Questions about Retirement and Relocation
Thursday, January 25th, 2007“When you retire, think and act as if you were still working; when you’re still working, think and act a bit as if you were already retired.” Author Unknown
Independent of where you want to live in retirement, there are a few questions to ask yourself about the type of community you want to live in. These questions tend to divide people into different camps and will determine to a certain extent your neighbors and their outlooks.
First, do we want to live in a retirement community? For some being in a neighborhood with the 55 plus crowd means having people in the same stage of life and with similar life experiences close by. These potential friends may share interests and be involved in the activities that appeal to you. Others are invigorated by being around various age groups. They want to see children on the playground and at the pool or talk with their neighbor about their job. Some active adult communities do a commendable job of integrating with the larger community with nearby shopping, restaurants, and recreation facilities.
Another question that seems to separate those seeking a place to retire is whether to live in a private-gated community. You may want the added security of this feature or the exclusivity that this destination in life signifies. In some developments this may not be necessary or desirable. You may feel that this is not a value you want to convey or that is consistent with your lifestyle.
Here’s an issue that cannot be easily overlooked. Some developments sell land and home packages with a limited time- perhaps one or two years- in which to build. Other communities sell land with no such time frame. Is the flexibility important to you? What are other owners actually doing? The developer may be able to give you a sense for the majority of the purchasers’ stated time lines and plans. Does this fit with what your objectives are? Does the neighborhood seem to be sparsely populated? I have seen communities that have existed for years where many seem to have had the “buy and hold” mentality. I wonder how much longer it will take them to become vibrant, engaging places to live. Others seem to have sprung up overnight. Sometimes these building policies greatly impact the character of a place.
I received a call recently from Bob, a reader in Ashburn. His father lives in Reston six months of the year and Naples, Florida the other six months. It seems that dear ol’ Dad has been encouraging Bob to buy a second place while they are still affordable. That’s a wise father. Buying a second house that you can use for a vacation home and perhaps rent out may be a great way to determine if that’s where you want to ultimately retire. In the category of “if only I had known then what I know now”, my Dad had a condominium at Carolina Beach, NC that he sold a few years ago. Now that same place sells at 3-4 times the price! Even though the housing market has flattened in Loudoun County in the past year, we’ve certainly seen the same trend locally over recent years. If you’re in your 30s or 40s and retirement seems like a distant dream, you may want to consider this option. Don’t kick yourself ten years from now for what might have been.