The requirements of senior citizen people are different from non-senior-citizens. In a regular residential property, senior citizens may not get the support and attention that they require. On the other hand, senior living is specifically designed to cater to the needs of elderly people. Moving to senior living from a regular home can be a very good decision, provided you do it in the right way. Here’re 3 important tips to help you in planning well before moving into senior living communities.

Choose The Location Very Carefully

“One should consider what amenities and services at the senior living project, such as housekeeping, meal plans, transportation services, fitness programs, and healthcare options. The amenities and services should match the needs of the senior citizen”, suggests Santhosh Kumar, Vice Chairman of ANAROCK Group.

If you are planning to live in a rented home, you may shift in the future to another property, but if you plan to buy a property, you may not be able to afford to change the home again. So, choose the location very carefully. Look for a location which has adequate facilities for senior citizens and meets all your requirements.

Renting Vs Buying A Senior Living Property

Experts point out that properties in senior living communities can vary greatly in price, so it’s important to consider one’s budget and the overall cost of living in the area. In some cases, renting may make more sense than buying.

You may evaluate the price of the property in terms of facilities and amenities available in it and also take into account how much retirement corpus you’ll be left with after buying the property. If the leftover corpus is adequate to meet your retirement goals, you may buy a senior living property, else prefer living in a rented one.

Keep Your Future Needs In Mind

Santhosh Kumar adds, “One should verify if the future needs of senior citizens, including potential changes in health and mobility, are factored in. Ideally, the project should offer a range of care options, such as assisted living, memory care, and skilled nursing, to ensure that the needs of the residents can be met as they age.”

Not buying the property in sync with your future need may cause you challenges at a later stage in your life and you may not be able to move to another home at that time. So, it’s better to buy a property which is future ready for you.

More Points That You Should Not Miss Out

If you are planning to buy the property on a loan, you must ascertain how much EMI you’ll be able to repay, how much tenure the bank would allow, and try to avoid buying an oversized property as it may increase the payment requirement. Prefer buying a ready-to-move-in property over an under-construction property. You may prefer a senior living community which is nearby your close relatives in the same city.

The author is an Independent Financial Journalist