Dear Monica: I am considering buying a very nice three bedroom unit at a complex for adults 60 years of age and up. It is in a prime location in a city with strong real estate values. Do you think this is a wise investment? Elizabeth D.
Dear Elizabeth: First, an important consideration for you is whether this retirement complex will serve your physical and social needs as you advance in age. It sounds as though it does. If it is also in a prime location in a prime city, all the better. If both of these factors are positive, you should have confidence that you are buying a good property. The demographic who wants this kind of real estate is growing in number and this bodes well for your home being a stable investment. This wasn’t the case during the downturn of 2008-2010 when older buyers were hesitant to buy anything until they knew if prices were going to rise again. But now the combination of an aging population and a stable real estate market are good signs that your purchase in a retirement complex will not carry much, if any, risk.