Buying, Selling, Renting

Can Retirees and Condos Work?

The costs of retirement communities have been on a steady rise, so it isn’t surprising that some retirees are turning to condo buildings as a possible alternative. Occasionally, some concerns will arise from retirees (or their families) who expect a condo building to actually function as a retirement community. It’s important to keep in mind that these two types of living communities have their differences.

A condo building always gives its residents some sense of community. For retirees who enjoy variety and don’t want to live in a community made up exclusively of their peers, condo buildings are a great option.

However, many condo buildings lack the amenities of true retirement communities. While all modern buildings must provide a certain level of accessibility, retirement communities take special care to ensure the comfort of their residents. Retired condo owners should not expect the same level of accommodation from their building.

In addition, unless the condo building already has specific age restrictions, associations will not keep young owners out of the community for the sake of their older residents. It’s true that certain condo buildings can reach a sort of “critical mass”, when retired residents recommend the building to their peers, causing more and more retirees to reside in the same building.

However, it’s important to remember that until the all the owners are retirees, they likely won’t be able to implement the accommodations that can be expected from a real retirement community. For that reason, retirees should carefully study the condo association’s policies, and make sure they can live with them, before purchasing a condo in the building.


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