Questions you must ask before buying real estate for senior citizens
February 27, 2023
Categories : Retirement Homes Guide | Retirement Homes Tips
One of the most important decisions in your life is buying a retirement home. To make a thoughtful and informed decision in this regard, you must take into account several factors. If you are buying real estate for senior citizens, here are some questions worth asking:
Who can buy real estate for senior citizens?
Usually, there is an age limit on who can buy real estate that is only meant for senior citizens. At Columbia Pacific Communities, the eligible age for buying a retirement home is 55, for most of our communities.
Are there any loans available for real estate for senior citizens?
Yes, there are loans available for senior citizens in India who are planning to buy retirement homes. Some banks and financial institutions offer special home loans for senior citizens. These loans may have lower interest rates and more flexible terms than other types of home loans.
What is the tenure of home loan for real estate for senior citizens?
The maximum tenure for repayment of a home loan by a senior citizen varies from one bank to another. Some banks offer home loans to senior citizens, with the condition that the maximum age at the end of the loan tenure should be 70 years. You can use our EMI calculator to calculate the estimated EMIs.
What are some of the common real estate projects for seniors?
There are different types of real estate projects that are specifically designed for senior citizens. Make sure that you understand your needs and accordingly make a purchase. Some of the common real estate projects for senior citizens include:
Independent living communities: These facilities are intended for those who are able to live independently and need no personal assistance. Independent living communities have a wide range of amenities such as fitness centres, swimming pools, and recreational activities.
Assisted living facilities: These facilities provide a wide range of services to seniors, including help with personal care such as bathing, dressing, and medication management. Assisted living facilities may also offer social and recreational activities.
Nursing homes: These facilities provide 24-hour medical care and support to those who are unable to live independently. Nursing homes may offer a wide range of medical services, such as rehabilitation and hospice care.
Read More – 10 Questions to Ask When Touring Senior Citizen Homes in India
What are the additional costs of living in a retirement home?
It is common for retirement homes to provide additional services such as daily meals, laundry, housekeeping, and concierge services. They may also offer recreational activities such as movie screenings, cultural events, and workshops. You will have to pay a monthly charge for the services available. Ask about the monthly charges and all that it would cover.
What are the property taxes and other fees?
Property taxes for retirement homes can vary depending on various factors such as the location and the type of property. In general, property taxes are calculated on the value of the property and are typically levied by the local municipality or government. Before buying a retirement home, check with the local government or municipality in the area to understand more about property taxes. Also, many retirement communities include property tax in their rent or maintenance fee. You can check with a tax expert to know more about the tax rules and regulations in India that may apply to retirement homes specifically.
Looking for real estate for senior citizens?
At our retirement homes in India, you will find a comfortable, secure, and active environment where you can enjoy your golden years with people of similar age and interests. To make your life comfortable and enjoyable, we have a variety of amenities such as:
- On-site dining facilities with a menu designed by experienced nutritionists
- Senior-friendly fitness facilities, including gym, indoor and outdoor games facilities, and jogging paths
- Housekeeping, maintenance, and laundry services
- Security measures such as presence of security personnel 24X7 and CCTV camera
- Panic button in each apartment
- Ambulances on standby and doctors available on call
Call us at +91 8884555554 to know more about the amenities and services we offer at our retirement homes.
Relavent tags : cost of living in a retirement home | Real estate for senior citizens