How to Buy Property in a Retirement

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Decide where you want to live.

You may want to stay in the local area so you can continue to see friends and family, particularly grandchildren. However, you should remember that as a retiree, you have the freedom to live anywhere you want. You could move out of the city, to a warmer climate or near the ocean.

Consider what your future needs might be.

Although you may not need any assistance now, that may change as you get older. Make sure the communities you're considering offer a variety of services. Look for help with daily activities and medical care. If you're married, consider the health of your spouse, as well.

Tour a number of retirement communities.

Look at the upkeep of the buildings and common areas, study the schedule of activities, meet the staff and residents and walk through the homes. Most retirement communities are designed to encourage residents to be active. Decide where you'd be most comfortable.

Get financial advice.

Not only must you pay for the home; generally, there is also a buy-in fee and a variety of other fees, including homeowners association dues and the cost of extra services. You must allow for these fees to increase over time, and for you to pay for more services as when you need them.

Read your contract carefully

Carefully read it so you will know what's expected of you as a member of the community. Know what would happen if you decide to leave, or transition from independent living to assisted living or full-time nursing care.

Source:http://www.wikihow.com/Buy-Property-in-a-Retirement-Community

Images: http://www.mrpropertyservices.com.au/

How to Buy Property in a Retirement

Village