There are many types of senior living facilities available. A growing number of elderly patients are choosing to invest in a retirement community, which as the name suggests, is a housing complex designed specifically to care for seniors. The elderly patient is allowed some level of independence but the specialized structure of the community allows for emergency medical care and home care agencies. There are also designated activities and socialization opportunities. Before deciding on this option, however, real estate developers encourage families to answer these three questions properly.
Where is the community located? Money is always a big concern among families. As such, families should look at the property and estate taxes of the state before investing. Some states provide generous incentives for retired people. Families should weigh the pros and cons of the necessary taxes. Prospective buyers can also ask their local real estate developers for assistance.
What is the history of the community? Families should carefully review their prospective communities’ financial records. This can be found at the local homeowner’s association or county clerk’s offices. This helps assuage any fears of the community shutting down. One can also look at the community’s assets through the local property tax appraiser.
What do members get? These retirement communities sometimes have specific club-memberships requirements. It is best to understand what these may be before investing in anything.
A highly recommended action is to speak with a trusted real estate developer to have a list of options.