Buy a House for Retirement
Both homes and condos have their advantages and disadvantages for those getting ready to retire. There are some basic steps you can take to help decide whether you should buy a house, or if a condo would better fit your lifestyle. The right answer depends on more than just the financial pros and cons, as you also need to consider the kind of lifestyle you desire in your retirement years.
Keep in mind that condos are not exactly the same as a regular home. There are similarities, but owning a condo is a vastly different experience. Many condos mimic apartments and have some of the same features. Monthly fees and maintenance costs may also be quite different between condos and houses. For some people, the idea of living in an apartment where you share a common wall with neighbors is unappealing, while for others it may give them a sense of added security, especially for those who are single. Other seniors feel that condo ownership and rules are too restrictive.