you decide to finally zero on into a choice do keep in mind these above points. Before you decide on a particular apartment or even think of moving into a retirement home, think of all the pros and cons.
Everything has two sides, and this too has. Though living in a retirement apartment is no longer a stigma and the thinking is changing, with children moving and migrating to greener pastures for jobs and the break- up of the joint family system.