Charlotte has been voted one of the best cities to live in on several occasions throughout the past few years based on crime rates, affordable housing and the job market. With a vibrant urban center, bolstered by banks, improving employment rates, entertainment and development, the forecast for Charlotte is growth. It’s an excellent center for college-aged individuals – UNC Charlotte is there – but it also has a plethora of 55+ active adult communities which draw in large populations of retirees annually.
If you decide to relocate to Charlotte around the time of retirement, however, you don’t have to commit to an active adult housing development. There are many advantages, as well as disadvantages, to retiring into a smaller home or condo in the Charlotte area.
Of course, weighing the financial options between a house and a condo is imperative. Looking at the type of lifestyle you want to lead during retirement is also essential. Do you want a lawn to mow? Do you want to be required to take an elevator to your residence? Both condos and homes have their perks and pitfalls.
With a condo, you get the added security of neighbors all around; you do have to share walls with them, however. There may also be luxury amenities such as pools, gyms, scheduled activities and chauffeurs. If you don’t plan to use them, expect to pay for their upkeep anyway. Also, there may be common areas such as parking and laundry facilities that you’ll have to share.
With a house, you’re buying a detached piece of property. There won’t likely be maintenance or HOA fees, doubtful an included gym, but you may have to shovel your own snow and take out your own trash. The square footage, in most cases, will also be greater, meaning more space to maintain and keep clean.
After you’ve considered your budget, have weighed the pros and cons of buying a home against purchasing a condo, and are ready to take the retirement relocation plunge, the most important thing will ultimately be that you’re comfortable, surrounded by a lifestyle you love and enjoying the days of respite that you’ve deserved.
