Tips for buying an apartment post-retirement

Veegaland | August 2, 2022

Growing wealth, longer lifespans, fast-changing mindsets, and increased self-dependency have made senior citizens live an active post-retirement life and take time to indulge in their hobbies and passions. This significant change in the lifestyle of senior citizens has also transformed the concept of housing for the elderly.

The rise of nuclear families and the trend of youngsters preferring overseas for jobs and settling have created the demand for retirement homes in India as well. However, buying a home during one’s golden age can be seen as gaining popularity in India as real estate is known to increase in value over time.

If you’re a senior citizen, it’s therefore important to understand the basic aspects of buying an apartment post-retirement. For the same reason, Veegaland Homes, one of the most credible builders in Kerala have lot of Apartments in Kochi for sale has put together  tips for buying apartments post-retirement:

• Identify your goals

Before you begin your search for the right builders in Kerala, and desired amenities, take some time with your partner, children, or yourself, and try to identify what your main goals are with this post-retirement apartment.

It could be a reason to live your “dream”, or, to be somewhere close to your family, or even be within walking distance of certain locations or establishments. Identifying your goals will allow you to make decisions that will pay off in the long run and contribute to a satisfying living.

• Choose a strategic location

Location is undoubtedly one of the most important aspects when considering an apartment post-retirement. As we age, it is natural that mobility becomes an issue for our body, and therefore, a location with easy access to all our needs, and proximity to family and friends is very important. In Kerala, Kochi is the best place to buy an apartment.

Therefore, before choosing Premium builders in Kerala, it is wise to consider the locality(city) options in Kerala before you and shortlist the ones that meet your requirements for a smooth future.

• Plan your budget

Planning the budget according to your financial condition is another important thing to do before buying a post-retirement apartment. Many banks offer home loans to retired individuals along with some benefits and you can choose one according to your preferences if it’s required.

You can also seek your children’s and family’s advice in case you are not sure whether you would be able to repay the loan completely on time or not. It can save you from unnecessary hurdles in the future.

• Consider the safety

In the background of rising crimes against elderly people in cities, safety and security are two important priorities that you should compromise on while buying a post-retirement apartment.

Even though it’s an aspect that will be considered while zeroing down on a particular location, also ensure that the apartment you’ve chosen has security features like 24/7 security, CCTV facility, fire safety measures, security gatehouse with an authorized access system for guests, and visitors, alarm systems, etc.

• Consider the amenities

While shortlisting apartments at a location that you’ve chosen for example in Kerala, Apartments in Kochi, make sure to visit their sample apartments and check out the amenities and facilities that they are providing for the residents and their standards. You can also go through the project portfolio of the particular builder to learn about it.

Amenities such as health care facilities, on-site medical staff, gymnasiums, libraries, gardens, cultural rooms, supermarket delivery, home automation systems, etc ensure a healthy and happy social lifestyle after retirement.

• Make it minimal

Instead of spending your whole life’s savings on an extravagant apartment, it is always advisable to buy an apartment that’s suited for the number of people that would be staying there, for example 2 BHK flats in Kerala or 3 BHK flats in Kerala etc.. Going for a smaller or standard apartment will save you a considerable amount, which you can spend later on its maintenance.

A larger space would definitely require more time and effort to be put in for its maintenance and after a certain point, when you’ll be tired of doing it by yourself, you would require maids and house-helps which will again cost you a lot.