5 Things you need to know before buying in a 55+ Community
July 20, 2020
If you’re in the early phases of your retirement home search, specifically 55+ or active adult communities, it’s important to set your expectations upfront. Today I am sharing 5 things you need to know before buying in a 55+ community.
While there will be other lesser considerations, it is essential to the success of your quest for a home that best fits your wants needs and budget in a 55+ Active Adult Community that you identify these 5 things.
Identify your Budget for your 55+ Home Search
Your budget determines everything. How much you can qualify for in a loan if financing and how much down payment you have to put down, alternatively, how much cash do you want to spend on your new home.
Equally important is how much will it cost monthly to maintain your home including taxes, insurance and HOA dues as well a mortgage payment if any. Until you know these numbers you will not know the price you can afford and what community and area you can purchase in.
Taxes and Insurance
Taxes and insurance vary greatly by state, and even by area of a state, as well as county by county.
Community and HOA Dues
HOA dues differ from community to community. It is imperative to know what you can afford.
Develop a Timeline for Moving into Your New Active Adult Community
The second thing you need to know is your time frame for moving. The time frame will determine if you are buying a resale with a short time frame to buy and move or if you have the luxury of waiting for your new home to be built.
Do you need to sell your existing home first?
If you have a home to sell in order to buy your time frame is longer (usually) and you have time to build a home and sell your home while it is being built. This can be a tricky situation if your home sells in one day you may need to move twice and rent until your new home is built. You have much less control of your moving time frame when selling an existing home first.
Where will you be searching for your new home?
The third essential must know before searching for your home in a 55+ Active Adult Community is location. Are you looking to be closer to family, better weather, lower cost of living, close to a special interest, a medical specialist or a combination of these. Keep in mind location can significantly impact the cost of your new home.
What Type of Active Adult Community are you Looking for?
Knowing what type of community you are looking for is your 4th must know essential. Large or small?, amenities if any?, including any must-haves, activity director?, gated?, 55+ or Active Adult Age targeted? These answers, like location, can significantly impact the cost of the homes as well as the HOA dues.
Find a Local 55+ Community Real Estate Expert (or SRES)
Your 5th and final essential before you begin your 55+ Active Adult home search is to identify a 55+ Community Real Estate Expert in the area you want to move to.
A great resource is 55Places.com click on the state, area, and even community if you know it, you will be directed to a 55+ expert in that area.
All agents on this site have been chosen from thousands of applicants because of their professionalism in working with senior clients and their extensive knowledge of the 55+ Active Adult Communities in their area.
These experts can help you identify the communities that best fit your wants and needs within your budget saving you countless hours of research and stress..
The next blog in this series will be 6 Tips for selling your home in a 55+ Active Adult Community.
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