Buying XO condos is a big commitment, so before inking the deal, there are some things one must know about them. First comes the definition:
A condominium can be defined as just as a piece of real estate which is individually owned but it also includes the use of as well as access to communal shared facilities. Let’s explore more about it:
A retirement condo vs. a seniors’ apartment
Facilities like a heating system, hallways, elevators, and other exterior areas could be part of XO condos agreement. These would all ideally be executed under the law associated with individual ownership and will be controlled by a group of communal condo owners.
Senior apartments, on the other hand, are of two types:
- Retirement apartments: Present in a building which could be classified as a 55 plus.
- Retirement community suite: Here services like healthcare, communal meals and such could be provided.
The social aspect of Condos vs. apartments
A condominium offers a significant investment potential but you may get difficult social contact with it. It is also true for an apartment present in a regular building. In retirement communities that have suites or apartments, there is simply more option for social interaction. This social aspect is the reason seniors find more appealing when moving into retirement homes.
While XO condos is pretty much similar to apartments, but they are distinguished by their ownership.
- If you buy a retirement condo along with other tenants then a share of the whole building along with of this common property is owned by you too. So every condo belongs to a company or individual and can be sold or purchased.
- In the case of apartments, there isn’t any ownership and your rent will just pay to keep a roof over your family and nothing else for the amount you are shelling out. As a result, you don’t really get anything out of your investment and once you stop paying then all obligations between the owner and you are over. So it’s like staying at a hotel.
Senior condos vs retirement community apartments
- New XO condos have spacious and decorated halls, billiard, gym, security, and communal halls as well.
- Apartments have a lot of amenities in big cities but that’s really nothing to compare with when it comes to retirement communities where they could be exercise areas, golf greens, fine dining etc.
Freedom vs Responsibility: Choice
Condos have a lot of regulations and rules which are designed keeping in mind the property values. Apartments, in this case, offer more freedom. It boils down to individual preferences- seniors who want to invest should look for condominiums like XO condos. Condos come with a lot of varieties in style and cost. Some have significantly lower prices than an apartment too much higher for luxury units. While most are furnished, but you can find them unfurnished as well.
Those who want to lease should look for apartments since renting is easier than buying so it gives more freedom and flexibility to place if one doesn’t like living in the place.
But no matter the choice, one should research everything carefully and gather all the information before making any choice.