When you’re ready to move into your dream property to live
out your golden years, it is more important than ever to team up with a
trustworthy professional to help you navigate finding your ideal home. Perhaps
you’re seeking a Florida beachside bungalow with panoramic views and nearby
cultural events. Maybe an active adult community, featuring swimming pools and state-of-the-art
fitness centers. Or a secluded mountaintop getaway with plenty of space for a
garden and other hobbies. No matter what lifestyle best suits you, the proven
and dedicated real estate professionals and retirement property
experts at United Country Real Estate have all the tools and expertise to
aid your retirement property search.
With a century of experience and innovation, United Country Real Estate has established
a reputation as a trusted leader in the industry with a wide-reaching network
of highly-skilled and personable professionals eager to help their communities
buy or sell properties. With unmatched advertising resources and in-depth
knowledge of real estate investments, our brokers, agents and auctioneers will
ensure your real estate buying process is smooth and stress-free.
Retirement Property Investment
Renting vs. Home Ownership
Whether you rent or own, your retirement budget will largely
be dedicated to housing costs. Owning your
retirement home provides freedom and security through stable equity and
customization opportunities. Renting offers you more flexibility than owning
and you’ll have lower overall costs since maintenance isn’t your
responsibility. Homeownership offers tax deductions that renters do not receive
and real estate investments can be beneficial, but these benefits also call for
more responsibility. Carefully examine what path is best for you considering
how your income will look different at this point in your life. Most every retirement
property professional will strongly encourage buyers to purchase their home
before officially retiring. This process ensures mortgage costs won’t overwhelm
you, ensuring the best financial future.
Factors to Consider When Buying a Retirement Property
Planning for your retirement home is a rewarding and
exciting process that requires even more careful consideration compared to
other real estate journeys. Contemplate what your current and future needs
might be before making any big decisions. Those seeking late-in-life residences
are predominantly downsizing, sometimes due to becoming empty nesters or
needing less space to clean and manage. Retirement homes are typically one
floor as houses with fewer stairs are generally preferred by older adults.
Other retirement property features are wider doorways, hallways and bathrooms
to accommodate walking assistance devices and wheelchairs far easier.
Before You Retire
It’s never too early to start considering and preparing
for your golden years. Many experts suggest
you start
your retirement’s savings as soon as you start your career if possible.
Buying your dream home that you plan to live in for the rest of your life
before you even retire will diminish stress. A key motivator to purchase your
property while you’re still employed is that it’s often easier to qualify for a
mortgage or home loan. Lenders tend to reward steady income, so buying a home
or retreat before retirement ensures that your mortgage costs won’t overwhelm
you later.
By giving yourself plenty of time to plan for retirement,
you can also explore the different types of communities, property types and
locations that will best suit your future lifestyle. Whether it’s finding a
comfortable home near family that allows you to pursue different hobbies; a
condo in an active adult community set with fitness centers, dog parks and
tennis courts; or even a mountaintop getaway far away from any neighbors.
After You Retire
For some, buying
your retirement home once you’re no longer tied to a job or previous
properties is a better option than purchasing beforehand. This could be due to
the added financial strain of balancing multiple mortgages at once or
uncertainties of the future.
Waiting until you are officially retired to decide where you
want your retirement property located could be a helpful decision. Perhaps your
children or other family members are relocating. Maybe industry or economic developments
alter your plans. Or health changes arise, revising your budget and home care
needs.
Active Adult & Retirement Properties
Retirement living has many different levels of independence,
allowing for a huge scope for potential lifestyles. Independent
living and active adult communities are very distinct from assisted living.
The situations vary by support needed from 24-hour medical assistance to living
by yourself in the privacy of nature. Take inventory of your belongings you
wish to bring with you and determine what healthcare assistance you will need
before deciding which active adult or retirement property you are going to live
at. Remember that keeping an active lifestyle is critical for enjoying and
extending high-quality living.
Active Adult Communities
Activities
The active part in active adult communities includes a long
list of social, physical and cultural events hosted by the housing complex.
These activities vary based on the area, funding and abilities of residents, so
look around for which housing option will best suit your lifestyle. Identify
which hobbies and skills you want to learn or develop. Many of communities
include activities like libraries, gardens and music rooms, as well as golf
courses and trails. Clubhouses are used as a center for these complexes and
often host classes, clubs and even concierges.
Dining
Some active adult communities provide dining options,
allowing you to eat healthy meals and socialize with other residents on top of
not having to worry about buying groceries or preparing the meals yourself.
Most places also include fully-functional kitchens, so don’t fret –if you still
want to cook, you can!
Amenities
Active adult amenities cover a wide-range of luxuries and
necessities. Some are daily essentials, such as transportation services, beauty
parlors and housekeeping services, while others are exciting additions that
make life a little better, like movie theatres, community gardens and special
interest clubs. For folks with pets, a lot of these areas provide pet resources
like dog-friendly walking trails, pet cleaning services and dog parks. For
those who don’t own a pet, most retirement communities provide pet therapy to
residents, a practice proven
to increase quality of life.
Additional active adult amenities often include:
·
Walking Trails
·
Laundry Service
·
Bocce Ball
·
Pickle Ball/Tennis Courts
·
Golf
·
Art Studios
·
Fitness Centers
Socialization
Active retirement communities prioritize socializing amongst
residents, and they host events to encourage such activity. Clubs are a staple
to active adult living and can range from books clubs and knitting groups to
sports-based interests and bee keeping. Oftentimes meeting in the community
clubhouse, joining one of these special groups will make it easier to meet
fellow residents in your neighborhood.
Retirement Villages
Retirement
villages are a similar alternative to active adult lifestyles. These
retirement communities option offers many of the same benefits and
opportunities, but these accommodate health concerns and changing health states
with medical support. This balance makes them a popular alternative to other
active retirement community lifestyles. The flexibility retirement villages
provide allows you to transition your housing as your needs evolve, avoiding
the burden of relocation as your health or mobility changes.
Rental Real Estate for Retirement Income
If you’re retired or considering retirement, securing
additional income avenues through investment
properties may be a lucrative option to look into. By purchasing rental
units, a residential home, business property or even commercial district, you
can create a whole new avenue for retirement
income that gives you the support and freedom to live your ideal lifestyle.
Set the rental rate at a reasonable fee that gives you the
wiggle room to live out your retirement goals and fund your residence while
still remaining flexible. Real estate investment can also be an excellent way
to diversify your retirement portfolio, offering potential for long-term growth
and passive income. Additionally, generating rental income through investment
properties can provide many tax benefits that can build equity over
time. Be sure to consult with a financial advisor and retirement and active
adult property real estate expert.
Sources:
