Condo living vs. independent living: What's the difference?

As we age, where we live matters. Seniors have several living options during retirement. Two of the most popular choices are living in a condominium or an independent living community. While both options provide convenience and comfort, there are important differences that should be considered before making a decision.

In this article, we’ll explore the differences, benefits, and available amenities of condo living and independent living.

What is a Condominium?

Condominiums, also known as condos, are privately owned residences within a larger building or complex. Condos are an excellent option for seniors looking to downsize or simplify their lifestyle.  

Because condos are part of a larger residential property, residents usually share certain common areas and amenities with other owners.

Typically, the condominium is responsible for maintaining these shared spaces. A condominium association regulates rules and standards and hires landscapers, pool cleaners, snow removal specialists, and other professionals needed to maintain the property.

The Average Cost of Living in a Condo in the U.S.

The average cost of a condo in the United States can vary significantly depending on your location, the size of the condo, features, and amenities. According to a report by the National Association of Realtors, the median price for a condo in the U.S. is $360,000.

In addition to the purchase price, condo owners are responsible for monthly HOA fees, which can range from $200 to $700 per month, depending on where they live, the amenities, and other features.

Benefits of Condo Living

Purchasing a condo is an excellent alternative to home ownership for many retiring seniors.

In addition to not having the responsibility of maintaining your property, condo owners enjoy the following benefits:

• On-site Amenities: Condo owners have access to pools, fire pits, event spaces, co-working spaces, fitness centers, and concierge services
• Safety & Security: Many condo communities have security features such as cameras and gated entrances
• Home Equity: Unlike renters, condo owners gain equity over time as they pay off their mortgage
• Social Opportunities: A significant benefit of condo living is the opportunity to meet other residents. Many condos plan community events and amenities provide additional opportunities to socialize and engage

What is Independent Living?

Independent living communities are designed for healthy, active seniors seeking a supportive and vibrant environment.

These communities promote social activities in a community environment with private apartment-style residences, a variety of floor plans, and upscale dining services.

Benefits of Independent Living

Independent living communities are an excellent choice for seniors who want a carefree lifestyle in a fun and engaging community.

Other benefits include:

• Maintenance-free Lifestyle: Independent living communities provide apartment maintenance, repairs, housekeeping, transportation, and laundry services
• Resort-like Amenities: Swimming pools, beauty and barber salons, entertainment spaces, and movie theaters are standard in many independent living communities
• Social Events: A variety of planned activities and social events, such as happy hours, wine tastings, resident-led clubs, continuing education classes, trips to local cultural sites, shopping, and restaurants
• Health & Wellness Programs: Fitness centers, group exercise classes (yoga, water, aerobics, meditation), spas, and saunas help residents stay healthy and active

Choosing Between Condo Living & Independent Living

Both condo living and independent living provide a maintenance-free lifestyle and luxury amenities. However, if you prefer property ownership, more privacy, and fewer supportive services, a condo may be your ideal choice.

Independent living could be a better choice if you’re looking for a supportive community, convenient services, and a variety of planned activities and events.

Ultimately, the decision between condo living and independent living comes down to your preferences, finances, need for support, and long-term plans. Speak with your financial advisor, research and visit available condominiums and independent living communities in your area to make an informed choice.