Florida Retirement Buzz

If you are considering retirement in Florida, you will no doubt be using the services of a realtor at some point.

Beyond the gates of some of Florida’s established retirement communities, realtors will take the form of “selling” agents. 

Beware: These motivated professionals are ready to fit you with “rose colored glasses” as you stroll the grounds and explore their offerings.

So here’s a most critical question you must ask your agent:

How many units in the building (or complex) are unsold and vacant?

Ask him or her for the total number of units in the complex and then the total vacant units (or the % that are unoccupied).

After hearing their answer, your immediate follow-up question should be:

In view of your vacancy rate, does the governing association have ample funds to cover the promised services without excessive rate increases for the current (or near future) residents?

Due to the recent Florida housing market collapse, many Florida retirement communities have 25-50% of units that are unsold (in new communities) or in foreclosure.

Of course this can be great for bargain price home shopping.

But as a current or future resident of a Florida retirement community, who is going to pick up the Community Fees tab for the empty units’ owners?

If the development is new and still under construction, the builder or developer will typically pay the monthly expense fees of any unsold units.

However, what if he/she is on a path to bankruptcy??

Of course, if a property is in foreclosure, then the former owner is certainly not going to pay his share of the monthly bill.

So, for instance, if the condo fees of a certain property are $450/month, ask your real estate agent if that figure is likely to remain unchanged in the coming year given their vacancy rate.

If she or he doesn’t know (or care to know) the answer to this question, ask them to find out.

You can also attend a meeting of the community’s Governing Board. These gatherings are often held monthly and are open to prospective residents.

In addition, don’t hesitate to bring up some of these concerns with residents you encounter during your community visits. This topic may be a sore issue that they are more than happy to vent about!

Finally, if you see senior residents trimming the hedges or cutting the grass in front of their respective units, then consider this a big red flag. 

They may be trying to chip in to keep maintenance expenses down by doing their “fair share”.

Hence, you may have no interest in these additional “chores”. After all, you are retired!

This is just 1 of 10 essential questions you must ask your real estate agent or community representative when investigating Florida retirement.

The other 9 questions are found in the text of the new edition of “The Florida Retirement Book - An Insider’s Guide”

In fact, the above examination of vacancy rates and community fees is a tiny excerpt from the most authoritative and up-to-date resource on Florida retirement, “The Florida Retirement Book - An Insider’s Guide”.

Take advantage of special pre-winter pricing and read it cover to cover Risk Free by clicking the book below or visiting Florida Retirement Info right now: