Whether you're investing in a vacation home or buying a retirement home in Sarasota, it's always a good idea to brush up on your real estate know-how before you begin your home search. This will ensure that you are an informed buyer, prepared with the knowledge and equipped with the tools to make a confident home buying decision.
Take a look at some of our Frequently Asked Questions common among Sarasota retirement home buyers and investors. If you're still wondering about some things or you're ready to get started, feel free to contact us at any time.
Q. Should I rent or own when I retire?
A. Own. The same reasons you bought your first home or your current home still exist—building equity, having a place to call your own, and avoiding having to pay a landlord. Owning gives you freedom and financial benefits that renting can't!
Q. Is it expensive to move?
A. Most baby boomers have a planned budget to move, and many prefer to buy furniture after moving to better match the tropical lifestyle of Southwest Florida. That means you can save on shipping costs, and maybe even make some money selling your current furniture. While there are costs that come with moving, there are plenty of ways to make it an affordable process!
Q. Can I use my current home as equity or as a down payment for my next home?
A. Most people choose to sell their home, then use the profit from the sale as a down payment on their next home. If you're curious about your options, you can always give us a call!
Q. What are the taxes like in Florida?
A. There is no state income tax in Florida. Homestead exemption saves up to $50,000 of assessed value on home property taxes an protects from aggressive increasing property taxes.
Q. Should I downsize?
A. This is up to you, but it'll depend on a a few things, such as:
- What is comfortable for you
- How many guests you’ll plan to have regularly
- Your personal living style
- The number of personal belongings you plan to relocate with
Q. Where is the best place for retirees that's convenient to activities, shopping, and dining?
A. One of the best parts of life in the Sarasota area? There are tons of choices for this exact thing! When it comes to narrowing down your options, it depends on your lifestyle. If want to live right on the beach or prefer having a more complete choice of amenities and shopping, you might find the Lakewood Ranch or Venice areas to be your ideal fit. We'd be more than happy to show you your options, from gated communities to homes near golf courses.
Q. How do I know what to look for in a retirement home?
A. There are many features common to retirement homes! Often, retirement home buyers are looking to lower their costs and pay off their mortgages. Convenience is another key factor—retirees will often look for homes close to shopping, dining, and entertainment. Low maintenance is another strong contributor, as a large portion of retirees want to spend less time on repairs and upkeep and more time having fun. Some retirement homes even offer a variety of amenities, so you don't even have to leave the neighborhood to find what you're looking for! Think about your own priorities, and then you can start to narrow down your options.
Q. What other factors are common to retirement homes and communities?
A. In addition to conveniently located low-maintenance homes, retirement home buyers will often look for features that improve home accessibility, like first-floor master bedrooms, or homes with complete single-level living. Many buyers are also looking for a more luxurious lifestyle and will often choose new construction homes that allow them the option to personalize or customize.
Q. I've bought many homes before. Do I still need to use an agent?
A. Whether you’re buying your first home or your tenth, a Realtor can be an invaluable resource to help you choose the right home in the right location—and get it at the best price. An experienced Realtor will understand the market, will know the area, and will be able to immediately spot an incorrectly priced home or point out features of a home or community that won’t suit your lifestyle.
Still Have Questions?
We can help! Contact us and we can answer any of your home buying questions about communities and retirement real estate in Sarasota or its many communities.
Want more information? Learn more about retiring to Sarasota!