Two factors to consider when buying a retirement apartment

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If you are hoping to purchase a retirement apartment in the near future, here are two factors you should take into consideration before making an offer.

Access to facilities

It's important to check what type of facilities you will have access to if you choose to buy a specific property.

Some retirement apartments are located in apartment blocks that have facilities that can make day-to-day life considerably easier and more enjoyable.

For example, the presence of a swimming pool on the property grounds can make it easier for you to stay physically active (particularly if you have age-related joint or mobility problems, which means that you can only do low-impact forms of exercise).

Likewise, a communal dining space may be useful if your family and friends live quite far away, as it will give you the opportunity to socialise with your neighbours whilst you eat.

Additionally, things such as laundry service could save you the time and hassle of having to wash and dry your own clothes.

However, before buying a retirement apartment that comes with these types of facilities, it is important to check how much it will cost you. Generally speaking, if you purchase a property of this kind, you will need to pay annual or bi-annual service and maintenance fees.

It is critical to factor this into your decision and to ensure that your pension, savings or income from investments are high enough to allow you to comfortably afford these fees.

Your personal needs

Before purchasing a particular property, it's vital to make sure that it is suitable for your lifestyle and day-to-day needs.

For example, if you have a lot of friends and family that you intend to visit on a regular basis, it's important to make sure that the retirement apartment is a relatively short distance away from your friends' and family members' homes so that you don't have to endure a long road journey every time you feel like seeing them.

Additionally, if you are on a lot of medication that you need to take on a daily basis, it would be sensible to choose a retirement property that is within walking distance of a pharmacy so that there is no risk of you being unable to pick up your prescriptions and becoming ill as a result of this.

Taking these personal requirements into consideration before buying a property is the best way to ensure that you end up living in a home that will enable you to maintain a good quality of life.