Why You Should Invest in a Retirement Home Early



If you’re in your 50s or early 60s then you may have started to think about retirement. One of the most common dilemmas for the people of this age group is how to fund your lifestyle once you have stopped work. The average age of the people retiring from the workforce is currently around 58 years, according to the official figures. But over the next few decades, this forecast will rise considerably.

Retirement homes, earlier looked upon with disdain, are now gaining greater acceptance. Children of aged parents often, live away from their family due to their professional priorities. And they are happier to have their parents living in the safe retirement homes, in the company of people of the same age group, and where many of their daily needs are taken care of. The family’s original home can be sold off to generate cash to buy a smaller retirement home. However, the decision of buying a retirement home should be taken with due care.

An Independent living set-up that provides all the basic facilities for a resident like food, housekeeping, club house, sports, recreational activities etc. and meets the needs of the people who do not require any special assistance during a day to day living. Many couples plan their later years beforehand and invest in a home for their own usage, and rent it out till such time they are ready to move in. Also to find the best option, you can take a look at the plenty of retirement homes in Bangalore.

A survey report says that the market size of retirement homes is expected to touch Rs 4,000 crore by 2018. One of the most primary reason is the breakdown of the joint family structure and moving away from youngsters in search of jobs, from the family. Usually, projects for senior living communities have allowed only those who are 55 years of age or more. Children & relatives can visit you but for a fixed period in a year—2 or 3 months, varying from project to project. Most of the projects also provide medical facilities including nursing assistance, doctor on call & ambulance services.

According to experts, it is always better to buy the property 5-10 years before retirement. In any real estate decision, the earlier you buy, the better the rates you might get. Also, post 60, it is difficult to get home loans and short-duration EMIs are pretty high.

A home is an asset as well as a source of enjoyment and satisfaction. If your finances permit, investing in a retirement home now could result in a great investment for your family in the future.

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