When it comes to retirement, senior citizens may want to move to a new home away from the hustle and bustle of the places where they have worked for most of their lives. It is a big decision, and they should be well-informed of the merits and demerits of their housing options. This step is vital because it requires a considerable investment, and there is no easy way out after investing your money. So, before deciding between independent and community living, they should thoroughly investigate their options based on personal requirements, and of course, one cannot ignore the budget.

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For instance, you may need a community, friends, and companions to spend your days with if you don’t have such a network already, whether single or married. It may also be possible that your children could be living abroad or in different cities and have less time to attend to their parents. In that case, you may be more drawn to a retirement community living.

Conversely, if you want to return to your hometown, village, or any other location where you have close relatives and friends or a place where you dreamt of spending your retirement life independently, in that case, you could opt to buy an independent house, provided you can afford it. So, your decision should be according to your needs rather than what others advise you or follow a popular trend.

On the other hand, a retirement community living complex could be an option if you are looking for caregivers, medical help, security and other round-the-clock services in old age.

Advantage of a Retirement Community

Mohit Jajoo, executive director and CEO of Shubhashish Homes, says, “Retirement homes are a great choice for people looking for a supportive community and access to facilities tailored to their needs. Remember that people looking for retirement homes want social engagement, comfort, and help with daily tasks such as cleaning, meals, etc.”

Jajoo adds that seniors who prioritise protection and security, 24/7 emergency assistance and medical care find retirement communities appealing. These places offer a wide range of amenities for senior citizens’ ease of living. As such, they appeal to a particular group of people.

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Advantage of Independent Living

Whether you should buy an independent house will depend on several factors.

Says Jajoo, “You might want to carefully evaluate your financial situation along with retirement financial savings, pension, and various income assets.” He also suggests considering the home price, loan payments, property tax, insurance coverage, and whether they are within their budget.

Additionally, moving to a smaller house would make more sense in cases where children have moved out and the old couple would be living alone. Jajoo says “Downsizing to a smaller, more affordable house or considering options such as condominiums or retirement communities may help. He advises them to prioritise senior-friendly amenities and future needs before deciding.

Jajoo says that one could also explore reverse mortgage and senior housing assistance packages if they decide to live independently. In that case, he recommends consulting a financial consultant for help.

Conclusion

The choice between a retirement community and independent living depends on the individual’s needs, lifestyle preferences, and priorities. Jajoo adds, “Retirement homes provide a supportive environment tailored to seniors’ needs, from opportunities for socialization and assistance in carrying out household tasks to providing medical care and security. In addition, retirement homes provide catering and leisure facilities that help avoid loneliness and ensure peace of mind.”

On the other hand, he adds, “Independent houses provide autonomy and privacy. Homeowners can customise their living space, enjoy outdoor areas, and host gatherings with family and friends. While independent living requires self-maintenance and responsibility, it offers flexibility and freedom to make choices according to private preferences.”