Try it before you Buy, Rentals Available at Cinnamon Shores.
As the Baby Boom generation ages, more and more of us are thinking of retirement homes. Dreaming of communities on the coast, close to golf, theatre, art galleries, palm trees and year-round warmth. In either case, you'd be well advised to act on your dream sooner rather than later.
It's a simple matter of economics and supply and demand. Real Estate prices are trending upwards. Property values appreciate annually. There are only so many award-winning, really choice resort locations. And the baby boomers are getting ready to snap them all up.
Cinnamon Shores in Port Aransas, Texas, is an example of a new urbanized resort. Cinnamon Shores is a good example of the kind of premier community most retirees are looking for.
In addition to its familiar and comfortable design - just like an old-fashioned neighborhood –Cinnamon Shores is special because it offers top notch amenities along with a development based on what is called the New Urbanism Model. Now that’s a fancy word for a developer who basically builds his own town or neighborhood complete with stores, restaurants and shops all within the walkable neighborhood. Not all retirement properties are structured in this manner.
Before the mid-1900s, urban communities and neighborhoods focused on the pedestrian. They were designed to move people to their destinations. However, in the past fifty years, dispersed development patterns and the separation of uses have led to an increased reliance on personal automobiles and to an elimination of many characteristics that support walkable communities. Today, traffic engineers’ and developers’ arguments that sidewalks will not be used leave many new streets without sidewalks or with sidewalks on only one side. The engineers and developers are right in one sense: sidewalks by themselves will not induce walking. Other pedestrian-friendly features must be present, such as an appropriate mix of densities and uses, compact street intersections, and neighborhoods that are scaled to people.
Cinnamon Shore is the first and only development on Mustang Island where residents can live, work and play all in one picture-perfect, pedestrian-friendly community.
- They provide sidewalks, crosswalks, and bike lanes that create safe passage for walkers and bikers, and they offer convenient, well-designed parking that encourages people to park and walk to their destination.
- Walkable communities offer more transportation choices, higher levels of social interaction, greater opportunities for physical activity, and reduced emissions from automobile travel.
For waterfront communities, improving the connection between pedestrians and the water can increase interest in walking and biking. The pedestrian connection to the water can be improved physically, with better street, path, and trail connections.
We've all heard real estate's golden rule: It's all about location, location, location. And that's why it's important to start looking for your retirement home now and to be ready to purchase once you find your match. Premier locations are being developed, and soon won't be available to buyers. That's reason enough for most 50 year-olds to start looking tomorrow.
Getting into your dream retirement home with very little down and utilizing rental income to help finance the purchase is an even more compelling reason to consider investing in a retirement home today. There are several scenarios that come to mind. You may have recently become empty nesters and are considering downsizing your long-term family home - in which you have considerable equity. This is one of the very few times in life that the IRS allows you to take your profits, up to $500,000, tax free.
You can buy a smaller, more inexpensive home with some of the profits, and use a portion of the remainder as a down payment on your dream retirement home. Depending on the down payment, monthly rental fees may just cover mortgage payments, helping pay for the home until you are ready to move in.
In another scenario, buyers can use the proceeds from a 1031 exchange to fund the purchase price or down payment on a retirement home. To qualify for this tax exemption, you must rent your retirement home out for a couple of years. That fulfills the IRS requirement that you move money from one investment property to another property intended as an investment. At that point, or any thereafter, you can sell your primary dwelling and "convert" your investment property from a rental into your new primary dwelling - thus avoiding any tax on the entire transaction. If you use equity from your existing home, or the proceeds from a refinance to fund the down payment, you get into your dream retirement home without any significant outlay of your personal capital. And if you rent the property until you are ready to retire and move, your renter's money helps pay for the home.
- What should investor's look for in a retirement home that they intend to rent before occupying? Again, location is a priority. Cinnamon Shores in Port Aransas is a remarkable location offering such local activities as World-Class Fishing (Bay and Offshore), Amazing Restaurants, A Live Music Scene, Exciting Local Nightlife,Great Shopping, Excellent Birding, and Top-Rate Golf all in a small town atmosphere surrounded by warm sunny waters and friendly people who enjoy living a slower pace of life.
- In addition to location, buyers should consider their own unique financial circumstances. Purchasing a retirement home is a strategic decision with implications for the future. It is important to maximize the flexibility and minimize the financial burden of such a purchase. Resort retirement developments that allow residents to purchase their properties provide superior flexibility and a number of creative ways to allocate the costs.
However you decide to fund your resort retirement home, the time to start looking for a premier property that offers you and your family the maximum in flexibility and investment potential is right now. In fact, savvy buyers can get into a retirement home in a number of creative ways and even leverage rental income to help make monthly mortgage payments until they are ready to move in.
Take a Test Run at Cinnamon Shores
The management group at Cinnamon Shores has a rental program. The Rental program provides an excellent opportunity for prospective buyers to take a test run of the development. Buying a second home or retirement home is a major investment for most so why not rent a home for a week or two and really get to know the place and the neighbors. A fact finding mission to aid in your decision making process. You’re taking a vacation anyway, why not kill two birds with one stone, enjoy a wonderful vacation and check out Cinnamon Shores at the same time.
Links to Rental Examples
Condo Rental
Lakeview Home
Gulf View Home
Read a Review, see detailed pictures taken by a visitor to Cinnamon Shores and posted at SpendwiselyTexas.com.
