In an era of high-tech, connected homes and big data, the real estate market is still a mystery.
And with the arrival of the newest wave of tech-driven homes, the big question is which one best suits people with dementia?
“In general, there are four main categories: the ‘real estate class’ is the class with the most people with advanced dementia, or those with a ‘normal’ cognitive function,” says Lisa Fritsch, senior vice president of consumer insights at Zillow.
“There are also the ‘build quality’ categories, which include ‘residential’ or ‘home quality,'” Fritsche says.
“You also see the ‘occupancy density’ categories that have people who live in these types of homes.”
These categories include “high-rise” buildings with more than one-third of the housing units being attached to them, as well as condos.
If you’re in a building with the ‘building quality’ category, you’re probably not going to get much in the way of entertainment, so you’ll probably want to go with the “residential” or “home quality” class.
But if you’re looking for a luxury condo in the suburbs, there’s a “building quality” condo for you.
“A lot of the older residential units are more upscale, whereas older commercial properties are more traditional residential,” says Fritisch.
“I think the big challenge with those newer condos is the amount of storage that’s required.”
For example, the current median age of a condo is 70 years old, and the median price is $1.8 million, according to Zillower.
That means you’ll need to put up a $1 million deposit to qualify for a condo.
This, in turn, means that you’ll have to work for it, which means you can’t just walk in and pay for the condo without having to work.
“It’s going to be an interesting challenge, and it’s going be more complicated than what we thought it would be, especially in the condo market,” says James Miller, a managing partner at Zilow.
Miller says the typical person in the building needs to be 65 years old or older.
“People need to be at least 65,” he says.
And while Miller says he believes there are many condos out there for sale, he says it’s more likely that these are being used as rentals.
“They’re very popular, but they’re not the only options for older people who are still working,” Miller says.
Miller also says that if you don’t have any plans to move out by the time you’re 70, you’ll be better off with a larger apartment than a condo, since you’ll likely be closer to a pool and a tennis court.
“Most people who need a condo are going to live in apartments with at least four bedrooms,” Miller explains.
“But a lot of people who have Alzheimer’s have been told they can’t live in a condo because it’s too small.”
So how can you decide which type of condo you want to buy?
If you have a higher income, a smaller condo may be better, Miller says, as long as you can afford it.
But in many cases, the most affordable option will likely be a larger, single-family home.
“If you have one or two children, that would be the most attractive option,” Miller said.
“When you’re living in a condominium, you can get a lot more out of it.”
But if the number of people you have is limited, Miller recommends buying a larger unit.
If it’s not possible to buy a larger condo, he recommends buying an older, more traditional home with at-grade, or “high density,” units.
Miller adds that a smaller, less-expensive condo can also be an option if you can find a buyer willing to shell out more money.
“The older residential properties tend to be in the most desirable areas of town, like downtown, or in neighborhoods that are close to transit,” Miller explained.
“And when you have fewer people, a lot less of those properties will be occupied.”
What’s a ‘high density’ condo?
High-density apartments, or high-density condos, are typically subdivisions or small apartments that have more than four bedrooms and include a swimming pool, gym, fitness center, and/or living room.
“With the development of the Internet and connected homes, people are now having a lot fewer interactions with their surroundings,” says Miller.
“For example, a couple living in the same home can go to a restaurant, and then the person who’s the next door can go there and play video games.
But now they have two separate living rooms that are just connected to each other.”
“This means that people are able to go to the restaurant and have dinner in one place, but then go back home to have dinner somewhere else