The Pros and Cons of Condo Living for Retirees


Retirement is a time when many people start to think about downsizing their living space. Condos are an attractive option for retirees because they offer a low-maintenance lifestyle, a sense of community and often come with amenities like pools, fitness centers, and security. However, there are also downsides to condo living that retirees should consider before moving. This article will explore the pros and cons of condo living for retirees.

Pros of Condo Living for Retirees:

Low-Maintenance Lifestyle

One of the biggest advantages of condo living is the low-maintenance lifestyle it offers. As a retiree, you may not want to spend your time mowing the lawn or shoveling snow. When you live in a condo, the condo association typically takes care of exterior maintenance. This means you can spend more time doing the things you love.

Pros and Cons of Condo Living For Retirees

Sense of Community

Condo living offers a sense of community that you may not get when you rent an apartment or live in a single-family home. Condos often have common areas like pool decks, lounges, and fitness centers, where residents can socialize and get to know each other. This is especially beneficial for retirees who may be looking for ways to stay connected and active in their community.


Condos often come with amenities you may not get in a single-family home. These can include pools, fitness centers, security, and parking. When you live in a condo, you can enjoy these amenities without maintaining them yourself.

Investment Opportunities

Condos can be a good investment property for retirees who want to generate income. You can rent out your condo and use the rental income to supplement your retirement savings. This can be especially beneficial if you’re moving across the country or to warmer weather and don’t want to sell your condo.

Rent-to-Own Options

Some condos offer rent-to-own options, which can be a good option for retirees not ready to buy a property outright. Rent-to-own allows you to rent a condo for a certain period of time and then have the option to buy it at the end of the lease term.

Cons of Condo Living for Retirees:

Association Fees

Condos often come with association fees that can add up quickly. These fees cover the cost of maintenance, amenities, and insurance. While these fees can be convenient because they cover the cost of maintenance, they can also be a significant expense, especially for retirees living on a fixed income.

Lack of Privacy

Condos often have shared walls, so you may not have as much privacy as you would in a single-family home. You may be able to hear your neighbors through the walls, and they may be able to hear you. This can be especially problematic if you have noisy neighbors and can be a difficult transition if you are used to having much more privacy. 

Limited Control

When you live in a condo, you’re subject to the rules and regulations of the condo association. This means you may not have as much control over your living space as you would in a single-family home. For example, you may not be able to make changes to the exterior of your unit or have as much say in how the common areas are used. Some condos also may have restrictions on things such as pets, so it’s important to research and ensure that any regulations won’t be a problem.

Resale Value and Limited Pool of Buyers

Condos may not appreciate in value as quickly as single-family homes. If you decide to sell your condo in the future, you may not get as much money for it as you would for a single-family home.

The value of your condo will also likely be largely based on the quality of the building as a whole, as well as how much other units in your building are selling for.

If you want to move, you will have to put your condo on the market and find a buyer, which can sometimes be more difficult than selling a single-family home since there is typically a limited number of buyers looking for a condo and it can be difficult to make yours stand out.

Special Assessments

Condo associations may levy special assessments to cover unexpected expenses like major repairs or upgrades. These assessments can be a significant expense and may not be covered by your association fees. This means you could be hit with a large bill unexpectedly, which can be especially problematic for retirees on a fixed income.

Considering condo living as a retiree, it’s important to weigh the pros and cons carefully. For retirees looking for ultimate flexibility, renting may also be a viable option to consider. Consider your lifestyle, budget, and long-term goals before making a decision. It’s also a good idea to talk to other retirees who have lived in condos to get a better sense of what to expect. With careful planning and research, condo living can be a great option for retirees looking to downsize and enjoy a low-maintenance lifestyle.

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About kristenherhold

Kristen is the PR Editor of Clever Real Estate, the nation's leading real estate education platform for home buyers, sellers, and investors. In her free time, she enjoys traveling, reading, and cheering on the Denver Broncos and Missouri Tigers.