Financial Articles

Active Adult Retirement Communities: Ten Things To Know

Articles about active adult retirement communities often point out this important fact: Baby boomers have turned 60. Where will they retire to? Some will choose to sell their homes for a variety of reasons: financial, to downsize, to be closer to children. As homebuilders are building more retirement communities and discovering what features boomers want making them more appealing, more boomers are considering active adult retirement communities.

Here are ten things you should know when you begin your research into active adult retirement communities:

1) Choose an Area: First thing decide where you would like to live by region, state and then city. A variety of websites now cover this subject thoroughly and are very helpful. My website also gives descriptions of the areas if you are wondering what it would be like to live in California, for instance. Find the communities listed under that area or city. The type of community we are talking about here will be categorized as Active Adult and sometimes Independent Living. After locating where they are, make a list of the active adult communities you want to consider further. There are many types of active-adult communities so notice what kind it is. For instance, some communities only have rental apartments. There are some that are manufactured homes only or RV. Some have assisted living available. The most common type is the outright purchase plus homeowners fee.

2) Make a list of your wants and needs: Is a golfcourse necessary? What are your hobbies and can you pursue them there. What other activities are there that you may wish to try in the future. Do you want a resort-type active adult community. Is having a college nearby important or your favorite medical facilities. How about scenery. Is a view important to you. Make a list putting your highest priorities first.

3) Decide on your budget: Do you wish to purchase or rent. What is the homeowner’s fee and what does it cover. Are there any other fees. Make a list of your total expenses. What is the policy regarding raising fees. Are there other active adult community plans that you find more desirable than outright purchase. There are many types of financial plans, however, the most typical is purchase plus a fee. My fee covers property tax and insurance, utilities, basic cable TV, security services, Clubhouse, and amenities such as fitness center and tennis. My tai chi class is an additional small fee. Usually there is an extra fee for golf and outdoor pool. For the greatest security, make sure you can cover your monthly expenses for the rest of your life.

4) Make appointments to Visit: A good plan is to contact the community or homebuilder and let them know you are interested. I find the retirement community will then send a generous packet of information. Sometimes they may have a visitor’s program offering a tour of the property and sometimes an overnight stay at reasonable rates. Visiting gives you more detailed information.

5) During your visit, be observant: Notice if the seniors appear happy and active and sometimes greeting you. Ask them if they like living there. Notice if the landscaping is well kept and beautiful. What amenities are offered. Where do you put out your trash and do your laundry. Seriously, both of these are conveniently right outside my door. My trash shute makes my life a lot easier. The building is cleaned every week. Sometimes, of course, you will have your own machines in your home. Make sure the floorplan makes your life easier. Are there any unique health programs for seniors such as restaurants serving a menu that is lower in fat, salt and sugar. Get the newspaper or activities calendar and ask if there are resales, check out the local real estate office. They can also give you an objective opinion on the community.

6) Is there transportation for residents? Is there a shuttle bus? This is wonderful if you take the one car to work and your spouse stays home all day. You may not want the expense of two cars anymore or any car at all. You don’t want to be stuck in your home and no way to get around. How far is the shopping center. Can you walk?

7) Where are the grocery store and major shopping: Is there a shopping center located nearby and where is the major shopping mall. Ours is conveniently next to the community and we can walk if we want to.

8) Emergency Services and Hospitals: Fortunately, most active adult communities are located near these facilities since adult community homebuilders know it is important. However, some that are in more remote areas may not be near enough and you may have to weigh this in your decision.

9) Security Services: What does this consist of? Is it an electronic gate only, a 24-hour manned gate, or manned gate and patrol. The manned gate plus 24-hour patrol is best. Our security service also handles just about anything that may come up that we need assistance with or are concerned about. It is wonderful and gives so much peace of mind.

10) Now choose which communities you like best: Get the names of persons you came in contact with for any questions you may have later. Get more details on the community and maybe try to rent there first to try it out. Retirement communities usually have short-term rentals available. You may wish to do a follow-up visit.

Choosing which adult community you will reside in will be easier than you think. The people you come in contact with at retirement communities are very gracious and helpful. Soon you will enjoy the new sense of freedom and pleasure that only a great active adult retirement community can offer.
Article BY: Carol Fena

The central pacific coast in Costa Rica continues to be a popular choice for both buyers of overseas property, for both investment and pleasure.

Here we will give you an idea of the region and its potential for capital growth, some examples of growth achieved and why it will remain popular.

Playing it safe with overseas property

If you want an established area for buying overseas property, that offers fantastic potential returns on your investment, then this region offers you just that, without the risk of buying an up and coming region or country.

The Region

The Central Pacific is a narrow coastal strip surrounded by the jungle and the mountains of the Cordillera de Tamalmanca and spectacular beaches.

Here are just three destinations in the region that property purchases in or near, can on past performance give you a great lifestyle as well as great investment returns.

Jacó

Jacó sits to the north and has long been a major destination in terms of Costa Rican tourism it is extremely close to the capital San José making is just 30 minutes from San José, and about 7 south of the stunning wildlife reserve, Reserva Biológica Carara.

The town boasts fantastic hotels and an exciting nightlife. The town is a mix of older holiday makers and a young vibrant surfing crowd.

The famous Los Suenos Marriott Beach and Golf Resort, at Playa Herradura, offers ta 250 birth marina an 18-hole championship golf course, and stunning beachfront views.

Capital Growth potential

The Los Suenos Resort for example can show the potential of buying overseas property in the region. The hotel pre sold 50 condos of 2000 square feet for $250,000. The next year another fifty were sold at $350,000.

This years upper end units are being sold between $450,000 to $850,000 and there is a waiting list!

For another example, Investors that purchased $30,000 of property in Jaco 15 years ago are now worth up to $750,000. The region remains popular and further capital gains look like being made by investors over the coming years.

Quepos

About 7 kilometers up the coast from Manuel Antonio, is the sport fishing hot-spot, Quepos and is considered one of the best destinations for sport fishing in the world and is also a magnet for surfers.

South of Quepos, the spectacular beaches of Parque Nacional Manuel Antonio present some of the country’s most breathtaking ocean views.

A silvery white sand beach, with an expansive coral reef, backed by a rain forest, the four beaches of Manuel Antonio offer travelers beach, surf and natural beauty.

You can scuba dive, fish, surf, hike, turtle-watch or simply laze around and take in the atmosphere.

Dominical

A small fishing community beside the mouth of the Río Barú is now one of Costa Rica’s major surfing destinations and is a vibrant fun place to be.

Around 5 miles north of Dominical are the Nauyaca Falls, a popular destination for travelers. The falls are composed of two cascades, plunging around 200 feet into a relaxing warm-water pool and are just two hours away.

While the Central Pacific is well known for several of its most popular beaches, this region has a host of small, secluded shores, un spoilt by the area’s buoyant tourist industry.

Capital gains and lifestyle

When buying overseas property many people look at new areas to buy, however established areas that are popular can still be very lucrative and offer high potential rewards with low risk.

Keep in mind!

Many people buying property overseas want natural beauty, but they also want comfort, entertainment and good access.

This region has all of the above, look at it more closely and consider the advantages of buying overseas property here and you may be glad you did.

Article By: Sacha Tarkovky

Smooth closings or escrow don’t just happen. Real estate agents, mortgage lenders, attorneys, title companies, surveyors, insurance agents, and the property buyer and seller can contribute or hinder a successful closing or escrow. Often, buyers and sellers reach this concluding occasion and not know what they could have done to prevent delays or no closing at all. Here are some tips to move you along to accomplishing your goal; to buy or sell a home.

-Closing. The terms agreed to in a real estate contract are fulfilled by the buyer and seller. The seller delivers the title to the buyer in exchange for the contract purchase price. The seller also delivers a deed, title evidence and insurance, property survey, leases if applicable, and proof of any required repairs from the result of the buyers inspection(s). It is recommended that you consult with and retain an experienced real estate attorney for all real estate closings or escrow.

-Closing in escrow. A disinterested or neutral party coordinates all the aspects and documents related to the transfer of the property from the seller to the buyer. Escrow agents may be title companies, attorneys, trust or escrow companies. Check with state laws to see if escrow closings are legal and if so what the procedures are for conducting one.

-Survey. A new survey should be issued when your purchase or sell a property. This update will confirm any new easements or encroachments in addition to the documented location and exact size of the property through a diagram and written legal description.

-Title. Is the legal document that gives you ownership or evidence that you own a specific piece of land. Investigate the different ways you and or others can hold title in your state.

-Title insurance. This is delivered to the buyer and the buyer delivers it to their lender. The insurance policy is issued after a search of the public records for a property. The search looks for liens, easements, conditions, encumbrances, and restrictions, that can affect the marketability of the title.

-Deed. Title is the right to hold an ownership interest in a property, the right is transferred through a deed. There are several common forms of deeds, learn about deed options.

-IRS Form 1099. The closing agent must report all real estate transactions to the Internal Revenue Service.

-Real Estate Settlement Act. A form known as the HUD-1 statement or the Uniform Settlement Statement is required in all residential real estate transactions and with full disclosure of all settlement costs. This form applies to those loans financed by all U.S. government related mortgage loans. Most closings or escrow today use this form.

-Closing statements. A separate accounting from the HUD-1 statement, that is an accounting of all the debits and credits to the parties in a transaction.

-Prorations. Some expenses or items related to the property or mortgage loan are prepaid or paid in arrears must be pro-rated between the buyer, seller or mortgage lender at closing or escrow. Proration customs vary by state, inquire how prorations are done in your locale.

-Homeowners insurance. Most mortgage lenders require that you bring proof (known as a binder) that you have homeowners insurance on the property you are purchasing.

-Keys and automatic garage door openers. Don’t forget to bring all the keys if you’re the seller, or have them delivered to you if you receive possession at closing or escrow.

-Certified checks. Most closing agents require all parties who need to bring funds to close a transaction bring the funds in the form of certified checks. These checks verify that the funds are available when the check is presented.

-Bring photo identification. After 9/11 all closing agents require you to bring photo I.D. to any closing or escrow.

Article By: Mark Nash