BENGALURU: These days, retirement can mean a lot of different things for different people. But no matter where you fall on the spectrum, one thing’s for certain; buying what will likely be your last home is nothing like buying your first one. At present, there are around 30-35 senior living projects available across the country, in which the maximum activity in the segment is located in Bengaluru and Pune according to indiatimes.com.

Here are some 6 factors that you should get it right before investing in a retirement home:

Desirable Areas:

The first perk of investing in a retirement home depends on the weather. These homes are typically located in places with warm climates. Such a great weather is the selling point in and of itself. Not only can you go and check on your property investment. In addition, these retirement homes are typically situated close to a college campus which also means that there is likely to be a quality healthcare situated nearby.

Maintenance Included:

When buying or renting a retirement home, monthly fees often cover’s the home maintenance. These types of fees can cover everything from housekeeping to exterior yard-work. All these extra coasts are to be kept in mind before investing in a retirement home which is very crucial if you have a low budget plan.

Target Market:

When you invest in a retirement community, you have a very specific target market. Since most retirement communities require residents to be 55 or older, when looking for buyers or renters for your property, you need to target and develop a marketing plan which will appeal to this demographic.

Monthly Fees:

While there are some homes that don’t require a monthly fee but, in most retirement homes you will have to pay a sum of monthly fee. What the fee covers will vary from home to home but it can include utilities, yard maintenance and housekeeping. For example, as an owner, you will have to pay this fee regardless of whether you find a rent payer for your property.

Payment Methods:

Residents pay a monthly rent and a small deposit for the duration of their stay and the rent is subjected to revision. Seniors who do not have excess capital in hand can opt for this monthly payment mode as it has a lower entry cost. Senior citizens have an option to shift if the services are not satisfactory. If the residents opt for a lease payment mode then they have to pay a high upfront deposit and a small rent thereafter.

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