Where to Live - A House or a Condo?

Answer 1

For those who are 55+ and older or those who can be called a "senior citizen", one question that may come up as you get older is where to live and retire. Should you buy a house or keep your existing house? Or should you consider moving to a condo instead?

Many times, once the children have grown up and left the nest, the parents are left with a home that may be larger than what they need. House and yard maintenance may be too much work. It may be time to think about moving into a smaller home. One such option is to move to a condominium.

A condominium, or condo, is similar to an apartment in its layout, but is owned by the homeowner. A condo usually does not have any sort of yard to maintain. There is a condo association or maintenance fee that covers any repairs or maintenance to the exterior of the condo building. You, as the condo owner, would only be responsible for maintenance of items inside the unit. The condo association would cover items such as roof leaks or property insurance.

An added benefit to owning a condo is that the condo is located inside a community, which may offer special amenities or a clubhouse just for those who live inside the community. There may be a swimming pool, spa, fitness center, tennis courts or general meeting area where you can socialize with other residents. Some condo communities also include the cost of utilities such as water or trash in the maintenance fee. This is great for those who are on a fixed income, as the amount of water usage would not affect monthly costs.

There are some condo communities specially designed for the 55+ crowd. They may offer special amenities geared for the older generation, such as on site medical care or assistance. This is very beneficial if you live alone. Others may offer programs inside the condo community that encourage social interaction between residents. You won't be bored in your retirement as there is always something to do.