Buying Property in the USA for the Over 50s
Reaching 50 doesn’t mean you’re done with travelling. A lot of middle-aged people and senior citizens can attest that the wisdom, experience and stability that come with age actually makes travelling the world more enjoyable. Unbound by the compulsion of youth, mature travellers are often much better at appreciating why some cities are better for visiting and some for settling in. In this post we look at three cities that are ideal for both buying property in the USA and travelling.
Buying Property in the USA: Sarasota
Florida has long been a famous retirement spot. Warm weather all-year-round can pretty much ensure that you can say goodbye to any cold-activated chronic pains and discomforts that have come to plague your later years. The Herald Tribune lists several more reasons why Sarasota would be a nice place to either visit or settle in. For instance, the Sarasota Orchestra offers regular free live performances for families. Meanwhile, the lively local craft beer and culinary scene ensure that there’s always something new to find at Saratosa’s many barbecue, and music-centred events.
US News reveals that not only is the median age of Sarasota 51.1, but also that the median price for homes is $224,613. Despite being in America’s retirement capital, Sarasota continues to be an affordable place to settle, especially when compared to larger and more famous Florida cities like Miami.
Buying Property in the USA: San Antonio
As one of the oldest cities in the state of Texas, San Antonio boasts a historic local culture that has blossomed into a modern city, which easily caters to middle-aged and elderly sensibilities.
Apart from being the site of the famed Alamo, San Antonio is home to several senior-friendly attractions. There’s the former Pearl Brewery complex that was recently revamped into a multi-entertainment venue for dining, music, retail, and hotels – along with a farmers’ market at weekends. If you’re looking to immerse yourself in San Antonio’s history, the old Spanish missions at the south of the city are preserved as a UNESCO World Heritage Site inside a national historical park.
The really good news is that the median home price in San Antonio, Texas is $200,667, while the median age is 34.4 – so expect a lively and creative culture. Another good reason to stay is the fact that San Antonio’s cost of living is lower than the national average.
Buying Property in the USA: New York City
Travel Begins at 40 has previously touched on the top trends you can expect in NYC. This includes an influx of innovative, new Japanese restaurants like the Tokyo Record Bar, where the menu is served based on vinyl playlists selected by customers. There’s also the trend of rediscovering NYC’s beaches and waters, mostly evident through the eateries opening across the state’s vast coastline, as well as the Brooklyn pier barges being re-purposed into bars and alternative restaurants. Meanwhile, the latest real estate developments in NYC come by way of Hudson Yards on Manhattan’s West Side. It’s set to become the largest private real estate development project in the US, complete with shopping, dining, and cultural exchange venues.
New York is one of the top places to live in the country and the property prices reflect this. Estimates show that the average cost of a condo in the Manhattan area is around $2 million, with median price of a home in Brooklyn at around $700,000. This is on top of other significant fees that should be considered when purchasing property in NYC. Yoreevo’s guide to real estate agents in New York reveals that brokers and agents are paid via commissions, which is almost always five to six percent of the property’s selling price. A good broker will be able to tell you exactly how much of the big check that you’re writing will be going to the various fees and bills that you have to settle in order to finalise a purchase. If you can afford to purchase some property in the Big Apple, the investment will be well worth it, but if you think your budget is too tight, you can opt for a loan. Before that, make sure your credit history is free from from any issues, like chexSystems issues. Luckily, there are banks that don’t use ChexSystems in New York, so it will be easier to apply for a loan.
Whether you are going on holiday or considering buying property in the USA, now is the time go and experience new places or invest in new home.
Mark Bibby Jackson
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