If you’re looking for a new city in which to buy a home for your Golden Years, you should seriously consider Greensboro. U.S. News & World Report ranks Greensboro among the top 50 best places for retirees in the United States - and it’s easy to see why. Seniors living in Greensboro can enjoy all four seasons, which is perfect considering all the natural sights and outdoor activities available in and around the city. On any given day, you could choose to travel west to the Blue Ridge Mountains or venture east to the Atlantic coast for a relaxing time at the beach. In the city, a variety of outdoor music venues, parks, restaurants, and bars accompany a calm vibe - there is truly something for everyone in Greensboro.
Ready to learn more? Read on for some helpful house hunting tips to help streamline your search for the perfect retirement home in Greensboro.
Work Out Your Budget Before You Begin Your Search
While on your house hunting journey, it is essential to have a full understanding of your true budget prior to beginning your home search. You don’t want to have your heart set on a certain home only to realize you can’t actually afford it now or even down the road. Assessing your finances ahead of time can help you avoid this situation and give you a clearer picture of what makes sense for you financially. Your real estate agent can be a vital resource during this process. He or she can review your 401k or other retirement savings accounts, check on your eligibility for federal assistance with health care, and review your spending to identify areas where you can cut back.
Choosing to buy a retirement home in Greensboro can be exciting because so many affordable options exist. According to the National Association of Realtors, the median home price in Greensboro is $195,000, far below the national average of $234,900. You could also be eligible for a property tax break under homestead exclusion, and your real estate agent can assist in determining your eligibility for this program. Additionally, when you consider important budgetary factors like food, transportation, and utilities, you’ll see that the cost of living in North Carolina is 1.7% below the national average.
Another important financial consideration to keep in mind when deciding on a place to retire is the tax environment. You’ll be happy to hear that the state of North Carolina is very friendly for retirees. The state doesn’t tax Social Security retirement benefits, and other forms of retirement income are only taxed at the flat income tax rate of 5.499%. Prescription medications and medical devices are exempt from sales tax, which is perfect for retirees who may ultimately end up managing changing or complex health issues.
Pick a House That Suits Your Present and Future Living Needs
Moving into a new retirement home is a great opportunity to start anew; however, keep in mind that the house-hunting process during retirement is fundamentally different than during your younger years. Factors like your health and ability to safely move through your own home need to be heavy considerations in your decision making.
To locate a home that will allow you to safely and comfortably age in place, you’ll want to capitalize on the expertise of your realtor. He or she can help you target universal design homes, which are constructed with the changing needs of retirees in mind. Amenities typically found in universal design homes include no-step entryways, shower balancing bars and walk-in bathtubs, wide hallways, single-story floor plans, and low appliances.
Research Other Senior Living Options in Greensboro
During your home search, you may decide that buying a home isn’t actually the best option, and, instead, you want to look into other senior living opportunities. Luckily, Greensboro is home to a great variety of choices.
If maintaining a household sounds like too much work, but you’d like to remain as independent as possible, you can consider moving into a retirement community. These “55-plus communities” are senior-friendly neighborhoods in which community management handles the more burdensome aspects of homeownership, such as outside repairs and lawn maintenance. These communities also typically offer social activities and amenities intended to keep you feeling happy and healthy in retirement. These amenities may include happy hours, pools, fitness centers, and craft classes.
Even if you’re currently healthy, there may come a time when you will need assistance with daily living activities, such as getting dressed, preparing meals, and managing your medications. If you are concerned about having these needs now or in the future, an assisted living facility could be the best living option for you. There are 17 assisted living facilities in Greensboro and 26 in the surrounding area. Your real estate agent can help you choose the most appropriate option for you.
Ready to begin your search? Contact Patrick and Charlotte Valente today! Our business is built on trust, and our clients’ needs always come first. We have over 40 years of combined experience as North Carolina real estate brokers, and you can count on us to be experienced, knowledgeable, dependable, and trustworthy. We are always available as our time and efforts are spent on our current clients, and you will discover that our level of client communication, along with our knowledge of value, is unrivaled in the industry.