Senior Condos

What Is a Senior Condo?

A senior condominium (condo) is a privately owned individual unit located in an age-restricted community. Units might look and feel more like an apartment or a townhouse, but all offer privacy, including private entrances. Age restrictions vary, but many communities are 55 plus. Whether or not those under the age of 55 can live in the home depends on the community you choose.

Owning a condo is similar to owning your own home, but there are a few key differences that make condos more appealing to seniors. Owners are responsible for maintaining their home’s interior. But, everything else — shoveling snow, cleaning gutters, mowing the lawn, maintaining flower beds, etc. — is handled by the management company. When you live in a condo community, you also have access to shared services and amenities, such as lawn maintenance, pools, garages, elevators, parking lots, walking trails, and a gym. Senior condos are also designed to help keep seniors safe. Built-in safety features may include grab bars, walk-in tubs or showers, and wheelchair-accessible ramps.

As you navigate your senior living options, it’s also helpful to understand what senior condos are not. That way, you can consider how well they’ll meet your unique needs. Senior living condos often do not provide medical assistance. They do not offer full-time supervision, so they’re not ideal for older adults who have limited mobility or who need help with medications, dressing, or toileting, for example.

Types of Senior Condos

As you search for local senior condos, you’ll likely come across a few different types: retirement condos, assisted living condos, and senior apartments. What each type offers varies from community to community, but we’ll explain some key differences below. Just be sure to learn about what a specific location offers before signing a purchase contract or lease.

Retirement Condos

Perhaps you wish to retire and stop doing so many chores. You want to buy or rent a home to live in, and you do not want to share that space with others. Retirement condos might be the right fit for you. Most retirement condo communities cater exclusively to residents who are 55 and older and can live independently.

Condos in retirement communities are homes to care for on your own without assistance. Property managers typically take care of all exterior maintenance. Anything else you may need help with — interior maintenance, cleaning, or patient care — falls on you. For example, if you require in-home help with cleaning or administering medications, you’ll need to arrange for help through an in-home assisted living or home health service.

Although you may own the condo, a condo or homeowners association (HOA) will outline rules for using the property and living there. You will have to abide by these rules, of course, but most are designed to make life easier. Read through the terms of living at any of these locations before deciding to do so.

Being part of a condo association or HOA gives you access to shared amenities and services. At premium retirement communities, this can include golf courses, indoor or outdoor pools, a fitness center, and a full social calendar. At more budget-friendly locations, you can still expect ample social opportunities and shared common areas.

Some retirement condo communities cater to single seniors. They provide opportunities to learn, relax, and socialize with your peers who are also aging without a partner.

Assisted Living Condos

Assisted living condos offer more help. Sometimes these locations are stand-alone assisted living communities. Other times they are located in a continuing care retirement community (CCRC).

If you choose an assisted living condo, you’ll live in a condominium setup, with one home next to the other. However, you aren’t on your own. In-home services and some level of care are available to you. This can include cleaning, cooking, and laundry. Some assisted living communities offer medication management or administration.

It’s important to understand that assisted living services are limited. You don’t receive around-the-clock supervision or nursing care for medical conditions you may have. If you require supervision or more medical care, you may need to consider a nursing home or memory care assisted living facility.

Senior Apartments

Apartments are similar to condos in that you have your own space. However, apartments tend to be located within the same building. For example, you might enter the building through a lobby and then take the stairs or elevator up to the floor where the door to your apartment is located. Every senior has their own space, but you’re living close to your neighbors. Senior apartments tend to be more affordable than condos, but you usually have a smaller living space. Many have the same amenities as senior condos. These vary by location, so be sure to ask while touring.

Senior Living Condo Amenities

Condos differ from one location to the next in size and structure. The types of services available for residents vary too. Amenities found at many senior condo communities include:

• Accessible entrances and elevators
• Walk-in showers with grab bars
• Common areas, such as a clubhouse, game room, TV room, or library
• Exterior maintenance, including lawn mowing and snow removal
• Social and educational programming
• Wellness opportunities, which may include a community gym or pool
• On-site hair salon or spa

Every community is unique, so take care to get to know the provider, location, and community to determine what’s best for your needs. We suggest creating a checklist with must-have features before you tour any facility.

Is It Better to Rent or Buy a Senior Condo?

Rent or buy? That’s always the question regarding housing, and senior condos are no exception. And, as always, what makes sense for you depends on your financial situation, preferences, and lifestyle. In most areas, you will have the option to buy or rent. Keep in mind that costs range widely and depend on the amenities, location, type of service provided, and other features.

Renting vs. Buying

Senior Condos for Sale

Buying a condo offers many of the benefits of owning a home. You’re building equity and it’s your space. You can remodel and renovate as you see fit. A key difference, however, is that you don’t own any land. This can make condos more affordable than single-family homes. Plus, it means that you’re not responsible for outdoor maintenance and landscaping. However, it could make reselling a challenge.

Senior condos also come with the same costs associated with homeownership, including mortgages (unless purchased outright), real estate taxes, and HOA fees. Most often, individuals are responsible for paying for utilities and other costs on their own.

Buying a condo may make sense if you’re planning to live in the area long term. Many older adults purchase condos with a mortgage, but some use the sale of another home to cover the cost. Keep in mind that costs are generally not covered by the government through Medicaid or Medicare. In rare cases, a state will allow seniors to pay for assisted living condos with Medicaid benefits.2 Check your state’s Medicaid benefits to see if this applies.

Renting a Senior Condo

Renting a senior condo is a more affordable, hassle-free option. You don’t have to worry about a down payment, securing financing, or paying real estate taxes. Also, you’re not responsible for any maintenance — interior or exterior. Plus, some or all utilities may be included in your rental cost.

There are a few drawbacks to consider, though. For starters, you don’t own the property. Your monthly rent payment isn’t an investment, and you’re not building equity. You might also need to sign a one- or two-year lease. If you need to move into a senior living community that offers more assistance or decide to move in with family, you may need to pay a fee to break the lease. Finally, landlords — or condo associations — can increase your rent periodically. This makes it harder to plan out your expenses.

Despite the drawbacks, many seniors still prefer renting. It takes less money out of your pocket, so you can hold onto your savings or cash from selling your previous home and use it to cover medical costs, vacations, etc.

How to Find Senior Condos for Sale Near Me

If you are looking to rent or buy a condo in a senior living community, let us help! Use our senior living directory to search for senior condo communities near you. You can even filter your search by the type of housing and care you need, along with your monthly budget. If you’re looking for a condo but unsure about where you’d like to spend your retirement years, read our guide to the best places to retire for seniors.

Not a fan of online searching? Call our senior helpline to talk to a person about your senior housing options. And don’t underestimate the power of seeking help locally. Realtors who specialize in working with older adults can help you find senior condos to purchase. They can also help you make sense of HOA fees, rules, and regulations. Senior centers are another great resource! Senior center employees and volunteers have a wealth of information about local services for seniors and senior living communities.