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Buying a house is a life changing event, which some people can’t even afford, especially youngsters. That is why it is such a difficult decision to make. There are expectations that need to be met because an investment entails a future profit.
However, after 2008, some people rightfully started to doubt whether buying a house is a stable financial acquisition or not. But times have changed and acquiring a house is still one of the best life investments you can make.
But, what is the difference between buying a house anywhere and buying one in an adult active community? Let’s find out.
Some people argue that the downfall of buying a house in a 55+ community is that it is harder to sell and doesn’t retain its value because of the special location it’s in. But buying any home depends on its market value, offer and demand, the specific community where it is located and the individual house. Hence, it doesn’t differ that much from buying a “regular” home, but you do need to pay more attention to the differential elements of buying one because it’s within a community.
Hence, it’s key to pay attention to what the community and the area have to offer. Does it have any surrounding natural landscapes? Is it well located? Is the 55+ community active? Or is it rather dull? You should ask yourself these questions in order to point out the special characteristics that will give more value to the property you’ll be acquiring.
Furthermore, for some people, it’s really important to leave an inheritance to their families, so that’s why they might be apprehensive about the idea of making such an investment. But being a homeowner allows you to make loans, receive lines of credit or apply for a reverse mortgage giving you room to plan for the future, especially if the property values are increasing in the area where the house is located.
What you can do, so as to be sure it is a good investment, is check historic prices and the county records online to see the fluctuation of the buying and selling in the past, in order to get a better overview of the community’s financial value. An important element to consider is that the market value of the property varies, especially in regards to insurance, property taxes, mortgage payments and unexpected maintenance costs. These expenses might be superior to the average renting costs.
So why not rent then? Ownership equals more stability and control. Tenants, on the other hand, have the continuous worry of an increase in their rent, the possibility of the residence being sold or even, in rather extreme circumstances, getting evicted.
The profitability of the investment will also depend on other factors that need to be bared in mind such as buying during the off-season or checking how much money will go into taxes, which depends on the area where your new home will be located.
If you’re interested in knowing more about the 55+ community experience and the possibility of owning a house you can call home, contact us! Our response team is ready to offer you guidance and support!