Senior citizens require properties with features such as single-storey layouts, wide doorways, ramps or elevators, and bathroom modifications to accommodate mobility challenges. Such features are usually not found in regular residential projects, and that’s the reason why senior living housing projects tend to be priced a little higher.
However, several other factors also impact the price of senior living properties. Here’s are list of such factors.
Location Of Property
People looking to live in a regular residential project want to live closer to the heart of the city to save on travel time to their workplace and for easy access to the market. On the other hand, senior citizens look for properties which are located a little away from the city’s hustle-bustle, and is free from pollution. They often prefer a project that has all the facilities, and they don’t have to go out for anything. So, a senior living project which is located a little outside of the city helps in reducing its price compared to regular residential properties.
The senior citizen must choose the property location carefully so that they get all the infrastructure in place and, at the same time, it is within their budget range.
Safety And Security
Senior citizens require greater security and support than younger people, and it often adds to the cost of the property. If only a single senior person is left in the family after the demise of the spouse, it’s not easy for the individual to take care of their security like they would have done in their younger age. A senior living project helps in such situations by providing better security of the single senior citizen as compared to a regular residential project.
“Security is a crucial aspect that cannot be compromised. Prioritise the safety and security of the property. Look for features like well-maintained common areas, secure entrances, good lighting, and emergency response systems. Consider the neighbourhood crime rates and overall safety reputation,” says Swapnil Anil, executive director and head, Advisory Services, Colliers India.
Social And Community Factors
Socials and community requirements of senior citizens are different from that of non-seniors. For instance, senior citizens may like to live with people of their age group, non-working, and would typically prefer recreational activities in sync with their interests. Such similar facilities may not be available to them in a regular residential project.
“Consider whether the property offers opportunities for social engagement, such as communal spaces, clubs, or organised activities. Being part of a supportive community can enhance the quality of life for senior citizens,” adds Anil.
The price of the senior living property may look a little bit on the higher side as compared to regular residential projects, but in terms of benefits, such as safety, social engagement and easy access to healthcare, senior living projects can prove to be far more attractive than the regular residential projects for senior citizens.
The author is an Independent Financial Journalist