Many people are seeking to retire and Charlotte Real Estate is an attractive option. My largest concerns are in finding a suitable home for you in your golden years. As you look for your dream Charlotte NC retirement home, your budget is always a priority. I share your concern but the worst financial decision that you will make is spending your retirement dollars recklessly. What do I mean?
The first thing people look for is "more for less". This is an innate quality that is in all of us. But then there is the hard lessons we have all learned that "nothing for nothing". Let's consider basic economics. This is not to delve too deeply into the subject but summarizing the economy in plain English.
Every Real Estate market is local. What does this really mean? Let's first consider various cities in general. Most people are aware that the prices of Real Estate in New York are very high. Consider what it would cost for a 3 bedroom, 2 bath home in a prime location in New York City. Now compare that to a 3 bedroom, 2 bath home in Ankeny Iowa. It is easy to see that you can purchase a much larger home in Ankeny Iowa than in New York City in any price range.
Now let's consider the property values within any city. Look at any city you have ever visited. You will note there are some areas that are more economically challenged then others. There are also neighborhoods and areas within almost every city that will take your breath away. If you compared the prices of a 3 bedroom/e bath home in each neighborhood, what do you think you would find? Would the same size home cost the same amount? What you would find is that the area that is economically distressed is that way for a reason. THERE IS ALWAYS A REASON! The values within a real estate market are dictated by local real estate demand. Values go down because buyers are not willing to pay a higher price to live in these neighborhoods. Other neighborhoods are more expensive because people are willing to pay more to live there.
Local market demand: When more people want to live in a neighborhood than homes are available, prices go up. Conversely, as more people want to sell than people want to buy, prices go down. Who knows any city best? The locals or a visitor?
I do not write this to discourage or to degrade anyone or anything. I share this basic law of economics so that you can realistically know what to expect for your golden years. A country club environment may not be what you are seeking but you also may be seeking a neighborhood where your wife or grandchildren can walk down the street at night without you being concerned. Yes, crime can technically happen anywhere but we want to minimize your risk in your golden years.
In conclusion, consider the price of your home carefully. If you purchase the largest home for the least amount of money in all of Charlotte, there is a reason the home is that price. Look for other homes in the area. Are there many foreclosures in that particular area? How about rentals? How is the neighborhood being maintained? VISIT THE LOCAL GROCERY STORE! Meet your neighbors. We all have different expectations and everyone's idea of "safe" is different. There are good people everywhere but we need to find the place where you are comfortable. You can not afford to purchase a home at this stage of life only to lose your money and buy another 6 months later.