The property developers in Chennai always welcome you, whether you are a senior citizen or a millennial. The elderly population in India is growing at a rate of 3% per year. Furthermore, it is expected to reach 319 million by 2050. When it comes to purchasing a home, however, there is no age limit. With the decline of the traditional joint family system and a shift toward nuclear families, more senior citizens are considering living independently after retirement. Even if you are nearing retirement, age is not a factor when it comes to purchasing property; however, it is always prudent to understand the implications and technicalities of property purchase in any case so that you are aware of what applies to senior citizens specifically. Some realtors even offer substantial discounts to elderly buyers. All you have to do is get in touch with the best real estate agents from the top builders in Chennai.
Let’s look at some of the essential considerations for senior citizens before purchasing a Home.
Inquire with the property developers in Chennai about the offers available for senior citizens who still receive pensions. It is common knowledge that senior citizens over 50 may find it easier to obtain a housing loan from a lending bank than a working professional; however, with proper financial planning, owning a property in your golden years is possible.
Obtaining a home loan is easier if you receive a regular pension. Most banks offer home loans to senior citizens for a maximum repayment period of 15-20 years or until they reach the age of 70-75, whichever comes first, and the EMI is set accordingly. Banks such as SBI, PNB, LIC (and other major national banks) provide senior citizens with home loans ranging from Rs 5 lakh to Rs 25 lakh (others can go even higher). Seniors can even choose to invest in real estate and rent it out to earn 5-10% of the purchase price.
The Loan to Value Ratio is an important consideration. For example, if the house costs Rs 10 lakh and you put down Rs 1 lakh, you’re borrowing Rs 9 lakh, so the LTV is 90%. Choose a loan with a low LTV ratio so that the monthly EMI is manageable.
The Buyer’s Age
Senior citizens over 70 who are not in good health may want to consider a retirement home. They will receive round-the-clock care in a retirement home. However, if you are self-sufficient and can care for yourself, you can easily invest in a regular housing society. So, you must communicate your requirements to the property developers in Chennai. Senior citizens are usually well cared for by friendly neighbors and emergency responders if you probe the neighborhood ahead of time to ensure the residents are cordial.
Access to Healthcare and Infrastructure
It is now the age of virtual care consultation. On-demand medical services like blood test delivery reports are easily accessible at home. Looking for a home close to hospitals and clinics is also preferable. In this case, you can seek the assistance of your real estate brokers for the houses for sale in Pallavaram.
Senior citizens enjoy being in a peaceful and quiet environment. A neighborhood full of hyperactive children or loud neighbors is never a good fit for them. Furthermore, in such cases, one can select a property on the city’s outskirts that offer more privacy.
Retirement Residence Living is becoming more popular among city dwellers, and it reduces the impact of loneliness on elderly residents by keeping them busy throughout the day. In addition to numerous high-end amenities such as mini-golf lessons and outpatient centers, premium old folks’ homes in urban areas focus on providing acres of property for a relaxing style of living and exploring leisure pursuits.
Senior citizens should always buy a house on the ground floor, according to the top property brokers. Furthermore, their apartments must include basic amenities such as a CCTV surveillance system, bathroom safety handlebars, and so on. Many retirement societies collaborate with neighboring medical centers for immediate treatments.
It is always preferable for senior citizens to live on the ground floors, or the apartment building should have lifts, Surveillance cameras, and security staff who are educated in fire regulations and first aid. Another component to look for is safety handlebar grips equipped in bathrooms and balconies, as well as no utterly pointless complex and difficult home furnishings customization inside the apartment. Many retirement communities have affiliations with nearby health facilities and ambulances for cashless treatments.
Proximity to public and private transport
Because of age restrictions, the majority of the senior community relies on public transportation such as buses, automobiles, and trains. It will be convenient if the bus stop and railway station are both within walking distance of the apartment. From the perspective of the elderly, easy access to public transportation from home is one of the most desired amenities. Senior citizens will enjoy a hassle-free lifestyle if public transportation is located near their homes.
Facilities Right Outside Your Door
It is critical to consider whether senior-friendly communities surround the apartment. Before you move into an apartment, look for nearby supermarkets. Furthermore, as a senior, you may have a habit of visiting religious sites on a regular basis. If you are one of these people, you should look for holy places that are within walking distance of your apartment.
Indoor amenities will provide plenty of opportunities to keep you busy on a busy schedule. These facilities will also aid in the development of a social community among people of similar ages. As a result, before moving into an apartment, inquire about the indoor services offered. Things will be more helpful in leading a peaceful and serene lifestyle this way.
Overall, investing in real estate in your senior years is a good idea if done correctly in terms of planning with the assistance of family, friends, or even professional realtors. These are the beautiful amenities you can expect while purchasing a home that will turn your home into the heaven.