According to a recent survey by the Demand Institute, nearly half of Americans ages 50 to 64 plan to move within the next five years. Many of them have the goal of downsizing (at least in housing costs) in mind.
Whether the desired location is an active adult community or simply a home with a smaller footprint, master-planned communities offer seniors and those planning for retirement a range of benefits including:
A reduction in property taxes - according to the Tax Foundation, the average annual property taxes nationwide are 1 percent of a home’s value. Depending on the value, you could be paying upwards of $15,000 every year on a home that is too big to suit your needs. By moving into a smaller (but no less luxurious) home, you can eliminate much of your annual property tax burden.
Savings on home and lawn maintenance - maintaining a large yard is no easy task, even if you’re physically able to do all of the work yourself. Master-planned communities offer seniors homes designed with low-maintenance lawns that use ground cover and native plants instead of grass, eliminating the recurring costs of manicuring their lawns. Smaller homes also provide the added benefits of reduced maintenance costs, which average another 1 to 3 percent of your home’s value annually.
Reduced transportation costs - the Bureau of Labor Statistics estimates that households with seniors 65 to 74 spend an average of more than $7,000 on transportation each year. Most master-planned communities are designed with walkability built right in. Nocatee offers the convenience of a grocery store, retail shops, a hair salon, postal services and more just a short bike or golf cart ride away from Nocatee’s Del Webb Ponte Vedra and other residential neighborhoods, with a medical facility coming in early 2015.
The ability to gain equity - many independent living and continued care facilities require hefty entry fees of up to $400,000 on top of monthly rent and expenses. Seniors have access to health care and assisted living services, but in most cases, they do not obtain equity in the home they reside in. Master-planned communities allow seniors to gain equity in homes they actually own rather than renting an apartment or patio home.
Energy-efficient features - when living in retirement or semi-retirement, a little goes a long way to help preserve the nest egg. From Energy Star appliances to efficient windows and insulation, newer homes provide energy savings can really add up over the years.
For information on affordable new homes available in Nocatee, visit the Nocatee Welcome Center or call 1-800-NOCATEE.