As a South Florida active adult community realtor, Wilma Pinstein knows that the demand for homes in retirement communities is on the rise. Behind this growing demand for retirement communities are the baby boomers, who account for a quarter of the U.S. population. Baby boomers were born between 1946 and 1964, and they started reaching retirement age a few years ago.
The housing market is up from last year and is currently a seller’s market. South Florida retirement community realtors complain of shortages, and some of the newer communities are having lotteries for newly constructed homes. When the builders have more reservations than inventory, they enter those who are interested into a lottery; no auction, no bidding war.
If you are retiring soon and you are interested in a South Florida retirement community, you may be wondering how to navigate the frenzied market. There is not a one-size-fits-all solution, though. These days, retirement can mean very different things for individuals. No matter where you fall on the spectrum, one thing is for certain; having an active adult community specialist will help you navigate the process of finding a South Florida retirement community easily.
Aside from a quality active adult community specialist, here are a few other rules for buying into a South Florida retirement community:
- Acclimate before you move.
Weather is a key component when you are looking to move to South Florida to retire, especially if you are coming from northern states. Before you make the decision to buy, try renting in Florida first. This way, you can truly decide whether the climate and geographic location is right for you.
- Get to know the neighborhood.
Take some time to scope out the active adult community and your prospective neighbors. Retirement will bring more free time than you are probably used to, and planned social activities are big in active adult communities. Your fellow residents are likely to become your new friends, so get to know the neighborhood and see if the people in the area are friendly and share the same interests.
- Research the local medical services.
Many retirees are looking to lead an active lifestyle. You will want to see if the South Florida retirement community offers medical services. If there aren’t any onsite medical facilities, check to see how far you will need to travel in case of an emergency.
- Factor in local taxes.
Some states are more accommodating to retirees than others. You should always take into consideration income, property, and estate taxes when choosing and active adult community. Luckily, the State of Florida has some of the lowest taxes in the country and is known as a retiree home, making the state very accommodating.
- Watch the market to get the best price.
The best time to buy is always when the local high season is ending. In southern states, like Florida, this time is usually May or June, when the weather starts to heat up. Buyers gain ground negotiating, as sellers get nervous about the lull. By using a Florida certified adult active community specialty realtor like Wilma Pinstein, you are guaranteed to be purchasing during prime market time for buyers.
- Check out the approval process.
Sometimes, South Florida retirement communities have stringent approval processes. Figure out what is required by consulting with your broker and current residents.
- Membership options.
Study the requirements and options on club-membership structures. This investment may run into the hundreds of thousands of dollars, yet its appreciation and resale value can be uncertain. Many South Florida retirement communities also charge annual dues and a food and beverage minimum.
- Check out the activity calendar.
Spend some time figuring out if the community you are buying into provides activities that you are interested in. In most cases, they are the country club staples of golf, tennis, swimming, etc.
- Inquire about restrictions.
Rental and resale restrictions are common in South Florida retirement communities. You may be surprised to find out what some communities do not allow. Some places ban pets, while others ban outdoor grilling and cigars. A long list of rules indicates a high level of board politics, which you may want to steer clear of or the living environment may not be as enjoyable.
- Look into caretakers.
Some South Florida retirement communities offer more maintenance, repair, and security services than others. Predictably, well-staffed condos are easier to maintain than individual homes.
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