Choosing The Perfect Home To Retire To
Retirement is a time to treat yourself – now could be the time to hunt for that perfect home with all the luxury features you’ve ever wanted. At the same time, however, you need to think practically and prepare for the future. Here are just a few nuggets of advice that will help you to make the right decision and find that perfect home to retire to.
Buy or rent?
If you’ve paid off a mortgage on an existing property, you may have the funds to buy a property outright. If you don’t have this money, buying could be a struggle. Older people have a tougher time taking out a mortgage as there’s less chance of them paying it off – as a result, many lenders won’t give out mortgages, whilst others will do but at the expense of high monthly payments. Renting could be a better option in such cases – you could end up spending a lot less each month.
Consider the costs
As much as you may want to splash out on a luxury home, it’s important that you take into account your retirement budget. Many people have a much smaller pension to live on than the salary they had before – if you’re yet to retire, you may not have fully got to grips with this and may have to think about making cuts. Downsizing or moving to a cheaper area could both be good options for saving you money each month.
Assess the location
There are so many factors that go into choosing the perfect location – it would be impossible to list them all here. Some of the biggest factors could include local amenities, the sense of community and the distance from the rest of your family. Retiring to a state across the country have long been your dream, but you need to be certain that it’s a practical decision – it could make it hard to see your family.
Widen your search
In order to find that perfect home, make sure that you’re searching far and wide. Don’t just rely on agencies to find a property – there are many listing sites such as this FSBO Florida site where you can find independent sellers. Don’t rush the process and allow yourself to view lots of properties so that you have a good idea of what you can get for your money. From here, you can focus your energy on finding the best-suited home for your needs.
There could be practical implications to consider too. If you plan to live out the rest of your life in your chosen home, you’ll want to ensure that it’s senior friendly – you may not have any mobility issues now, but there’s nothing to say you won’t suffer from them later down the line. For this reason, you may want to avoid high rise apartments. Downsizing meanwhile could be a practical option if the kids have moved out and you don’t need extra space. Having less space in your home could make it easier to manage, which could be important as you get older.