Boomers Should Know Dangers of Reverse Mortgages
Many of you reading this blog may have senior parents that are living in the same home they’ve lived in for many years and do not want to move, but for whatever reason they need money for bills, medical expenses, etc. One way that some people are getting this money is through reverse mortgages. Ideally you should look at reverse mortgages with a fair amount of caution, and be aware of what the disadvantages of reverse mortgages are and try to help your parents make the right decisions about reverse mortgages. Read more
New Home Construction Process
For some, building a new home in which to enjoy retirement is the ultimate dream. There’s not much more exciting in real estate than picking a lot, choosing or designing a floorplan, making your interior design selections, and seeing it all come together right before your very eyes. Read more
Maintaining Your New Home
You may think that once you’ve moved into your brand new home in a new retirement community that your work is done. This is only partly true. There are several things you should do after you move in to keep your home looking and operating like new. Read more
Real Estate Closing Basics for Boomers
There are costs other than the sales price that are incurred in your real estate purchase in a retirement community. As the buyer, your share of these costs will typically range from 1% to 2% of the sales price. The closing costs that you pay will be a function of a couple factors including what you have negotiated in the real estate contract and whether or not you are getting a mortgage. Read more
New Home Walkthrough Checklist
The walkthrough, or new home orientation as it is sometimes called, is one of the most important phases in the construction of your new home. It is a time for you to meet with the builder and let him or his representatives acquaint you with your new home and all of its components. The walkthrough is also a time for you to give your new home the once over, looking for any construction issues not up to quality standards. Here is what could be considered the ideal walkthrough in detail. Read more
Real Estate Financing for Retirees
Real estate financing, for the most part, is no different from state to state. However, if it has been a few years since you last went through the process of getting a mortgage, you could use some refreshing on the world of real estate finance before placing an offer and purchasing a new home in a retirement community. Read more
Negotiating With Home Builders and Developers
With most purchases we make in our daily lives, negotiation is usually not part of the transaction. We don’t try to haggle with the barista at the corner coffee shop over the price of our grande white mocha, no whip, with non-fat milk. Because of this, when we go to purchase big ticket items like cars and homes, we are often times reluctant to negotiate because of our natural desire to avoid conflict. However, when purchasing a home, negotiating is, most of the time anyway, the order of the day. Read more
IRS Goes After The Villages
I’ve written quite a bit on this blog about The Villages, the popular retirement community in Central Florida. I’ve also written a book for those thinking of buying in The Villages and wanting to learn more about it, titled “Complete Guide to The Villages Florida”.
One of the reasons The Villages is so popular among baby boomers and retirees is the amount and quality of the amenities available to residents, affectionately known as “Villagers”. What many people don’t know is that the developer did not use his own money to build these amenities such as golf courses, recreation centers, and town squares. These amenities were funded by the sale of tax free bonds that homeowners have to pay off over a certain number of years. Read more
Retirement Community Home Inspections and Warranties
Home inspections and home warranties are two tools available to you that will help to ensure that the present and future condition of your new home is satisfactory. Before finalizing the purchase of a home in a retirement community, you should always have a home inspection done. This point cannot be stressed enough. A home inspection could be the best money you ever spend. Home inspectors conduct a thorough evaluation of the home that can help you understand the condition that the house is actually in before you take ownership. Remember, that sometimes looks can be deceiving, and nobody likes unexpected surprises or costly repairs once they move in. Even if the house is fairly new and appears to be in good condition, you never know what could be hiding out of plain sight. Read more
Retirement Community Homeowner’s Insurance Basics
In addition to the obvious need to protect your investment, the ability to get homeowner’s insurance is of utmost importance when getting a mortgage on your property. No mortgage company will loan you money on a home in a retirement community without you first having insurance on the property. In some instances your mortgage lender can even foreclose on the property if you fail to carry insurance. While no one can predict what the future will bring, I have done my best to compile for you the facts and resources, as they now stand, to help you navigate the homeowner’s insurance minefield. Read more
