Things To Consider When Purchasing A Florida Retirement Home

Posted by Florida Realty Marketplace on Monday, August 16th, 2021 at 8:00am

Things To Consider When Purchasing A Florida Retirement HomeIf you are starting to consider your retirement, the idea of moving to a new home has probably crossed your mind. There are many advantages to moving to a new home for retirement, but with those advantages come many factors that should be considered. Let’s take a look at a few things that should be considered early on when thinking about browsing for homes for sale in Groveland, FL to retire in.

Give It A Test Run

Whether you plan to move across the country or into a retirement community, make sure to test out your vision. Someone who likes the idea of living in a community might find that they don’t enjoy abiding by rules. Subsequently, someone who wants to move to Arizona may discover they don’t enjoy hot weather. Spend time visiting different retirement communities or vacationing in various destinations to find out what environment suits you best.

With the popularity of services like VRBO and AirBnB it is much easier to test the waters in several different locations with more home-like feels than a regular hotel. Finding a short term rental on one of these sites for up to a month in a home similar in style to what you are looking for will give you a great idea of what life in that area will be like for you. You may find yourself settling in quickly, but could also realize issues exist that you hadn't considered before.

Be Forward Thinking About Accessibility

Be sure to pay attention to accessibility when looking at properties. Single-story properties are a popular choice amongst retirees, as they cut out the need for stairs. Other features to look for include wide entryways and hallways, step-in showers, and rooms that provide enough space to move around in a walker or wheelchair. Even if accessibility is not a current concern, keep in mind that retrofitting a property to become wheelchair accessible can be very expensive.

This is also an important consideration for resale of the property. If you are moving into an area that is popular among retirees, having these features now will help appeal to a wider scope of buyers in the future. If someone is considering one of the many beautiful homes for sale in Groveland Fl and needs these accessibility features, your home will be at the top of the list.

Remember Your Friends And Family

Many people dream of retiring to a faraway destination, such as a beach town or even abroad. However, before you leave your old life behind, be sure to consider how big of an impact leaving your support network can have. While it should ultimately be your decision on where and when you would like to retire, understanding the effects that leaving will have on those around you should be an important consideration.

And it's not just the impact on those around you, moving away from friends and loved ones can have a big impact on your daily life as well. If you are the type of person that sees your family and friends on a daily basis, suddenly moving hours away will be a drastic change, on top of being in a new setting and a new home. If you have friends or family that provide important services or assistance to you and your daily life, these factors will have to be considered and accounted for in your move.

Work Out A Budget That Works

Sit down with a financial advisor and work out a realistic post-retirement budget. Getting an idea of your monthly retirement income and expenses now can help you identify areas that need more preparation. For those buying a retirement home early, be sure to calculate how much house you can afford based on your post-retirement budget and not on your current income.

Even if your monthly income were to stay roughly the same, the amount you can afford to spend on home-related expenses might change significantly. Be sure to factor in home-related expenses when calculating your home-buying budget. Costs may increase or decrease based on the age and condition of the property, severity of the weather, or whether or not your future home is part of an HOA or retirement community.

While every situation is personal and unique, these factors should all be addressed before buying a home for retirement. This can be a big decision for many people and shouldnt be taken lightly, or made hastily. With the right thought and preparation, your retirement, and retirement home, can be everything you've dreamed of and more.

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