Residential Property Building Types - Retirement Living

Residential building types are explained first and then some comments about how they are used for retirement living arrangements.

What Is A Hi-rise building: simple defined as a tower, high-rise, apartment tower, apartment block, or block of flats, used as a residential building. In some cities, these buildings are sometimes called “multi-dwelling units” or "MDUs" for short. Living in an apartment block has some technical (no exterior maintenance and easier to build) and practical (no more watering or cutting the grass) advantages if you live in a urban area.

Apartment towers in the U.S. are typically called "mid-rise" or "high-rise apartment buildings," depending on how tall they are. Apartment buildings which are much smaller, have fewer units, or are just smaller in the quantity of buildings are while buildings that house fewer flats (apartments), or are not as tall as the tower blocks, are called “low-rise apartment buildings.”

High-rise apartment complexes continue to be extremely popular in urban areas because land prices are expensive and it's more efficient to have 10 units on one piece of land instead of a single-family home. The Upper East Side in New York City and Chicago's Gold Coast, full of high-rise apartments, are the wealthiest urban neighborhoods in the United States. Generally speaking, Hi-rise residential buildings in most major cities are some of the priciest real estate in the city. This is usually due to their ideally-situated location.

Retirement Living Comment: Hi-rises are a great choice for retirement living since they are generally located in densely populated areas. Densely populated areas usually have most major services concentrated within walking distance since many city dwellers don't use their cars as often as suburban or rural area citizens. Luxury Hi-rises commonly have a version of a hotel concierge where someone can help you with errands and anything else you might need.

Mid-Rise Apartments are making a comeback due to new zoning rules and improvements in construction which make them easier to put up as well as control the density of neighborhoods. In neighboring boroughs of New York City, 4-7 story buildings are sprouting up when businesses redevelop neighborhoods.

Low-Rise Buildings are basically buildings that are only a few stories tall. While not commonly found in dense areas due to their inefficient use of the expensive real estate found in cities, low-rise buildings comprise the main format of apartment living in suburban and rural living.

Retirement Living Comment: Since they're usually designed to have fewer residents in them, apartments and low rise apartments are very attractive to seniors who want a calmer pace of life. Apartments in general and senior apartments in particular are a great choice for retirement living. If you plan on moving to a new place for your retirement, more often than not it's better to rent before buying.

Senior apartment communities usually offer many services like dining, activities, etc. Nowadays, senior apartments are fun, active, and aren't the boring communities like you might be imagining. Go visit a local active senior community and have a look for yourself. You'll surely be surprised.

Studio or Efficiency: a simple one room apartment designed for the minimalist senior who doesn't want a lot of space and only needs a place to hang out and do the basics of living like eating, sleeping, bathing, etc. These are usually cheaper than most housing alternatives and are great for seniors who don't want to spend the money on space they'll never use.

Condominiums are simply a living space that is bought within a building, with the purchaser owning an individual unit as well as some of the common spaces. Also referred to as condos.

Retirement Living Comment: condos are usually purchased from a developer or previous owner. They can also be leased. There are a lot of companies whose sole business is finding the right condo for the right person at the right time.

Lofts are big open-air apartments that are commonly built from converted office space. Because they've become really popular living spaces in urban areas, loft-style apartments are being built as new apartments rather than property conversions. With their high ceilings, big windows, and wide open spaces, lofts are great for seniors who want to throw parties, gatherings, or just need a lot of space.

Single family detached homes are the “Leave It To Beaver” style houses usually found in subdivisions and are designed to be shared by only one family unit.

Retirement Living Comment: it's becoming quite common for retirees to downsize their living arrangement to smaller patio-style single family homes because they're cheaper on utilities and they don't want to manage a large house for just themselves. It's possible to own or rent single-family homes.

Townhouses and Townhomes is the word used to describe a two story, owner-occupied housing unit that shares a wall with one or more neighboring units.

Townhouses are also called row houses in cities like Washington D.C., Baltimore, Philadelphia, and San Francisco and are pretty common. Despite the narrow lots, many row houses are pretty big, with some as large as 2,000 square feet or more.

Retirement Living Comment: townhouses can be a good option for housing as long as a person wants to have stairs in their living space. Townhomes are generally located in good areas and are easy to visit local services like grocery stores, the dry cleaners, and shopping malls.

Cooperatives (commonly known as co-ops) are buildings owned by residents but owned as shares of a “company” that owns the building. The “company” issues shares (stock) to each owner based on their unit size and amenities. This means that you don' t actually own your apartment but rather a piece of the “company” that owns your building.