There is a currently an investment boom in retirement living and the demand for retirement real estate communities is on the rise.
Part of this is attributed to the baby boomers that started to hit the age of retirement in the past few years. This generation will increase the number of retirement households in the U.S. by about ten million in the next ten years.
Particularly popular is the market for a buyer willing to spend $1 million or more on a home. High-end communities for retirement are rapidly being developed.
More than one-fifth of Rancho Santa Fe’s 2,800 residents are age 65 and up. In 2013, it was named one of Forbes ’25 Top Places To Retire Rich’. Whether you are planning to buy Rancho Santa Fe Real Estate or not, the following are some items to look at when considering a new place to live.
The Weather. In regions more seasonal, consider renting in the region’s off-season. If it is a year-round residence, make sure the weather in each season is something you are going to be happy with.
Local Tax Rates. Figure out which states have income-tax advantages and which states have high or low property taxes. Find the state that has the right combination for you.
Timing. In states with high tourism, buy when tourism is slow. This gives buyers bargaining power with fewer customers for sellers. When local seasons are low, you can get
Observe the Culture. Knowing the neighborhood: what it is like, what your neighbors are like, etc. is important. With so much spare time in this next phase of your life, you could potentially be spending a lot of it with your neighbors! Many retirement communities also plan an array of social events and keep residents involved.
Events. Most communities have event calendars for their members. Take a look at the calendars for potential places and see if the activities and events are ones you can personally align with. Each community differs in terms of games and events they prefer.
Medical Needs. Make sure your community is close to medical care if it does not provide for that. Local physicians can be an option. On-site health care facilities are popular, and most high-end communities also have a helipad for airlifts.
Restrictions. Finding out what is and isn’t restricted within a community can bring to light concerns that may prove deal breakers when deciding on where to live. Restrictions range from dogs and barbecues to parking spots, not to mention renting rules which can be endless.
Security and Extra Care. Well-staffed communities can provide extra security and maintenance to residents. This is an added convenience to consider if you want to travel or need extra help maintaining your home.
Membership Possibility. Some communities offer club-like membership structures. Each can vary in the options and requirements for receiving membership. As another investment, this is worth the research.
Financials. Proper research on the community and its financial state can help you choose a place that is stable and thriving; a place where you want to live.
Transportation. Are there plenty of amenities in the area? Is the transportation adequate? Can you walk to many businesses or health care services?
Living in an easily navigated community can offer you more options when it comes to social events, activities, shopping, and more.