Eight Rules to Live by When Buying Into a Retirement Community

Oct 1, 2014 by

Eight Rules to Live by When Buying Into a Retirement Community

Are you planning to retire soon? If so, you may be considering the benefits offered by moving to a retirement community. However, before you jump ship and make a decision, consider the following eight rules.

Number 1: Get acclimated prior to relocating.

When you move, you have to consider the weather of your destination. Places such as California, Arizona, and Florida are much more seasonal than they may seem during a weekend visit. If you are planning to relocate to one of these areas, you should consider renting first to be sure you like the weather.

Number 2: Consider the neighborhood.

Spend some time becoming familiar with the neighborhood and your new possible neighbors. Retirement will offer you much more downtime, which means you will have time to socialize.

Number 3: Consider what medical care is provided.

Many retirement communities provide on-site medical services. If they do not, you should find out how far you will have to travel.

Number 4: Consider the taxes.

Each state is different, so you need to carefully consider the tax rates prior to making a decision. When you are aware of what you will pay, you can be better prepared when you actually move there.

Number 5: Be sure to time your purchase carefully.

Consider making your purchase when the busy season is ending. This will give you more negotiating power.

Number 6: Consider the financial health of the community.

You should research any retirement community carefully to ensure they are not still suffering due to the economic downturn a few years ago. Check for things such as foreclosures or liens in the area and take a close look at the actual financial records of the HOA.

Number 7: Evaluate the approval process.

There are some retirement communities that will have stringent processes to be approved. It is essential you find out what is required when you are talking with your broker or the current residents.

Number 8: Explore the “membership” structure.

There are a number of full-service communities that often offer a club membership structure. You should learn what the requirements for membership are.

The fact is that there are retirement communities of all types, which means you need to take the time to find one that meets your needs. This will help ensure a happy retirement experience.

If you are considering moving into a retirement community, considering all of the factors is essential. You can find out more about what is available in your area by visiting the Century 21 website.

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