THINKING OF MOVING TO A RETIREMENT COMMUNITY...READ THIS!

Many retirees ponder the decision to trade in the "old homestead" for a age-restricted active adult community. If that idea has been moving around the back roads of your mind, then you will want to read this weeks blog.  Here are a few things for you to consider before making any move.

1. Why move?  Make certain you have a compelling why.  Are you drawn by the appeal of living in a safe environment away from rush hour madness, difficult neighbors or families with too many children?  Will moving enable you to maintain your social life with little inconvenience?  What are the financial benefits to the relocation in a retirement community?  Will you be moving closer or further away from your extended family?

2.  Can you live with the rules?  Most, if not all, retirement communities are governed by a homeowners association which has established rules for the residents.  The rules dictate what pets you can own, how you can decorate the exterior of your home and how long younger guest may visit.  Acquiring a copy of the rules of the homeowners association and becoming familiar with them is one of your first considerations before moving.

3. How much and what do the HOA fees cover?
Asking what do my monthly fee provide is a legitimate question.  What do they provide?  Normally, HOA fees inculde your share of the cost of common area maintenance, the community's employees, insurance and property taxes, just to name a few.  Are there other service that are covered by the HOA fees?  More importantly, will you be paying for service you won't use.

4. Is the HOA in good financial shape and is the property well managed?  You are not doing an IRS audit, but it is in your best interest to understand whether or not the money you are investing is going where the HOA says it goes.  Along with a copy of the HOA rules, you should obtain a copy of the HOA's financial statement and minutes from recent HOA meetings.

5. Will you be happy there?  Try talking with several residents from the community you are interested in moving into.  Try to determine if they are happy with the community and how do they get along with their neighbors. Do they have any specific concerns or complaints.   Finally, pay attention to how they treat you and your questions.

Moving to any new location always brings it own set of questions.  Moving into an age-restricted community fosters a new set of questions - ones that deal with lifestyle and fiances.  Do your due diligence.  Gather as much information before hand before making any decision regarding this move.