Owning your own house or apartment is an excellent investment not just in the present, but in the future. Those of us who understand it generally end up purchasing a house, condo, apartment or co-op and then pay off the mortgage as the payments come through. Some of the more fortunate who have surplus monthly income end up paying off the mortgage before its full term. For senior citizens, real estate options aren’t exactly the same as for younger adults. Senior citizens often do not need the large space they used to need when they were younger, and they also may need supportive services along with housing. In this guide, we will take a look at senior housing options available for those who are 65 and older:
- Senior Apartments. This senior housing option is really popular among younger retirees and those who are generally healthy and do not require any supportive services or require very minimal help. Senior citizen apartments provide an excellent way for senior citizens to enjoy a space that is optimized for senior living, in its features, design and safety. Apartments for seniors are generally smaller but provide smart, functional layouts that are perfectly suited for older adults. Senior citizen apartments may be available in the form of low income apartments as well as regular housing for which you pay rent like you would for any other apartment.
- Assisted Living Facilities. Assisted living facilities provide senior living as well as supportive services to those older adults who are in decent health and do not require nursing care, but they do require help with at least several daily living activities. The accommodation options available at assisted living communities generally include 1 bedroom and studio apartments properly equipped for seniors. Assisted living homes also include dedicated caregiving staff, as well as numerous social and recreational opportunities. They also typically include all meals and snacks.
- 55+ Communities. These retirement communities are perfect for younger retirees who are independent who want to live in a community with like-minded adults who are of similar age. Such communities are often like resorts with all amenities and features one can think of – pools, fitness centers, restaurants, shops and much more. Many of these communities are gated, providing additional security to retirees and their visitors.
Seniors should know their housing options before they decide what’s best for them. Do your research and decide what’s right for you.