Nursing Home VS House/Condo for Elderly, which type is the right answer for retirees?
Exploring the Pros and Cons of Nursing Homes vs. Condominiums for Seniors, Plus Post-COVID Trends
On April 11, 2022, the DDproperty Thailand Consumer Sentiment Study highlighted a growing consumer focus on planning for retirement homes. Among the top retirement destinations, Chiang Mai leads with 24% preference, closely followed by Chiang Rai and Chon Buri, with 10% and 8% respectively. Key considerations for these choices include proximity to nature, medical facilities, and public transportation. Despite the interest, financial constraints and familial ties pose challenges, with 45% citing cost as a barrier, 44% valuing closeness to family, and 41% preferring to remain in their current homes. Concerns about safety and health, along with skepticism about the necessity of retirement villages, also play a role.
The debate between nursing homes and condominiums for the elderly hinges on individual needs and lifestyles. Nursing homes offer 24-hour care and specialized medical equipment, catering to those needing assistance. They range from dormitories to detached houses, priced according to care needs. Conversely, condominiums for the elderly cater to self-sufficient seniors seeking independence and community. These units offer 24/7 service and communal facilities, with prices varying widely based on location and amenities.
Three emerging post-COVID trends affecting elderly lifestyles include:
1. Health-Conscious Living: The pandemic underscored the importance of health, with 74% of seniors aged 60+ expressing heightened awareness of good health. Many are willing to invest in homes with environmental and health-friendly features, emphasizing ventilation and natural light.
2. PropTech Adoption: The extended lockdown period encouraged seniors to embrace digital tools for real estate transactions, with nearly half preferring online selection processes, attending online housing fairs, and participating in virtual tours.
3. Size Matters: When selecting a home, size ranks highest among priorities for the elderly, reflecting the desire for ample space to accommodate various activities. Government support for easier ownership could encourage more seniors to invest in homes despite financial readiness.
This analysis underscores the evolving preferences and needs of the elderly population, suggesting a shift towards healthier, digitally savvy, and appropriately sized living arrangements.
