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Retirement Lifestyle

Using Your Equity to Build Your Dream Home in Citrus Hills

Many of us work our entire lives to have that one dream home in the perfect place.

You don’t have to settle for less, when there are plenty of ways to get exactly what you want, with the equity you already have!

Pictured Above: The Dali Pool Area

Pictured Above: The Dali Pool Area

What is a Home Equity Loan?

A home equity loan can be one of the most cost-effective ways to borrow money.

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Interest rates are lower on mortgages than on almost any other type of loan right now.

Taking out a home equity loan is also known as a “second mortgage.”

This loan uses your home as collateral and lets you borrow against your existing equity!

How Much Equity is Enough?

Most lenders want you to have 15% to 20% in equity in order to pull some of the money out.

Some lenders prefer a little more equity, in order to keep your total mortgage commitments to 80% or less of your home’s value.

Income & Debt Factors

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Some lenders will look at your income against your debt as well, to ensure you can afford the new loan.

Typically, for a home equity loan, lenders like to see your debt-to-income ratio at less than 43%.

Some will allow your debts to make up a larger portion, depending on outside credit factors.

Credit Factors

Your payment history and credit score will also make up a large portion of qualifying for a home equity loan.

If your score is above 620, the better your chances will be, and the lower your interest-rate will be!

All in all, it’s a small price to pay to live the life you’ve always wanted, and in the home of your dreams!

Pictured Above: The Tiki Bar in Citrus Hills

Pictured Above: The Tiki Bar in Citrus Hills

10 Reasons Why Retirement is Awesome!

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1. You get to decide what to do every day. Unlike the predictability of your former life (work, dinner, TV, sleep, repeat), now you get to decide each day’s structure.

2. There's time to give back. Many retirees find it enormously rewarding to volunteer their skills to worthy charitable organizations, whether it's the Lions Club, animal shelters, the food pantry or a community college.

3. Travel, travel, travel. Almost everyone's bucket list includes a trip to some special place, from the Pyramids or the Great Wall of China to the Grand Canyon.

4. Catch up on TV and movies you've always wanted to see. Maybe you were too busy with your career and kids to follow some of the great directors like Alfred Hitchcock, Woody Allen and Robert Altman. Now you have time to go on Netflix, Amazon or even borrow CDs from the library.

5. You can still work part time. Just because you're retired doesn't mean you can't work part time. A lot of people carry over assignments from their old company, while others parlay their personal interests into a moneymaking venture.

6. Spend more time with family and grandchildren. Spending time together helps to form lasting connections between family members. Relish the opportunity of this time to create deep and wonderful memories that last a lifetime.

7. You can sleep whenever you want. Retirement isn’t about sleeping, it’s about recharging when you need it, not just when you can fit it in.

8. Senior discounts are yours for the asking! Take advantage of your age and experience with substantial savings. Google “Senior discounts” to get an idea of what’s available.

9. There's no pressure, no stress and no problems. It's the freedom that retirees appreciate so much: Freedom from the pressure to get ahead at work, get your child into college and keep up with the neighbors.

10. You now have the time to do nothing. Finally, there's time to enjoy the pleasure of sitting on the back deck and soaking up the atmosphere, reflecting on your life and enjoying the cool breezes across your face

Choosing Your Home: How Much Square Footage Do You Really Need?

The Westchester Floor Plan

The Westchester Floor Plan

Deciding exactly how big you want your new home to be here at the Villages of Citrus Hills is one of the first steps that every new home buyer struggles with. And while it can often be hard to imagine the difference between 2,200 square feet and 2,800 square feet, the difference in size is a very real factor that must be given a serious amount of attention.

Whether you are planning to downsize from a larger home, upgrading from a smaller condo, or looking for something right in the sweet spot for a perfect retirement lifestyle, there are more than a few options to be had here in our community. In order to get to the heart of your needs, all you have to do is ask yourself the right questions.

How Much Home Can You Afford?

The first factor that comes into play when deciding how much square footage someone needs in their new home is how much they can actually afford. Understanding what your new home is going to cost is a great way to come around to a starting point on how much space you can actually afford.

Once you have a rough estimate of what your new home is going to cost, you can quickly figure out a reasonable range of home sizes you have to choose from.

Do You Plan on Staying Here Forever?

How long you plan to call this new house your home is another critical factor that you are going to want to spend some time thinking about. If you are only planning to spend a few years in this house, you have less to worry about.

However, if the goal is for this new house to be your “forever home,” then you are going to want to nail down each and every detail to make sure that you enjoy your lifestyle here for years to come.

What Does Your In-Home Lifestyle Look Like?

Another way to look at the same question is to examine what your lifestyle will look like once you are moved into your new home. Are you the type of family where everyone needs their own separate space? Or are you comfortable with everyone sharing the same open living spaces?

There are no right or wrong answers here, so the trick is to be completely honest with yourself on how you and your family will ultimately occupy the space you are building.

Do You Need Your Own Personal Space?

With so many of our floor plans offering extra bedrooms and flex rooms that can be converted into different kinds of spaces, this is also a time to be honest with yourself about how much personal space you are going to want to have in your new home.

If there is any chance that you are going to be taking up a hobby like scrapbooking or crafting that will need a dedicated space, this is the time to make sure that you are going to have the square footage to accommodate those activities.

How Often Do You Expect Visitors?

How often you plan on hosting visiting friends and family is another factor that can increase the amount of square footage you will need in your new home. Just as you are going to want to know whether you need dedicated personal space, having a spare room ready for visitors will require extra square footage that you need to account for.

Once again, there are no right or wrong answers to any of these questions. It is also important to remember that today’s open floorplan designs maximize square footage in a way that older homes simply can’t compete with, so the same amount of square footage is going to feel much bigger in a modern home.

Regardless of how much square footage you ultimately decide on, you are going to love everything about your new lifestyle here at the Villages of Citrus Hills.

Let’s get started talking about your new home in our community!

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