Entering your retirement years places a world of opportunity at your feet. You get to make choices about virtually every aspect of your life, from where you’ll make your home and the type of lifestyle you imagine to choosing whether to rent or buy.
If luxury independent living (and all of its amenities) is your idea of an ideal retirement, you may be surprised and pleased to learn it’s possible to enjoy all the perks of a senior living community without the excessive financial burden of a rental. In fact, buying a luxury senior condo gives you the resort-like lifestyle advantages you desire, along with the benefits of homeownership — including continuing to grow your wealth through a real estate investment.
Buying vs. Renting
With housing prices continuing to rise, choosing to buy instead of rent is a smart investment for young seniors looking for a luxury retirement lifestyle. Homeownership allows you to build equity, which creates an asset for your estate. Buying instead of renting can also be a great source of pride and offer potential tax benefits.
On the flip side, renting typically allows for more predictable expenses, since renters aren’t usually responsible for major maintenance or repairs. Renters can also be more transient; ending a lease is often easier and far less expensive than selling a home (and if the market is erratic, timing could work against you).
If you’re still on the fence, know that buying may be your better option if you:
- Have a desire to stay in place for three years or more
- Enjoy a stable financial position
- Are able to pay upfront costs, including a down payment and closing expenses
- Don’t expect any major life changes, like changing jobs or revising your marital status
Buying a Senior Condo
In many senior living communities, in addition to your monthly fee, you pay an entrance fee to join the community, which may or may not be refundable, depending on your situation. However, other options exist, and they allow you to maximize the benefits of owning your own home while enjoying the best of community living.
For example, The Peninsula Regent is a not-for-profit, membership-based 60-and-over condominium community offering full-service senior condos, assisted living studios, guest suites and more than 50,000 square feet of member space.
Not only do these luxury condos offer a comfortable and welcoming environment for your retirement, you also have access to first-rate services and amenities that make it easy to explore your passions and create new ones while staying active and enjoying a healthy social life. Weekly housekeeping and linen service allow you the freedom to enjoy your life your way, whether that’s taking ballroom dancing classes within the community, enjoying the tranquility of the rose garden or meeting with a personal trainer to achieve your fitness goals. Planning to entertain? You can even count on help getting your condo ready for the event.
Another major advantage to buying a senior condo is the relief you get from one of the major burdens of homeownership: maintenance. A maintenance-free lifestyle means more free time and no unexpected repair expenses. A senior condo gives you the advantages of renting while offering the potential to grow your wealth.
Is Your Perfect Retirement Condo Waiting?
Now that you know why buying a senior condo is a smart investment, it’s time to start looking for a community where you can enjoy an active, hassle-free retirement in a casually elegant environment — someplace like The Peninsula Regent, where you’ll find a wealth of concierge services, stellar amenities, delicious dining options and daily social interaction. Explore our senior condos available in San Mateo, California.