If you are transitioning into retirement, there is a good chance that you may be looking to move into a retirement community. While there are plenty of retirement communities to choose from, knowing what you’re looking for will help you narrow down your list. Every retirement community has its own personality that can accommodate different lifestyles. As you are looking through different retirement communities, you will notice that they may have different climates due to location. Some may have a lot of activities during the day, while others may not. There are many factors to consider when shopping for a retirement community.
Here are a few things to consider:
Safety
The first factor to consider when shopping for a retirement community is safety. Safety features such as safety alert systems, adequate lighting in living areas, handrails in bathrooms, and security procedures in case of emergency, are all very important to have. Also, knowing how safe the neighborhood is will also be important. If a retirement community is located in an unsafe area, then be sure to cross it off your list.
Know What the Climate is Like
The last thing that anyone wants is to live somewhere that is either too hot or too cold. Know what kind of weather you prefer. This will narrow down the list really quickly. If you prefer the heat over the cold, then you may want to check out retirement communities in Florida. If you love the snow, then check out retirement communities in the Northeast.
Know the Characters
Before you move into a retirement community, go see it in person. Spend time talking to your potential neighbors. Ask them what it’s like living in the community. It is also a great idea to ask the residents what kind of activities are popular in the community. Every retirement community has its personality. Maybe some retirement communities have more BINGO nights than others, or maybe others are more centered toward golf tournaments.
Prioritize Your Medical Care
Not all retirement communities provide medical care. If your health is high on your priority list, then you should make sure to check out all information about what health care services the community offers. Knowing what hospitals are nearby will also come in handy. Making sure that your medical needs are met is very important when looking into a retirement community.
Is it Affordable?
Make sure you are searching for retirement communities that are within your budget. Also, keep in mind that many retirement communities charge additional entrance fees, and monthly fees change on an annual basis. For some retirement communities, entrance and monthly fees can be tax deductible, if the funds are being used toward medical care. Maintenance fees are also very common in retirement communities. These fees are usually bundled in the monthly payment.
Don’t Forget About the Activity Calendar
What does the retirement community offer? Is there golf, tennis, or swimming? These are all activities that can help keep you in shape, so finding a community that offers activities like these is helpful.
Know the Restrictions
If you have pets, you want to make sure that the retirement community allows pets. Some communities have other restrictions such as no-smoking and parking rules. Before you select a community, it is important to know every restriction that there is.
Are There Caretakers?
If you are planning on going on vacation a lot, then you will want to find a retirement community that has home caretakers on sight. This makes it easier for you to leave town, and know that someone that is trusted is watching your home.
Know the Local Rate
Some areas are more retirement friendly than others. Knowing the local tax rate is something to consider. The last thing that you’ll want is to pay high monthly and yearly taxes.
Negotiate
If you see a home in a retirement community that catches your eye, but notice it’s overpriced, don’t be afraid to negotiate the price. Negotiating a sales price on an overpriced retirement property can save you money to spend toward other investments.
Know Your Financing Options
If you’re not paying in cash, then you will want to know what your financial options include. Including mortgage tax is also a good idea.
What is the Management Like?
Having a competent and reliable management crew is everything. Before selecting a retirement community, ask residents what management is like.
Know the Best Time to Purchase
One of the best times to purchase a property in a retirement community is when high season has come to an end. For example, a good time to purchase in Florida is during May or June, when there isn’t high traffic.
Get a Home Inspection
An inspection will determine whether the property is safe and in good condition. An inspection will find anything from leaky roofs, to termite issues. If you are moving into a retirement community, and plan to be there permanently, then don’t pass up on the inspection.
Searching for the right retirement community doesn’t have to be a burden. As long as you take these factors into consideration, you will be on your way to finding the perfect retirement community in no time!
