As careers wind down and retirement nears, many older Americans begin to actively consider their current housing situation and whether or not they will want to make some changes. For some, it can make sense to stay on in the family home, while for others, downsizing into something smaller can be an attractive option to consider.
For those looking for something different, an interesting possibility might be the purchase of a co-op unit or condominium in one of the popular retirement developments, like Leisure World Properties. If you are wondering this type of luxury retirement opportunity would be a good fit for your situation, here are three bits of information to help you decide.
Mainland and exotic locales
Leisure World Properties are one of the developers of luxury co-op properties with locations in many popular retirement destinations in the continental United States, as well as some in more exotic locations. Examples of their locations include Leisure World Seal Beach in California, as well as multiple locations in the Caribbean that are either already completed or under construction, as well as developments in both Europe and the Middle East.
A unique investment
Co-op units, such as those that are part of Leisure World Properties, represent a unique investment opportunity that differs from a standard real estate purchase. When a co-op unit is purchased, the buyer becomes a shareholder in the corporation that owns the development, complete with stock and membership certificates. The stock attached to the unit purchased is represented by the certificates and serves as proof of ownership.
Some co-op developments also include some deeded properties in the form of condominiums. While the purchases of the condos do result in the transfer of a deed, much like a regular home purchase, membership certificates are also issued and the properties are still governed by the same rules and regulations that apply to the co-op units.
Citizenship fees can apply
In addition to the cost of the co-op unit or condominium, retirees interested in this type of retirement option should be aware there can be additional fees and costs. For example, those interested in the co-op unit developments in the Caribbean may be required to meet specific economic contribution expectations, along with undergoing background checks and providing supporting documentation before being granted citizenship.
Retirees who want to learn more about unique retirement options, like Leisure World Properties and other co-op unit developments, should contact a real estate broker or agent who deals with luxury and retirement properties.