Baby Boomers, the post war babies, are turning 70 years of age this year. Most are still too young-at-heart for retirement villages and years away from needing aged care accommodation. Many are deciding to sell up their family homes, downsize and invest in a smaller luxury apartment. Here are some things you might like to think about when downsizing to a luxury apartment.
Your Community
Being part of a community is important to some retirees as they want to be closer to the action and have access to more of the community facilities and leisure attractions than before. Some complexes have are a mix of resident ages and others are aimed at baby boomer empty nesters and become naturally occurring retirement communities.
Vulnerabilities of Old Age
As you become older, people begin to form different values in life. They can become vulnerable and maybe value convenience and comfort more than they did before. They begin to have a preference for ground floor apartments with a pleasurable outlook in low-rise developments with an elevator.
Destination
Buyers have to make certain they have done their homework before they commit themselves to their choice of apartment home. Making sure you buy in an A-grade location is an important consideration as your home/investment’s value is assured in future years. Buying in a small apartment complex can have advantages, but be aware of costs that can be added to cover any on-site features such as pools, gyms, communal spaces etc.
Luxury Amenities
To get the baby boomers buyers interested in today’s highly competitive new apartment market, they must offered high quality facilities. The over-55s clients mostly want onsite gyms, concierge services, underground parking and ground level shops, restaurants and cafes and the luxury of a pool is an added bonus.
Questions to consider
- Maintenance fees? What are they and how are they budgeted?
- The long-term maintenance plan for the complex, what is it and how has it been budgeted?
- Non-slip surfaces? Are there any and If so, how much is in the home?
- Walking aids? Are there areas where they can be easily accommodated?
- Can you get into the cupboards easily?
- What sort of lighting is there?
- Can you get at the power points easily?
- Has the bathroom been designed for easy access to the bath and shower?
- Using a wheelchair in the bathroom, could it be moved without difficulty?
- ‘High tech’ features in the apartment, such as automatic drape opening/closing, security features or remote control of lighting, are they easily operated?
- If there are communal areas (dining/function rooms), can these be booked for entertaining bigger groups?
- Is there enough space to store items?
- Are there any restrictions on bringing pets and what are the local council rules?
- Can any examples of the developer’s past projects be seen? Can I talk to established residents?
- Benches? If I later need a wheelchair are they low enough to access?