A Bahamian real estate firm says condominiums are becoming popular with retirees seeking to downsize in a way that maximises both retirement income and quality of life.
“Many retirees, or soon-to-be-retirees, choose to move to a smaller space because they no longer have children living with them,” said George Damianos, chief executive of Damianos Sotheby’s International Realty.
“Additionally, they’re often looking to live somewhere that allows them to travel more often; a place they can ‘lock and leave’ without having to worry about whether or not the pool man is going to show up while they are away.”
Noting the increasingly popularity of condominium living, Mr Damianos added: “People are buying condos because they come without the stress of repair and maintenance. Maintaining a full-sized, single-family home can become quite expensive and exhausting no matter what age you are - not to mention the drain on your savings.”
He said a number of Eastern Road homeowners have recognised the lifestyle upgrade that condominiums can provide, and in recent years have chosen to western New Providence condo complexes such as Caves Heights. The area has less traffic and easier access to the airport, making it attractive to retirees seeking an improved quality of life.
“Purchasing this style of luxury condominium is a good investment any way you look at it,” Mr Damianos said. “If you’re retiring in the immediate future, it makes for a turnkey relocation process.”