When it's time to downsize, today's empty-nesters don't want to downgrade. Rather, they want to continue enjoying many of the luxuries they've become accustomed to -- except they want less house and property to tend, and of course lower taxes.
In addition, people ages 55 and up are younger than they used to be -- they lead active lifestyles, and they're looking for opportunities for recreation and socializing.
While some seniors head south when they retire, others want to remain close to their families, friends and communities. To meet increasing demand as the population ages, many 55-and-up communities have sprouted in recent years.
These properties are chock full of amenities such as swimming pools, spas, clubhouses, putting greens, tennis courts, hair salons, movie theatres and transportation to shopping. Some properties are designated for residents ages 62 and up, and usually, just one member of a couple must meet the age requirement.
If you're looking for a community for older adults, find a good real estate agent who is knowledgeable about the senior housing market. An agent who covers this niche will know many of the properties well and be able to zero in on the ones that meet your requirements.
As with any real estate purchase, the three most important considerations are location, location and location. While you will likely get more for your money by heading further away from a business district, it might not be worth the savings if it takes you too far from your grandchildren, your workplace or the life you know. Similarly, you will want to choose a location that's convenient to shopping, religious services, public transportation, your doctors or any other amenities important to you.
Once you have narrowed down where you want to live, figure out your price range. This can be tricky. Until you're in contract with a potential buyer for your current home, you don't know your home's true market value -- nor how much equity you can apply to a new property. Naturally, you must consider the monthly common charges at your new home; be sure to find out exactly what these charges include. Be sure to inquire about annual increases in these charges, and about any recent or imminent assessments. Many senior communities have Web sites, offering the lowdown on amenities and activities offered. But when you tour these communities in person, you get a better feel for whether you would enjoy living there. Visit the common areas and, if possible, speak to a few residents. Ask them what they like -- and don't -- about living there. One of the attractions of newer condos and townhouses is they are virtually maintenance free. Another, in many homes, is stairs-free living. It's become common for two-story condos and townhouses to have a master bedroom on the ground floor, so homeowners can do most of their living on the first floor and use the second floor for guests. Some complexes offer elevators, as well. Even if stairs aren't a problem for you now, they may become more of a nuisance down the road, so if you plan to remain there for many years, it's an important consideration. One of the hardest things about moving to a smaller home is figuring out what to do with your stuff. Real estate professionals can typically put you in touch with handyman services, which can help you clear out your basement, attic or garage. Because it can be an overwhelming task, it's a good idea to start paring furniture and other belongings long before the move. Source: Long Island Business News. Provided by ProQuest Information and Learning. Powered by Yellowbrix.
