Doing your homework before retiring can help
prevent aggravation and stress, and can save you money. Five key factors to consider when in the market for a retirement home:
1- Visit the community during both the busy season and off-season. Many towns have different ‘feels' to them depending on the time of year. Some people make the mistake of buying a home in a town that they have only visited on vacations or during the peak summer period.
2- Find out where medical care is located. According to AARP, more than 60% of Americans ages 50-64 have at least one of six chronic conditions such as hypertension, high cholesterol, arthritis, diabetes, heart disease and cancer. Once seniors reach the age of 65, more than 80% are affected by these chronic diseases. Close proximity to hospitals, doctors and medical facilities should be considered when retiring.
3- Think about gas prices. If your new home is far from family and friends, and there is no public transportation, you may be spending a lot of money on gas and tolls. Twenty percent of people over 65 do not have a driver's license. Many who do drive prefer not to drive at night or in inclement weather. Cost of living should be factored in as well.
4- Determine how much living space you will need. Without a family at home, your space needs will diminish. Pay attention to stairs, basements, garages, and attics when looking for a home. The average size of a home for people over the age of 55 is 1,800 square feet.
5- Look into social aspects of the area. If you like people, dining out and shows, you may not want to opt for a remote location. Think about the activities you enjoy, both during the day and at night. Many active-adult communities offer entertainment, bus trips to tourist attractions, and on-site shows and programs.