Single-Family Homes

Owning a single-family home is a dream for most people, and that includes seniors. There are many features of single-family homes to take into consideration including size, convenience, and home and yard maintenance. If you feel a single-family home is right for you, your best bet is to think small.

Condominiums

Condominium townhomes and apartments are a good alternative if you like the thought of having your own home, but don't want to worry about the upkeep. When you buy a condominium, you also purchase part of the building's "common elements" which can include hallways, driveways, recreation areas and so on. By paying dues to the condominium association, worrisome maintenance such as snow removal and lawn care are taken care of.

Cooperatives

Cooperatives are similar to condominiums, but instead of owning your individual unit, you own a share of the entire cooperative, which gives you the right to occupy your unit. You make payments on the mortgage that you took out to buy your share and you pay a monthly fee to cover your share of the building mortgage. As part owner of the building you also have the right to vote for the way the cooperative is run.

Mobile Homes

Mobile homes provide a very inexpensive way to enjoy community living. The mobile homes available today are large, modern and practical. Used mobile homes provide the opportunity for even further savings. Most mobile home "parks" are very attractive and convenient, offering paved drives, lawns, recreation facilities and other extras. In addition to the cost of purchasing the mobile home, you will be expected to pay monthly rent for the lot it occupies.

Retirement Communitites

Retirement villages are communities that offer older people security, companionship and a host of planned recreational activities. Many communities even have their own stores, libraries and health centers. Although homes purchased in retirement communities may be expensive, they can be a good investment and generally hold their value well. Before deciding if this option is for you, it is important to decide whether you would like a segregated lifestyle or would find yourself longing for a counterbalance of younger people.

Other possibilities include renting, remodeling or carving an apartment out of your existing home, moving in with friends or relatives, or even purchasing a travel trailer. When you begin to think about living alternatives, it is most important to carefully investigate and weigh all the options. Real estate professionals, books and senior citizen organizations are all good sources for information and suggestions.