7 Factors to Consider for Buying a Home As a Senior Citizen

Buying a Home As a Senior Citizen

Most builders, while constructing residential properties, pay attention to catering to the needs of the younger generation, which may not be a right fit for senior citizens. Lifestyle amenities such as gyms and swimming pools are targeted at young buyers. On the other hand, senior citizens have their special needs to be met and are expected to remain content walking on the premises.

When it comes to home buying, it would be wise for senior citizens to look for senior citizen-friendly features like safe premises, housekeeping services, emergency health care services, and medical assistance. Ashwin Sheth Group has curated a list of factors that senior citizens should consider before investing in their dream homes.

Factors to consider before buying a home as a senior citizen

Affordability

For senior citizens, buying a home after their prime age may seem a big responsibility; therefore, it makes sense to invest in a home that fits their budget. Senior home buyers should be capable of managing their EMIs, saving money and having a bigger share dedicated to an emergency fund.

Loans on Pension

In most banks, the maximum age of a home loan applicant is 70 years, though some lenders offer home loans to senior citizens for a period that may last till the applicant reaches the age of 75. Most senior citizens buy a home from their retirement settlement. However, taking a small loan is always advisable as it makes it easier for them to manage their EMIs.

Accessibility

Automatic lift door for residential building

A senior citizen-friendly residential building should have ramps and elevators to ease the movement from one floor to another. Skid-free floors, wide elevators to accommodate a wheelchair, ramps with side rails, and support handles in bathrooms, among others, are some features that can make life simpler for elderly citizens.

Security

No matter what the age of the resident, security is an important feature that cannot be compromised, especially for senior citizens as they need constant assurance for their well-being. Residential complexes with 24×7 CCTV surveillance and security personnel play a significant role in offering peace of mind.

Ashwin Sheth Group’s residential projects in Mumbai provide round-the-clock security and advanced facilities that ensure your family’s safety and security.

Healthcare

For elderly residents, it’s preferable to look for property that is located close to clinics and hospitals, giving them immediate access to healthcare facilities. If not, check out if there are doctors available nearby who wouldn’t mind home visits. Also, ensure enough transportation options are available when the need arises.

Peaceful Surroundings

Senior citizens like to enjoy their peace and may prefer to avoid living in a community with loud get-togethers occurring frequently. In such cases, it is better to choose a property situated on the outskirts of the city or a home in a location that can provide heightened privacy.

Parks

Senior citizen friendly parks

Parks are a common facility provided in most residential properties. Senior citizens-friendly parks with open space, a lot of walkways and sit-out spaces are perfect for them to relax. Look for residential property with parks that encourage outdoor activity, have designated areas that allow visitors to socialize, and bring a sense of calm.

All the factors mentioned above play a significant role in providing senior citizens with a sense of freedom, security, peace, and dignity. A reputed builder like Ashwin Sheth Group is constructing residential projects in Mumbai to provide a great living environment to elderly citizens.

If you are looking for a home in a society that will be right for your family, including your parents, then check out our new residential projects that offer you great ambience, amenities and comfort.

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