More than any other potential age group looking for an apartment to rent, senior citizens have a number of considerations that need to be kept in mind. Whether it is an apartment in Makati or a condo unit, there are things that need to be kept in mind. In some cases, these can be problematic for the senior in question, while others are minor considerations that can be checked out even before any sort of agreement is signed. These should be kept in mind when looking for that perfect property in the Philippine real estate market.
The Expanded Senior Citizens Act of 2009
This law adds numerous programs and regulations that are to the benefit of the elderly. The most relevant for Philippine real estate would be their pension and the available government housing projects. The housing projects merely give priority to the elderly who wish to avail of it, but the pension is more important if they want to keep an apartment in Makati. The money is small and tends to put most senior citizens at a fixed income, which can make the rental of a high-end apartment difficult. However, the law does provide a number of legal protections for seniors.
Sometimes, an apartment in Makati can be houses in what might be called a “senior complex.” These are buildings that are specifically built to cater to senior citizens and their spouses or children. As such, there is often an age requirement. Allowances are made in the construction, such as more elevators or wheelchair ramps. Depending on the rules of the complex, there may be a limitation that doesn’t allow the residence of a non-senior, while there are others that allow younger residents under certain restrictions. These may not be the high-rise Makati apartment some have in mind when renting an apartment, but they are usually cheaper and more reasonable.
One danger that some seniors face in finding an apartment in Makati can be rent increases. In general, the city regulations devote quite a bit of resources to providing the elderly with as many free services as financially feasible. Even with these advantages, the city usually has little control over the risk of an apartment owner increasing the rent within his building. In such cases, it is possible that the elderly tenant may become unable to afford their current apartment. Most owners in Makati are open to negotiate on the matter, though.
Finding the right apartment in Makati can be difficult, but it isn’t impossible. Most Philippine real estate developers simply don’t see a very large market for it, since most seniors live with their children or younger relatives. However, it is possible to find those that not only will accept seniors but also have different features, like wheelchair ramps, that can make life easier.