Are you retiring soon and looking to move to a home where you can enjoy retirement? When buying a house for your retirement years, there are many things to consider.
From maintenance to location, finding the right house makes it easier to enjoy your retirement years. Knowing what to consider when seeking a home can help you purchase a property supporting a relaxing and happy retirement. Here are some suggestions.
1. Consider Maintenance
Not many people want to spend their retirement years maintaining a house that needs frequent repairs. When you’re looking for a retirement home, unless you’re excited about making regular house repairs, seek a home in good overall condition. Tips for finding a home in good condition include:
- Look for one built recently
- Get a home inspection during the escrow process
- Consider buying a condo so that the condo association will manage all exterior maintenance
2. Minimize
Many people move into smaller homes when they reach retirement age. Smaller homes usually require less maintenance and less cleaning. If less maintenance and upkeep appeal to you, plan to buy a house with a minimum number of bedrooms — for you and your potential guests.
Pro tip: If you plan to downsize into a smaller home at retirement, spend some time before you move to declutter. Go through your holiday decorations, seasonal items, and furnishings to eliminate anything you no longer need or plan to use less in retirement. This will make moving into a smaller home more manageable when ready.
3. Choose the Right Location
You don’t have to stay in the town where you’re living after you’ve retired. To choose the city or location where you’d like to live in retirement, decide what kind of community you’d like to live in and what geographic features are most important to you. Some factors to consider as you’re trying to choose your ideal location:
- Cost of living
- Taxes
- Climate
- Geographic features (beaches, etc.)
- Healthcare providers
- Safety
- Proximity to family and friends
If you need help deciding which community or location is best, consider writing a pro/con list to help you prioritize the community where you’ll be happiest. For instance, if you enjoy walking to shops and restaurants, move near them. Likewise, if you like being near the beach, move there; every day will feel like a vacation.
4. Make a Budget
Know how much you can afford to spend on your future home. Then, if you still need to retire, you may need help gauging the amount you’ll have to pay monthly on living expenses.
Work with an accountant to find out how much you can plan to draw out monthly for your retirement. Assuming you’ll need a loan for a mortgage, work with a lender to determine how much you’ll need to spend each month on your loan. This will help you decide how much you can invest in your retirement home.
Contact a Moving Company You Trust
Are you moving soon? Call us, a trusted company, to get started with your relocation. We can provide a free quote for your upcoming move.