Five Questions to Ask When Choosing a Retirement Community
Not sure where you want to settle down when you retire? You’re not alone. With so many options available, it can be challenging to figure out what’s best for you.
If a retirement community is on your list, it’s important to plan and research carefully to ensure you make the right choice. After all, you’re not just buying a home; you’re investing in a lifestyle.
“It’s important to think not just about today but also the future,” says Brad Breeding, co-founder and managing partner at myLifeSite, a website dedicated to providing older adults with information about senior living. “This is not just a decision about where to live. It’s more of a decision about how to live.”
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If you’re in the research phase or getting closer to taking the next step, here are five questions to ask yourself when evaluating a retirement community.
Do you prefer an active, independent adult community where care is available nearby but not included in your HOA fees? Or would you rather have access to on-site care when needed?
That is a big question and one that will dictate your search. Without knowing what type of community you want, its difficult to narrow down the list. And when you do decide, it opens up even more questions.
If you are interested in a continuous care facility, ask about types of care, the fees associated with them and when you start paying for more assistance.
If you’re considering an independent retirement community, your research will be directed toward things like the community’s culture, activities, amenities, parking options, storage, security and what happens in an emergency.
2. What’s included in the price?
For most retirees, price is the first consideration. You have to afford the home, HOA fee and other monthly expenses. Beyond that, however, price shouldn’t be your only consideration.
Equally important is what’s included in the price. You may find that with all the perks, you can afford more than you think.
“Even though one community may appear less expensive at first glance, you may ultimately pay more over the long-term if they include fewer services in the cost,” says Breeding.
Make sure to get a list of everything included for each retirement community so you can do an apples-to-apples comparison.
3. Can I visit?
Some retirement communities offer “stay and pay” packages for two, three or four nights for steeply discounted rates, allowing potential residents to experience the community before buying. During their stays, they get use of all the amenities and access to the facilities.
It’s something Kelley Sarantis, a realtor who sells homes in her Latitude Margaritaville community, encourages her clients to take advantage of. “They get a feel for it,” says Sarantis, and it’s cheaper than a vacation. Plus some let you bring more than one guest.
If the retirement community doesn’t have a “stay and pay” package, Sarantis encourages her clients to come out for a tour, even if it means flying and staying overnight for a day or two. Selecting a retirement community should not be something that happens sight unseen.
4. Is there work available?
In the early days of retirement you’ll undoubtedly be busy enjoying the amenities and exploring the grounds. But eventually you may want more, whether it’s a part time job or the ability to volunteer.
A lack of those opportunities could affect your quality of life down the line. That’s why it’s important to ask about job and volunteering opportunities in and outside the community.
“I’ve found they initially love the fun stuff but now they need a little more purpose,” says Sarantis of her neighbors and clients. “You have to think about the job market and volunteering. Is there a Humane Society, a Red Cross or a school nearby?”
Whether you plan to travel or you anticipate lots of visits with the grandkids, proximity to the airport and cruise ships may be a big deal. If it takes you half a day to travel to the airport or seaport and you’re a frequent flyer/traveler, it could get old, real quick.
It may not seem like a big deal but when selecting a retirement community you shouldn’t have to settle, especially if it impacts your quality of life.
“If people move out of the community it’s usually because they miss their grandkids,” says Sarantis. Close proximity to an airport gives them accessibility.
The best advice is to go slow and prepare well in advance of your retirement date. Don’t be afraid to ask questions. If you don’t like the answers, move on to the next community. Do your homework, test out the retirement community and run the numbers before making your choice.
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