Access to medical care, climate and local tax rates are just a few key details prospective buyers should consider before investing in retirement housing, according to a recent Forbes article.
Since retirement can mean different things for different people, Forbes contributor Vanessa Grout offers 12 rules to follow when shopping for retirement communities in a market overflowing with options.
Aside from acclimating to a new destination’s climate and getting to know the neighbors, a retirement community’s access to medical care stands to be one of the utmost considerations for retirees looking to relocate.
Factors to consider include whether or not a community provides any medical services, if there are any on-site health care facilities, as well as the availability of in-home health care.
Some areas might be more retirement friendly than others since income, property and estate taxes vary from state to state. Certain states with income tax advantages might have high property taxes and vice versa, which is why retirees should research community financials before committing to an investment.
A community’s activity calendar can also be a deciding factor to draw in potential buyers. Because retirees tend to have a lot more free time than they previously did during their working years, whether or not a community takes its activities seriously can either invite prospective investors or deter them.
Other rules to follow such as exploring membership restrictions, approval processes and walkable cities can also help influence a retiree’s decision when looking to invest in retirement housing.
Written by Jason Oliva