Real estate can be a great investment if you know what you’re looking for and have the right property in mind. As people around the country reach retirement age, many decide to relocate to sunnier climes like Florida. However, those looking to move to Florida may find it to be more challenging than they anticipated to find the right piece of property.
Why? The number of available properties is decreasing. There is a higher demand for vacancies in retirement communities, which causes prices to go up. More people are seeking luxury accommodations and want to have space to live comfortably, which adds to the expense of moving to a retirement community here.
The benefit of these communities is that it’s a seamless transition from your apartment to a bed in the nursing unit when you need it. However, those with limited budgets may struggle to pay for all the amenities these communities offer.
Another reason for the dearth of vacancies is that those who can afford to move into retirement communities want more luxury benefits like better dining options, spa services and even wine rooms. All these options add to the total cost of maintaining and running such facilities.
At one property, contracts were already signed on 75 units that weren’t even available yet. They started at close to $250,000 per unit and didn’t allow residents to own property.
If you’re looking into moving to Florida, it can sometimes be a better investment to purchase a home or invest in a duplex, compared to moving into a unit that you won’t even own. There is high demand if you want to run a community like this, but otherwise, it could be an expense on hich you might not see a return.