3 Things Seniors Should Consider When House Hunting in Orlando
Orlando is close the the beaches
Moving to Orlando, Florida for retirement is an all-around great choice for seniors. Famously pleasant weather, endless entertainment possibilities, and a large population of active seniors are just a few of the reasons retirees make their way down to the Sunshine State in their later years. Orlando should be at the top of your retirement shortlist if you enjoy the sun, a fun vibe and the chance to live within your means. Bonus: Your grandkids will love it, too.
Below you’ll find a list of the top tips to keep in mind to optimize your search:
1. Plan Your Retirement Budget Ahead of Time
This may seem obvious, but buying a home in a new city requires a ton of research - even if you have a great real estate agent. Of first importance, you’ll want to have a good sense of what you can actually afford. The good news for those looking in the Orlando market is that housing is very affordable. According to real estate website National Association of Realtors, the median price of homes sold in the city is $250,000, which is below the national average of $289,000.
Houses are affordable as it is, but the state of Florida also offers exemptions that make owning a home as a retiree even more reasonable. Florida’s homestead exemption is available to homeowners for their principal residence. The policy exempts $25,000 of a home’s assessed value from school district property taxes and $50,000 for all other types of property tax. In most cases, the exemption adds up to be in approximately $500 - $800 in tax savings for Florida residents.
If you want to get a little supplemental income from your new home, the Home Equity Conversion Mortgages for Seniors (HECM) program monitored by the Federal Housing Administration (FHA) in the US Department of Housing and Ubr5an Development could be a great option for you. The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home's equity. Your real estate agent can help walk you through the pros and cons to see if the program is a good fit for your needs and goals.
The tax-friendly government regulations is another reason why seniors migrate down to Florida for retirement. Consumer finance service SmartAsset refers to Florida as the “ultimate destination” for retirees who want to stretch their dollars as far as possible. The state has no income tax, which means all forms of retirement income, including Social Security, public and private pensions, are also tax-free.
2. Know What to Look for in a House
Buying a home when you’re a senior is very different from buying a home during your younger years. You have to consider the idea that your changing health needs and evolving mobility limitations can ultimately affect the way you navigate and live in your home.
Enlisting the help of an experienced real estate agent can help ensure your next home is one that you can keep for the long-haul. Examples of senior-friendly home amenities include:
*No step entryways
*One story floor plans
*Open floor plans with extra floor space
*Bathrooms with safety features for seniors
3. Learn about Other Senior Living Options in Orlando
The city of Orlando has so much to offer, but it’s also important to think about exactly where you’d like to live within the city. If you’re not interested in purchasing a new home, you’ll be happy to hear that Orlando offers a plethora of different senior living options to accommodate many different levels of needs and preferences.
One option for seniors moving to Orlando for retirement is an active adult living community - also referred to as a “55-plus” community. These communities are ideal for seniors who want to remain independent, but would rather nothttps://www.seniorhomes.com/florida/orlando/ have to take care of all the maintenance responsibilities that come with owning a home outright. They also offer many different amenities, such as pools, fitness centers and happy hours for residents to enjoy their retirement to the fullest. Living in a retirement community is great for seniors who want to focus on relaxing and enjoying the sun.
For seniors with more complex health or mobility limitations, an assisted living facility could be a great option. These facilities offer consistent assistance with activities of daily living, such as bathing, dressing or housekeeping, as well as help with managing any health issues you may be dealing with. There are over 50 top-rated communities located directly in Orlando and 30 others that are considered nearby. The average monthly cost to live in one of these facilities is $3,725, which is well below the national average cost of $4,000.
Have questions about the house hunting process? Contact Richard Vaughn at Realty One Inspiration today!
We’re just a phone call away, and we can’t wait to help you get started on finding your dream home for retirement.