Retirees are increasingly choosing apartments at the coast rather than retirement homes as this aligns more with their modern lock-up-and-go lifestyle. There are certainly advantages to investing in a more manageable apartment in later years, but there are important factors to consider when making that decision.
“Today’s retirees are not necessarily looking for just a bit of downtime, but are maximising their time with hobbies, activities, and travel where possible,” says Barto van der Merwe, Managing Director of Renishaw Property Developments - a subsidiary of the JSE-listed Crookes Brothers Limited.
“Many have families around the globe, and this means dividing their time. They’re also taking advantage of active outdoor lifestyles, getting involved in clubs and community initiatives, and an apartment is better suited to that way of life. However, investors must ensure these apartments meet the unique needs of the retiree.”
5 factors to consider when buying a retirement apartment
1. Enhancing the living experience
Easy access to daily necessities.
If you are buying an apartment in an estate, check the proximity to shopping centres, medical facilities, and leisure activities. Some estates have on-site sports facilities, community centres and recreational offerings, making the apartment feel bigger than it is.
2. Convenience
Beware of apartments with stairs and cramped rooms. Apartments should have comfortable, large rooms, and single-level access for improved mobility. Coastal estates should also come with ocean or forest views that maximise natural light and sea breezes.
3. Safety
Safety and security are natural priorities and should come standard when buying into a gated estate. Consider elements such as controlled access, daily patrols, 24-hour CCTV, and electrified fencing. Apartments generally have fewer access points, and the proximity to neighbours is a major deterrent for criminal activity.
4. Costs
Ensure you understand all the financial commitments that come with apartment living, including levies, and ensure these cover maintenance, gardening, insurance, and waste removal. A good apartment will also have natural lighting and cooling, so there’s less reliance on electrical appliances.
5. Natural spaces
Apartments often don’t come with a garden, so consider an estate that has ample natural space to explore. This means less maintenance in terms of keeping a garden, but with the advantage of enjoying the natural world nevertheless. A connection with the natural world is beneficial for health, so it’s important to consider this element when buying.
Independent on Saturday