Things to check before you check in a retirement home

Increasingly, many senior citizens in India are opting for or aspire to live in retirement homes. A combination of factors is driving this — the joint family system is giving way at a fast rate, life expectancies have improved, and senior citizens’ finances today are better compared with earlier generations. Also, the stigma earlier associated with staying in retirement homes (rather than with family) is gradually reducing.

Many elderly people want to spend their silver years comfortably with less physical and mental stress — with chores such as housekeeping and cooking taken care of. What are the retirement living options available and what factors should you consider before committing to one? We spoke to a few solution providers to get the details. You can check the list of retirement homes in India online.

Three broad categories

Retirement living solutions usually fall under three broad categories — independent living (for senior citizens who are reasonably healthy and can manage on their own), assisted living (for those who require physical or medical help) and palliative care (for those with debilitating illnesses). In India, most service providers offer only independent living, which facilitates an active retirement lifestyle. Assisted living facilities are offered by a few non-profit organisations such as Bangalore-based Nightingale and Mumbai-based Dignity Foundation.The choice would depend on factors such as your financial strength, long-term objectives, and the degree of flexibility you desire. There are many Senior Citizen Retirement Homes in India.

Outright buys: Flexibility at a cost

Outright buys, of the kind offered by players such as Serene Retirement Communities, entail high capital investments. This could range from Rs. 20 lakh to upwards of Rs. 1 crore depending on the location, type of accommodation, size, and facilities offered.

You can also choose to sell the house in the future, realising any appreciation in value. On the flipside, you may not be able to sell the house before a certain number of years. To curb speculation, retirement community developers may specify lock-in periods after the sale of the house. For instance, Serene Retirement Communities does not allow first-time buyers to sell their property for three years.