Buying a home after retirement requires lots of planning and research because you do not want to make a wrong decision, especially when you are no longer working! Retirees usually have a huge retirement corpus to buy a home, and even if they fall short of the required fund, they can get a home loan. An under-construction property may look affordable, but it’s often better to go for a ready-to-move-in property, here’s why.
Why Are Ready-To-Move-In Properties Often A Better Choice?
“Immediately availability which means senior citizens can move in directly after the purchase into the ready-to-move properties, is the major factor of comparison. This saves them from the uncertainty and inconvenience associated with construction timelines and unexpected delays in the process. Another important consideration would be already established amenities which can be accessed by the elderly from day one”, explains Swapnil Anil, Executive Director & Head, Advisory Services, Colliers India.
Senior citizens can physically inspect the ready-to-move-in property and ensure that it meets their requirements and standards before making the purchase.
“Ready-to-move properties have certainty in quality as the final output can be experienced, while with under-construction properties, there is always a doubt or uncertainty regarding the final quality outcome”, adds Anil.
Why Under-Construction Properties May Not Be Suitable
Senior citizens may face several challenges if they buy an under-construction property. Here’re some of the challenges they should be ready to face:
- Regular physical inspection of the property till they get the possession
- It may be challenging to ensure that the property will meet their specific accessibility needs, such as wheelchair accessibility, grab bars, or ramps.
- Senior citizens may face challenges in understanding and navigating the legal aspects of the purchase, including contractual terms, payment schedules, and warranties
- Delay in possession can put senior citizen’s money at risk, they can’t afford to get into legal matters
Demerits of an under-construction property can be easily avoided by opting to buy ready-to-move properties being a more convenient, comfortable, and reliable option in the market.
Things To Keep In Mind When Buying A Property
Experts advise senior citizens to look for a few basic characteristics while purchasing a property, such as secure surroundings, housekeeping services, emergency medical care, and medical support. The most important factor is the budget, which should be ensured that the property is affordable within the financial means.
Senior citizen home buyers can verify the ready-to-move-in property on the basis of its physical and social infrastructure before finalizing the deal. Being part of a supportive community can enhance the quality of life for senior citizens.
The author is an Independent Financial Journalist