Buying Real Estate for Retirement?
In making a real estate move as you age, you might want to consider a retirement facility.
Since each one offers different real estate amenities, you need to physically get inside each one to make a qualified real estate decision. Make sure you ask what the fees are and what is covered—meals, recreation, maid service and transportation.
Recreational facilities can include a golf course, pool, tennis courts, gym, library and social rooms. For a retirement community, you normally buy a unit and then pay a monthly fee for use of the amenities above. These are usually for people over 55 and they usually require that you are ambulatory.
If the real estate unit is specified as Life Care, you usually get a right to use the unit for the rest of your life, but give it up once you die. The advantage to this arrangement is that you have health services with doctors on staff and a nursing facility. Some of these will have a range of service levels from fully independent real estate living to assisted living to nursing care. These are type of facilities that when you move in you are fully independent, but with time and aging you need more and more care. My father chose this, because it would mean he would only have to move once.
Again whenever you make a real estate decision, talk to a real estate professional and do your research.
Be aware that any real estate clients names have been changed to protect their privacy. Furthermore, Paula Pagano does not accept any liability for the content of any Blogs and this Website or for any actions you take or resultant consequences of actions taken based on the information provided in this communication. Any advice is my opinion after being a 35 year experienced real estate agent in San Francisco.