Pros and Cons of 55+ Communities

Pros and Cons of 55+ Communities

For some people, deciding to finally make the move to an adult community is difficult. If you’re having a hard time to decide how you want to spend your golden years, this list will help you make up your mind. Learn the Pros and Cons of 55+ Active Adult Communities...

A Deeper Look: Charlotte’s Urban Neighborhoods

A Deeper Look: Charlotte’s Urban Neighborhoods

Already half-convinced that Charlotte, NC is the next place you should call home? Here’s an article that will take you by the hand through the neighborhoods of the original streetcar suburbs that keep the distinctive visuals of a pre-World War II Charlotte....

Lake Wylie: The Perfect Getaway in Charlotte

Lake Wylie: The Perfect Getaway in Charlotte

Lake Wylie: a man-made lake in the U.S. states of South Carolina and North Carolina that extends to around 13,400 acres and features 325 miles of shoreline, from which residents of nearby cities including Charlotte, Fort Mill, and Rock Hill can spend days enjoying the...

Charlotte, NC: What’s All the Fuss About?

Charlotte, NC: What’s All the Fuss About?

As a retiree looking for a place to settle in your golden years, you’ve probably heard or read about the increasing population in North Carolina’s cities such as Cary, Raleigh and especially Charlotte, the ‘Queen City’. For both young families and the older...

Reasons to settle in Charlotte, NC

Reasons to settle in Charlotte, NC

The Queen City of the state has experienced a new phenomenon in recent years: not only retirees, but now young families have found a jewel nestled in the Piedmont region, conveniently located between the Appalachian mountains and the beautiful white sands of the North...

How to estimate your budget for a home in a 55+ community

Any big decision implies an investment and plenty of preparation. Planning a vacation, for example, requires thinking about where you want to go, where you’re going to stay and how much it will all cost, on a small scale. A well-organized trip leaves you lots of space and time to enjoy yourself. However, when it comes to large-scale planning and preparation such as moving to a new area, careful thought and planning are absolutely essential, so you can accurately estimate your budget and manage finances confidently.

Here are some tips for you to get organized and embark on this amazing life journey.

What do you want?

One of the first questions you should ask yourself is: where do you want to live? Knowing what you want is better so as to determine the budget you’ll need. Although it’s normal not knowing where you want to live (we all get indecisive), it does simplify things. It limits your spectrum of options so you can prepare a plan according to the prospective facility in mind. However, you can do it the other way round and ask yourself first…

What ‘s your budget?

Life expenses increase proportionally to your age. When you get older, you tend to have more expenses such as extra medical care, better housing, and a better overall lifestyle. Currently, it is estimated that an older adult’s average senior living costs range from $1,625 to $8,517.

That is why knowing exactly what your budget is makes things easier for you. This question can take place at the same time as the one above. You can limit your decision to what you can afford or vice versa.

Now, you’re ready to draft a personal budget. Be honest. It’s not necessary to lie to yourself.

Here is a list of things you should take into consideration when drawing up your budget:

  • Financial income: pension, investments, and small business.
  • Fixed expenses: rent, medical insurance, etc.
  • Variable expenses: Things like groceries and medications. These vary each month.
  • Credit card expenses.
  • Essential and discretionary expenses. This helps you to know which expenses you can disregard.

What do they offer?

After knowing what your budget is and where you want to live, check out what the community offers. You may have a global idea, but it is better to schedule a visit and inquire about certain prices such as:

  • What is the monthly payment?
  • Are there any entrance fees?
  • Are there any extra amenities? How much do they cost?
  • Is there any extra service provided by the 55+ community?
  • What about the security deposit and refund policy?

If you have any other questions, you can ask our team here at Corbinton. We will guide you and help you in any other inquiries about our active adult communities. Just contact us!