Are you nearing retirement age and wondering what your next step should be? If so, you may want to consider condo living. Retirement condo communities can be a great option for those looking for a low-maintenance lifestyle. In this blog post, we will discuss the benefits of retirement condo living and outline what you need to know before making a decision.
Life expectancy in the United States has risen to about 78 years, the highest on record. SO, a lot of individuals are considering condo living! it is an excellent method to socialize while still maintaining your independence.
Key Takeaways
- Retirement condo living is the ideal solution for many people who want to live in a retirement community
- Condo communities offer many social activities for seniors, as well as caregivers who want to spend time with their loved ones.
- You’ll have access to all the amenities you need, such as pools and gyms, without having to maintain upkeep on your own property.

A great way to spend your golden years
A retirement condominium is an apartment-style living unit that includes some of the benefits of living in an independent living facility or senior living community. Retirement condos are often located in larger buildings that have multiple units, such as townhomes or apartments. They offer all of the amenities of an independent living facility, but at an affordable price point.
What is a condo?
A condominium is a type of living space that is owned by an individual or family but comes with certain shared areas. Condos are similar to apartments in that they offer residents the chance to live in a building without having to pay for the maintenance of the structure itself. The major difference between condos and apartments is that condos are usually larger than apartments and they come with more amenities.
Retirement condos vs. Standard condos
With the average life expectancy of Americans reaching 78 years, more and more retirees are looking to downsize their living spaces. One option is to purchase a retirement condo.
Retirement condos can be a great choice for those who want to stay active and engaged in their senior living communities during their senior years. These properties are designed specifically for adults 55 years or older and come with amenities designed to meet the needs of this age group.
A retirement condo is a type of residential property that’s designed specifically for older adults who want an affordable place to live out their golden years in comfort and security. They typically feature amenities such as:
- Assistance from staff members who provide daily maintenance services
- Conveniences such as fully-equipped kitchens and laundry facilities (many with free use of appliances)
- Security systems and emergency response systems like fire alarms and emergency contact numbers
The main difference between standard condos vs. retirement condos is the age range they target. Retirement condos tend to be larger than standard units, which makes them more appropriate for older adults who may need extra space for mobility aids or other medical equipment. In addition, many retirement condo communities include amenities like on-site security personnel and maintenance staff that can assist older adults who require assistance in daily living tasks such as medication management or maintaining a healthy diet plan.
What is a retirement condo community?
A retirement condo community is a senior housing option that offers a variety of amenities, from spacious floor plans to social activities. Some retirement condo communities may also offer hospital or doctor visits on-site, as well as transportation services for those who need help getting around.
Age restrictions
Vibrant independent living communities are available for seniors starting at age 55. If you can live independently, there’s no upper limit on how long you can stay in the community.
Amenities and common areas
If you’re thinking about retiring and downsizing, you might want to consider moving into a retirement condo. Retirement condos are places where seniors can enjoy their golden years in a safe, secure environment with other people their age. Some people are concerned that living in a retirement condo means giving up their independence and having to rely on others for assistance. However, this isn’t the case at all.
There are many advantages to living in a retirement condo, including:
Amenities and common areas
Many retirement condos have amenities such as pools, gyms, and even restaurants on site. This makes it easy for residents to stay active and socialize with others.
Convenience
Retirement condos are often located near grocery stores and pharmacies so residents don’t have to travel far for necessities. In addition, many have transportation options such as shuttle buses that pick up residents at scheduled times throughout the week or even on demand when desired.
Security features
Some retirement communities have security features such as gated entrances or 24/7 security staff monitoring common areas like parking lots or lobbies where residents can interact with one another. This means that not only do you get the added benefit of feeling safer in your new home, but other residents feel safer knowing there’s extra protection against crime in their community as well.
Rules and regulations
The Housing for Older Persons Act is an amendment to the original Fair Housing Act, passed in 1968. HOPA amends discrimination rules by permitting age-restricted communities and allowing special privileges for potential home buyers over a certain age who may want to buy homes within such communities.
In order to be considered a legal 55+ housing community, an area must meet three qualifications:
- At least 80% of the units/homes must contain at least one resident who is 55 years old or older (80/20 rule).
- To create a community for residents age 55 and older, the community must publish policies that demonstrate this intent.
- The community must enact age verification procedures. This can mean verifying a resident’s actual age or confirming that the person indeed qualifies as elderly under HUD regulations.
The pros of condo living for retirees
As you approach retirement, you may be considering moving to a smaller home or condo. But what are the pros and cons of this type of living? Here are some things to consider before making a move.
Pros:
Less maintenance. Condos are typically managed by a homeowner’s association (HOA) that takes care of many day-to-day maintenance issues, including lawn care, snow removal and building repairs. If there is an HOA fee associated with your condo unit, it will likely cover these expenses as part of your monthly payment.
Less work and expense for upkeep. Condo owners are responsible for their own unit and its exterior only — not the lawns, pools and other common ground. That means less time mowing the lawn, shoveling snow and paying for repairs on the exterior of your home.
Safety and security. Retirement communities often provide 24/7 security patrols that make residents feel safer and more secure when they’re away from home or at night when they’re asleep. Some communities also provide a gated entrance, which can help keep out intruders.
Social activities. Retirement communities may offer opportunities for residents to socialize with one another in person or virtually via their website or mobile app. Some even have clubs, such as book clubs and exercise groups that meet regularly.
Limited square footage choices. If you’re looking for something larger than what’s typically available in condos, then this type of living arrangement likely won’t be right for you because most condos have smaller floor plans than single-family homes do (though there are exceptions).
The cons of condo living for retirees
You can’t make changes on your own
Another disadvantage of condo living is that many condominium associations have rules about what changes can be made in common areas and on balconies or patios. This means that if you want to add a porch swing or add something, you’ll need to get permission from the condo association before you can do so. This means that if there’s something that makes your home more difficult or expensive to maintain than it would be if you owned a single-family home, then you may not be able to change it without getting approval from the condominium association first.
Membership fees
There are several costs associated with living in a condo: membership fees; real estate taxes on your unit, the common areas and possibly the land where your building is situated.
Parking fees
If you own a car, then you’ll need to pay a monthly fee for parking. The cost of this will vary depending on the building and its location. It might be cheaper than paying rent; however, it’s still something that needs to be considered when buying a condo.
Senior Condo Options
Retirement Condos
A retirement condo is an apartment complex designed specifically for older adults who want to live independently but without having to worry about maintenance or upkeep of the property. The complex usually has amenities like restaurants and shopping centers with easy access for residents and visitors alike. There may also be on-site activities or events that help encourage socialization among residents.
Assisted Living Condos
In addition to providing assistance with daily activities, assisted living community condos often have on-site nurses who can administer medication or check vital signs if needed. There may also be therapy services available within the building or nearby that residents can take advantage of at no additional cost. Some communities even have special programs for Alzheimer’s patients or those recovering from surgery or illness that require extra care or supervision.
Senior Apartments
Senior apartments have similar amenities and services as a senior condominium community, except that they are only available on a rental basis. Apartments are located in the same building, or a complex of buildings, often with a communal area for meals or recreation. These apartment complexes are age-restricted, and offer a more limited calendar of social activities, and services like on-site laundry.
Since these are rentals, residents do not have to worry about indoor or outdoor maintenance. If the toilet breaks, you can typically call an on-site repairman to fix it as a part of your rental agreement. Senior apartments are perfect for those who like the community of senior living but require an affordable living situation.
Adult Care Homes
An adult care home provides 24-hour care for those who need assistance with daily living activities such as dressing, bathing, cooking, and eating. They also provide supervision for medications that may be required by residents. Adult care homes generally have staff available around the clock to assist residents with their daily needs. In addition to providing care for individuals who need assistance with daily living activities, some adult care homes also offer memory care services for those suffering from dementia or Alzheimer’s disease.
Where should you retire?
Home vs away
Retirement is a time to enjoy life, but it can also be a stressful time for many people. You need to make sure that you have enough money to live on and take care of yourself, but you also want to make sure that you are living in an environment that will be comfortable for your needs.
For some people, retirement means moving back home after being away from the nest for many years. For others, it means moving away from family and friends to start a new life somewhere else. There are pros and cons for both sides, so it is important to think about what type of lifestyle you want before making any decisions about where you want to retire.
Climate
One of the most important factors is climate. When you’re retired and spending time outside, it’s vital that you live in an area with pleasant weather and plenty of sunshine. Not only does it help keep you healthy, but it helps keep your mood up as well.
Accessibility
A key factor in choosing your retirement community is how easy it will be to get around. If you’re considering a gated community, make sure that there are services available within the community, such as restaurants and shops.
If you’re not planning to use a vehicle, make sure public transportation is available and convenient. You’ll also want to see if there are sidewalks in the area for walking or biking.
Your health condition may influence where you choose to live in retirement. If you have mobility issues or other physical limitations, look for communities that have features such as elevators and wide sidewalks.
Should You Rent or Buy a Senior Condo?
You need to decide whether you want to purchase or rent a senior condo before moving into it, based on what level of care you require, how many amenities are offered—and where the building is located.
Buying a Senior Condo
Buying a senior condo could be a smart alternative, especially if you want to downsize while still having access to the facilities of a senior living complex. You will be responsible for paying the mortgage unless you buy it all together. Senior condominiums also have homeowners association fees and property taxes, which vary by state. Individuals are also liable for essential utility payments (such as water, garbage, power, and internet).
Buying a condo is ideal for busy people who want to settle down for the long haul and create equity. Homeownership can help your finances and provide a handsome inheritance for your loved ones, but it also comes with additional duties.
Renting a Senior Condo
Renting a condo is a cost-effective and flexible alternative. One significant advantage is the availability of medical care if required. Many of these options have employees who can assist you with medicine, mobility, and other important daily activities if necessary. Furthermore, most senior condo agreements have a wing for more advanced care, allowing you to move into a different apartment if your medical needs alter over time. Senior condo rentals also provide freedom and affordability that homeownership does not. This option is ideal for low-income seniors who seek greater freedom in their living circumstances.
Financing options for Senior Condo
Traditional Mortgage
A conventional mortgage, often known as a conventional loan, is any sort of house buyer’s loan that is not given or guaranteed by a government body. Conventional mortgages, on the other hand, are available through private lenders such as banks, credit unions, and mortgage firms.
Reverse mortgage
Instead of the homeowner making payments to the lender, the lender makes payments to the homeowner with a reverse mortgage. The homeowner has the option of receiving these payments in a variety of ways and simply pays interest on the proceeds received. The interest is rolled into the loan balance, so the homeowner pays nothing in advance. The homeowner also retains ownership of the property. Over the life of the loan, the homeowner’s debt grows while his or her home equity falls.

Retirement Condos FAQs
Is retiring in a condo a good idea?
Retiring in a condo can be a good idea for many people. For one thing, condos often come with amenities that make them more attractive for retirees than single-family homes. Some condos have pools or gyms that are open to residents. Others offer secure parking and maintenance services, which can make it easier for retirees to maintain their homes without hiring outside contractors. Condos also tend to be close to shopping centers and other amenities such as restaurants, grocery stores, and bars — things that many retirees want close by when they retire.
Is 70 too old to buy a condo?
There is no such thing as being too elderly to buy a home.
In 2016, 68% of buyers aged 62 to 70 obtained financing for their houses. If you intend to take out a mortgage to acquire a property while in or nearing retirement, consider the financial implications carefully.
Consider your financial circumstances to ensure that you will be able to make mortgage payments for the duration of the loan, even if your income declines after retirement or if a spouse dies. Examine any life insurance policies you and your spouse have or consider purchasing insurance.
Do retirement homes hold their value?
Most retirement houses lose value over time, either increasing or decreasing in value. This means you’re more likely to sell your property for less or for more than you paid for it.
Conclusion
If you’re nearing retirement and thinking about condo living, it’s important to understand the different types of retirement communities available. You’ll want to weigh the pros and cons of each type before making your decision. Our team can help you with that process by providing a free consultation so you can learn more about what’s available in your area. Give us a call or schedule an appointment today!