8 Key Things To Look for in a Retirement Apartment To Save Money and Be Comfortable

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Retirement is a time to enjoy the fruits of hard work, but requires careful planning to avoid unnecessary problems. Selecting a retirement apartment is a serious undertaking that can determine comfort and financial security.

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There is a wide range of options today, and it is wise to be concerned with fundamental aspects such as affordability, amenities, healthcare provision and social factors. Prioritizing these aspects ensures you obtain an affordable retirement apartment that fits your needs and preferences.

Here are eight things to consider when making this important decision.

1. Affordability

Affordability is key when making a retirement apartment decision. Opting for a place that fits your retirement earnings and savings is paramount. Consider apartments that are within your budget without compromising on your basic needs.

Compare total charges, such as rent, utilities, maintenance and any other charges included. Scaling down to a smaller apartment slashes these expenses tremendously.

In addition, research apartments in areas with low cost of living. This is an excellent way of stretching retirement money without sacrificing comfort. Options could include cheaper state like Alabama or Tennessee, or even a cheaper countries like Mexico or Portugal.

2. Transportation

Transportation is another important consideration when selecting a retirement apartment. If you have a car, find out if the building has reserved parking spaces at a reasonable cost. This way, you will not waste money and time elsewhere.

If you don’t own a car, find out if there is any transport service near the building, or accessible community transit close by. Jeff Adams, an Investor Strategist at Home Investors Zone, said, “There should be transportation that can be reserved — or public transport should be available nearby — for renters without vehicles.” Having an easy means of traveling makes running errands, doctor visits and socializing that much easier.

3. Basic Amenities

When you are looking for a retirement apartment, think about which amenities you will need most. For instance, if you do not exercise or swim, exercise facilities or a pool aren’t vital or worth a higher cost.

“Why pay for a pool and gym when you won’t use them?” Adams pointed out. “If the complex doesn’t offer the amenities you need, are there other places nearby that could provide those services for a fee?”

4. Food Services

Food is a basic need to consider when looking for a retirement apartment. Many offer food services, but they come in a number of varieties. Some offer buffets, while others provide meal-service menus. Therefore, you must understand the meal timing and fees.

Is there a designated period reserved for meal time? Do they charge you for meals, or are there plans by the package? These are inquires you’ll need to consider. Adams highlighted more variables to take into account as well, such as the fee schedule and whether or not you are expected to pay for every meal.

With this information, you can anticipate any added fees that you must pay to get the meals you enjoy. Furthermore, you need to check if local dining, convenience stores and other entertainment facilities are nearby. These facilities give you added choices and opportunities for mealtime and socialization.

5. Temperature Control

According to Adams, “Some retirement apartments set a uniform temp for the entire complex without offering a way for individual apartment occupants to adjust the climate in their unit.” He further elaborated that while this is often by design to save the complex money, it may not match your own personal comfort level. Therefore, ensure you can control the temperature of the unit you stay in. This way, you are at ease in both summer and winter, but have no added unwarranted power fees.

6. Housekeeping Services

Housekeeping is also an option you want to consider. Some retirement apartments offer little, if any, housekeeping. In many cases, this can amount to much less than you need. You must find out what you get in your rental fees.

To fully understand this scope, ask questions like: How often is cleaning done? Which rooms are cleaned during each session? Is laundry included? If not, is there a formal fee schedule for these services?

Adams puts this into context by stating, “The apartment complex may provide only a minimum service that also doesn’t match your needs.” Ensure that the housekeeping service meets your expectations and finances. If the complex does not provide you with the quality you want, you may need to dig into whether or not you can afford additional help at an affordable price.

7. Medical Help

Accessibility of medical aid plays an essential role in a retirement apartment. As you get old, easy accessibility to healthcare services has the power to provide you comfort, giving you a quality living.

Adams highlighted asking questions such as

• “Is medical assistance available as part of the apartment fee?”
• “Is there a regular doctor on call for the complex? If so, what is the cost of the services?”
• “Does the regular staff have medical certifications?”

Knowing the type of healthcare service you get will allow you to make an intelligent choice.

Also, discover if the medical personnel are well-suited to cope with any medical emergency. Having an on-call doctor or accessible doctors attending you shall significantly enhance the assurance you get, especially when it comes to staying safe.

8. Flexibility

Your needs can differ when you age, and having a flexible retirement apartment is also crucial. Consider apartments that can adapt to evolving needs, such as accessibility or having the potential to move to a smaller house.

Some retirement communities provide different housing options, such as independent living and assisted living. This can give you peace of mind in terms of moving to different levels of care when you need without having to move to a new house.

The flexibility of a living arrangement option enables you to adapt to evolving circumstances, yet be financially secure.

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