Many Americans work tirelessly toward retirement for years on end. When the golden years are finally upon you, you may recognize that you need a change of scenery. It’s important to decide whether your home will continue to accommodate your retirement lifestyle. For many people, retirement can mean relocating to a warmer climate or closer to family. Wherever you plan to relocate, though, one common goal among retirees is downsizing.
Condominiums prove to be a good option for many retirees who desire a change in their lifestyle and home after putting up their working hat after all those years. There are many reasons that condominiums are rapidly becoming popular for the newly retired.
So, if you imagine spending your golden years by the beach of the Jersey Shore, there are plenty of fantastic NJ beach condos for sale. Let’s look at 8 tips from relocation pros that suggest that a retirement condo is a great investment. Then, we’ll delve into what The Lofts Pier Village condos have to offer specifically for retirees.
The National Association of Exclusive Buyer’s Agents (NAEBA) recommends considering these 8 factors when choosing your retirement home:
Homes seem to be getting larger and larger every year as more and more people are building custom homes instead of buying previously owned homes.
The average home today is 30% larger than the average home built in 1978. This increase is great for a young couple starting a family or a family with growing children. But for someone with retirement on the horizon, all that space adds up to a lot of care and empty rooms.
Let’s not forget that with the increase in home size typically comes an expansion into multiple levels. For seniors in retirement, staircases are definitely not a selling point in a forever home.
Many retirees leave their family homes that are now too big and instead seek a smaller space that’s the right fit for them. Condominiums are typically that perfect fit, and they offer many additional day-to-day conveniences. It’s no wonder that more and more retirees are flocking to retirement condo villages and planned communities like Pier Village on the New Jersey shore.
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window.”
A low-maintenance condominium community is ideal for seniors. Typically, condo associations assess a monthly fee to cover maintenance costs and property insurance. Maintenance fees, therefore, take care of most major repairs. Having fees taken out every month forces condo owners, in a sense, to automatically budget for maintenance. That’s one less thing to calculate and plan for.
In addition to the advantages of budgeting, retirees don’t have to worry about daily and weekly home ownership tasks, like mowing the lawn, that could prevent them from fully enjoying their retirement- whether they choose to spend more time on the beach, eating at luxurious restaurants, or hitting up the golf course.
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sure, we’re living longer and longer. Healthcare and technology are better than ever. But to be practical, you still need to keep in mind the total accessibility of your retirement home. A bit of planning ahead for wide hallways and doors or wheelchair accessible levels and amenities will ensure that your golden years aren’t spent dealing with the hassle of stairs or even another relocation should your physicality change down the road. A luxury condominium that has included such helpful conveniences, such as The Lofts Pier Village, can relieve a lot of this potential stress.
“Living in a safe and secure community is high priority for any person, but especially for those entering retirement. Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
If you’re looking for NJ beach condos for sale that offer around the clock security, look no further than The Lofts Pier Village.
The pet care industry is a $62.75 billion dollar a year industry. We obviously love our pets and consider them part of the family. It’s important to make sure that your fur-babies can join you in soaking up the glory of retirement. NAEBA reminds retirees to take into consideration the pet policies of their retirement home.
Research has even shown that the companionship of pets can provide emotional and physical benefits to pet parents.
That’s why The Lofts Pier Village condos are pet-friendly. This means there are no extra charges or deposits to have your pet settle in his or her new home at The Lofts Pier Village. As an added bonus, you don’t have to bathe your pooch in the shower or sink – there is a convenient pet washing station on site. Plus, Long Branch Animal Hospital is located less than a mile away for regular check ups and in case of emergency.
Convenience and location are of prime importance when considering where you’d like settle down. Looking for NJ beach condos for sale that are close to the golf course, or to shopping and dining? Looking for amenities within easy walking distance? According to the pros at NAEBA, all of these additions can increase your home value.
The Lofts Pier Village condos are close to many great shopping and dining experiences, as well as the beach and a beautiful golf course.
Beyond being close to your favorite stores and restaurants, you also need to consider how close you are to children and grandchildren when you retire. Is your location of choice going to make family visits easier or more frequent?
Newark Liberty International Airport is just over an hour away from The Lofts Pier Village, making long distance travel a breeze to and from your new home. When family visits, consider what amenities are accessible to you and your loved ones. At The Lofts Pier Village condos, you have access to shared facilities such as party rooms, fitness centers, swimming pools, and business centers. A boutique hotel nearby will house overflow visitors as well.
And don’t forget, you don’t have to worry about the upkeep of these great amenities!
When you’re entering retirement, you’ll need to examine your budget carefully, as it will most likely be different from what you’ve experienced previously. If you can pay cash for a new retirement home and still have enough left over for daily life, you’re in excellent shape to buy a new place.
“If you’ve paid off your mortgage, selling your house for a less-expensive condo means that you’ll have a big chunk of cash at your disposal. This could be used to supplement your retirement income stream or fund long-awaited extracurricular activities. Even if you haven’t paid off your mortgage, you may be able to reduce or eliminate a high monthly payment. The possibilities of income without a mortgage are endless!”
Condos offer more affordable options for living in the city, on the waterfront, and in other premium locations. Single-family properties in these same locations are often extremely expensive. Choosing to purchase one of our Pier Village condos is an affordable option grants the buyer a luxurious, beautiful home.
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
It’s worth exploring how much equity you have in your current home – it may be enough to buy a retirement condo outright with little to no mortgage.
Ownership is solidly entrenched among retirees. They weren’t even shaken by the real estate collapse. From the peak of the housing bubble in 2006 to the present, the rate of homeownership for people 65 and up has held steady at about 80 percent, the Census Bureau reports. It runs to over 90 percent among married couples in which one person is 65 or older.
Not only does the equity pay off for you and your spouse as you enter into retirement, but it can be a kind gift to your family as well. It’s nice for your children to inherit an appreciated property with pristine facilities and prime location.
Finding your forever home
Pier Village has so many beautiful NJ beach condos for sale. The Lofts Pier Village offers a variety of amenities including private terraces, floor to ceiling windows, premium Miele appliances, hardwood flooring throughout, quartz countertops, the signature Excell Choice of kitchen packages, Waterworks fixtures, a washer/dryer in each residence, and, to top it all off, a 30-year tax abatement. But, due to the influx of people are looking to relocate to the Jersey Shore, they’re filling up fast (we’re at 50% right now), so don’t miss your chance for your ideal retirement home.
Be sure to check out The Lofts Pier Village – a unique planned community on the gorgeous Jersey Shore that would make a perfect retirement home. We’ve designed and planned this community with the goal of guaranteeing a comfortable lifestyle in mind, whether you’re in retirement or need a weekend escape from the city.