Choosing your retirement home – how big should your apartment be?

Thinking about moving into a retirement community? The first question you’ll most likely be asked: what size apartment are you looking for? The answer to this rests on a variety of factors that need to be considered during your search.

You probably know that most retirement communities offer public spaces such as living rooms, a library, and recreational areas. Some communities even provide a host apartment so loved ones can visit you during a short stay. Others offer a private dining area for meals with extended family. With this in mind, will you really need that extra room in your own apartment?

Here are 3 factors to consider when searching for a retirement community:

1. Your budget

Your budget is the main factor at play. It’s important to take stock of your monthly income (ex.: pension, interest income) versus your monthly expenses (ex.: medication, vehicle, other expenses). This will impact the amount available for your apartment which will in turn determine its size. Obviously, the bigger an apartment, the more expensive it is. You should also look into any tax credits available for home-support services for seniors as well as various assistance programs such as the shelter allowance program.

2. The number of rooms

Do you need one, two, or three bedrooms? Couples will generally require a two- or three-bedroom apartment whereas a person living on their own could be very comfortable in a one-bedroom apartment or a studio. When moving into a retirement community, you might want to purchase smaller furniture instead of bringing your large dining room table or massive wood bedframe. Want an additional room for an office, arts and craft, sewing, reading, or simply to welcome guests? Make sure you find out what kind of public spaces are available in your retirement community. You might be pleasantly surprised!

3. Your lifestyle

Someone who is very actively will usually need more space than someone who is less active. It also goes without saying that your level of independence will affect how much space you need. If you are completely independent and very active, you might need a bigger apartment and extra storage for a bicycle or a vehicle in the garage. On the other hand, if you require more care and assistance, a bigger part of your budget might go to the services you need. In this case, a smaller apartment might be more practical.

In summary, how much space you need will depend on your budget and lifestyle. And bear in mind that living in a retirement community means being able to benefit from myriad public spaces where you can socialize with other residents.