Choosing a Home - Top 10 Questions
Are you going to rent or purchase? Will it be a strata complex, a freehold lease, or will you own the land also? What will be maintenance cost? What are the taxes and utilities? Is the property going to escalate in value? What is the five or ten year plan for the area? If it is a strata, what is covered by the strata agreement? Is renting the right choice? What is the cost of moving?
Choosing the right place to live can simplify life and make retirement life more enjoyable.
As boomers and retirees shift from involvement in careers to a life of leisure, travel and freedom from dependent children their housing needs change. Often mature active adults make decisions to move, down-size or to move to a home that more accurately reflects the retirement lifestyle identified as ideal.
Knowing what your are buying, or renting starts with asking the right questions. When purchasing property you can really only have piece of mind when you are sure the property has been properly inspected and is not going to need expensive repairs that drain your finances and become financially unviable. If it is a strata property knowing what is covered by the strata and whether there is a good contingency fund built up, is important. When renting ensuring the property is well cared for is crucial.
- How will the location impact relationships and accessibility to children and grandchildren and/or other special people in your life?
- Does the location make sense, both now and in the future, relating to doctors, hospitals, dentists, pharmacies and other health services?
- Will you use the amenities you are paying for, such as fitness facilities, swimming pool, common rooms, guest facilities, or similar items that may be included in strata fees?
- Is the floor plan suitable to your needs? Does it have a main floor bedroom, if there are stairs (in case surgery or arthritis become a factor).
- How do strata fees compare to maintenance fees and other costs if you owned property not managed by strata, and will you be able to accept decisions made by the strata when you do not share the same concerns as other strata owners or council members?
- Does the strata, or your feelings about parking, pets, planting gardens, external items (fences, trim, and even color of curtains can be controlled by strata bylaws) work for you?
- Is strata living really what you want?
- What is the long-term investment prospect for the property? If you must resell due to health or death of a spouse, will it hold its value or increase in value?
- Do lease or strata fees become a long-term drain on finances, and do other non-recoverable investment costs make this a wise choice?
- What do others who are already living in the area, or complex (or complexes built by the same developer) have to say about the development, the area, the amenities, the community, and have you spent enough time in the community, winter and summer to ensure, you really want to live there?
