Are you looking for an apartment in Indiana, but do not know where to start? Well, you are in the right place! There are numerous different housing options available at your fingertips, even apartments that are specifically designed for older adults. However, the biggest consideration that most older adults have to tackle is whether they should rent or buy senior apartments in Indiana. Read on to find out which is the best option for you!
Rental Senior Apartments
Renting an apartment is a popular choice in the United States as it is the most affordable choice of the three housing models available to older adults. In fact, rental communities are a common sight, with some specialized ones that have age restrictions for older adults that prefer being neighbors with people their own age.
These communities will require you to sign a lease and pay a security deposit fee or a community fee. This sum of money may not be refundable if you decide to move out, depending on the community guidelines.
Most age-restricted communities assisted living, or memory care communities offer an independent lifestyle for older adults whilst providing them with all the necessary support they may need. Such communities will typically also provide basic services and amenities such as housekeeping, meals, planned activities, and routine maintenance. Note that not all communities offer medical services, though naturally, communities that do provide such specialized care will come with a heftier price tag.
Residents are typically required to make monthly rental payments, though some communities may allow residents to pay quarterly or yearly. Unfortunately, as with all rental arrangements, if residents are no longer able to afford their rent, then they will have to move out of the community and find a new home. Nonetheless, rental apartments remain an attractive option to many as it does not require a large up-front fee and provides a more flexible arrangement.
Purchasing Senior Apartments
While renting an apartment is more affordable, owning an apartment comes with its own set of perks; the main one being you are able to enjoy ownership privileges. The process of buying senior-friendly apartments is the same as that of traditional real estate deals. You will have to tour the apartment, make an offer after negotiating the price with the previous owner, and, after the previous owner accepts your offer, make the initial payment and receive your keys.
While the process may be more complicated, with mortgage applications, negotiations, and a much larger up-front fee, older adults that own their apartments are able to enjoy the perks of equity appreciation when they sell their apartment, as well as the assurance that comes with knowing that you will not be kicked out of your home if you cannot pay rent.
However, that does not mean residents do not need to consistently fork over money monthly. Ownership retirement communities will require residents to pay a small monthly maintenance fee and residents are still responsible for paying for real estate taxes and various association dues. Any repair work or renovations will also be the responsibility of the resident. Residents who required more care can opt for assisted living, which is available at additional costs. Do keep in mind that upon the passing or relocation of the resident, these monthly fees will need to be kept until the apartment is resold, making it a financial burden that will fall upon the relatives of the resident.