Thinking about where you’d like to retire? Plantation, FL is a not-to-be-missed retirement hotspot. Plantation, a suburb of Ft. Lauderdale, offers retirees relaxation, warmth, sunshine, and plenty of activities. It’s a one-stop-shop for everything you could ever want in your home for your Golden Years.
Considering buying a new home for your retirement? Here are a few things to keep in mind during the house-hunting process:
1. Figure Out Your Budget Ahead of Time (and Stick to it)
The number one thing you need to do before you get too deep into the house-hunting process is to establish your budget. Having a solid sense of what you can actually afford can save you headache and heartache down the line.
Luckily, Florida offers exemptions that make owning a home as a senior affordable. Florida’s homestead exemption is available to homeowners for their primary residence. This exemption provides for a claim of up to $25,000 of a home’s assessed value from school district property taxes and $50,000 for all other types of property tax. In most cases, the claim adds up to approximately $500 to $800 in tax savings for Florida residents. You should take advantage of every opportunity to save!
If you think you could benefit from a bit of supplemental income from your new home, you can talk to your real estate agent about taking advantage of the Home Equity Conversion Mortgages for Seniors (HECM) program. This reverse mortgage program that allows you to withdraw a portion of your home's equity. There are definitely pros and cons for you to consider with this idea, but your real estate agent can walk you through all that.
Another thing to consider in Plantation is its tax-friendly environment. Florida is great for retirees when it comes to taxes. Consumer money management website SmartAsset describes the Sunshine State as the “top destination” for retirees who want to get the most out of their retirement income. The state has no income tax, which means all forms of retirement income, including Social Security and public and private pensions, are also tax-free. This means more money in your pocket to spend on whatever makes you happy for your Golden Years.
2. Target Homes Where You Can Gracefully Age in Place
When choosing the perfect home for your retirement you need to keep your future needs in mind. Sure - the earlier stages of your Golden Years may be all about fun and relaxing, but it’s important to remember that aging usually comes with changing health needs or increasing limitations in mobility. These changes may ultimately affect how you live in your home, and it’s important to plan for that.
You’ll want to make sure you have an experienced real estate agent by your side to help you find a home where you can safely and healthily age in place. Examples of senior-friendly home amenities include:
- No step entryways
- One story floor plans
- Wider doorways
- Open floor plans with extra floor space
- Bathrooms with safety features, such as shower rails
3. Explore Other Senior Living Options in Plantation
While some retirees dream of buying a new home for a fresh start during their Golden Years, the reality is owning a home isn’t the best choice for everyone. The good news is there are great alternatives for you to choose from in Plantation.
One option you can consider is a retirement community - also referred to as a “55-plus community.” These planned communities are ideal for retirees who want to stay as independent as possible without having to deal with the most burdensome aspects of homeownership.
Beyond home maintenance, retirement communities also offer many different luxury and enjoyable amenities, such as swimming pools, fitness centers and happy hours for residents to enjoy their retirement to the fullest. You can relax and enjoy the sun without having to worry about tending to the lawn or checking out a leaky roof.
If you currently have or expect to deal with complex health needs or mobility limitations, an assisted living facility could be the perfect choice for you. Assisted facilities offer around-the-clock assistance with activities of daily living, such as bathing, dressing, and housekeeping, as well as help with managing medications or health issues. There are several top-rated communities located directly in Plantation for you to choose from.
Ready to Commit to Plantation?
Contact the Levine Team to get started on finding your dream home in Plantation today! We are a full-service Real Estate group with a unique range of services that set us apart. We promise a level of integrity and service second to none. You can count on that.