My future home: what if I already invested in a serviced residence?

Investing in a future serviced residence can be a sound financial decision, and an attractive option for diversifying your investment portfolio and generating potential income while you wait for the need to move in.

Serviced residences are establishments designed specifically for the elderly, offering services and amenities tailored to their needs, while promoting independent living.

Here are a few things to consider when thinking about investing in a future serviced residence as a senior citizen:

• Location: The location of the serviced residence is a key factor to consider. Make sure it's in a convenient location, close to medical services, public transport, shops and other amenities important to seniors.
• Services and amenities: Check out the services and amenities offered by the residence. This may include security, medical assistance, catering, social and recreational activities, cleaning services, etc. Make sure that the services offered meet your current and future needs.
• Costs: Understand the costs associated with investing in a serviced residence. This may include the initial purchase cost, monthly operating costs, co-ownership charges, taxes, etc. Evaluate your budget carefully and make sure you understand all the costs involved before making a decision.
• Assessment of management: Find out how well the residence is managed. Professional, experienced management can ensure efficient operation and a good living experience for residents. Research the reputation of the manager or operator of the serviced residence to ensure that they have solid experience in managing this type of establishment.
• Investment prospects: Assess the long-term investment prospects of the serviced residence. Look at property market trends in the area, historical and projected occupancy rates, and the prospects for resale of your investment. It's important to take a long-term view to ensure that the investment is profitable.
• Estate planning: Include estate planning in your investment. Consult a financial advisor or estate planning lawyer to ensure that you have the appropriate arrangements in place for your estate in the event of your death.

It is also advisable to visit the serviced residence in person, talk to the current residents and ask detailed questions before making an investment decision. It is important to fully understand the benefits, costs and potential risks before making a decision to invest in a future serviced residence as a senior citizen.

To do this, you can contact estate agents or platforms specialising in addresses for serviced residences. You can also contact the serviced residences listed in our directory.