Have you thought about retirement and where you want to live? If the answer is Florida, you’re not alone.
Why wait to buy your home after you retire?
Several clients of mine have purchased homes prior to retirement. Why would someone do this?
- You can buy at today’s prices, before home prices go up any further. Home prices in the Jacksonville market have been increasing 3% to 5% a year. At the beach home prices have increased around 10% to 15% and new home builders are raising their prices sometimes after every 3rd or 4th home they put under contract.
- You can rent the home out. For the last several years, it has been cheaper to buy a home than rent one in Jacksonville. This means that you can rent a home and cover most, if not all of your mortgage payment on the property. Check with your CPA too, because there can be additional tax savings as well. We do full time property management in our office, so we can provide that service too.
- Any changes or improvements to the home can be done before you move in. If you decide to put in wood floors or travertine marble, maybe redo a bathroom or add a pool, this can be done before you move. You be able to save yourself the inconvenience of having the work done while you’re living there.
So where do you start? Usually clients have three or four places in mind that they might retire to. I recommend renting a furnished condo for a week and checking each place out. This way you’ll be able to check out the country clubs or other recreational activities that are available in the area, make sure shopping is convenient, make sure that medical care in the area is up to your standards, and what traffic is like. Find a Realtor who can help you answer these questions and show you available properties in your price range. Once you narrow down where you want to live; spend a month there.
How soon should you start? I’ve had clients that started a year ahead of retirement and others that have started 5 years out.
If you have further questions about retirement Real Estate in Florida, give me a call at: 904-535-0544