What to Consider when Buying a Home to Retire In

Real Estate

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic.  In today's housing market, with low inventory in the starter and trade-up home categories, it makes sense to evaluate your home's ability to adapt to your needs in retirement.

1.  Affordability.   Would moving to a community with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.?  Would your taxes go down significantly if you relocated?  What is your monthly income going to be like in retirement?

 

2.  Equity.  The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage.  Homeowners in the US gained an average of over $14,000 in equity last year.

 

3.  Maintenance.  As mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?

 

4.  Security.  As scary as the thought of being a target for scams or break-ins may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

 

5.  Pets.  Evaluate all of your options when it comes to bringing your 'furever' friend with you to a new home.  Will there be necessary deposits if you are renting or in a condo?  Is the backyard fenced in?  How far are you from your favorite veterinarian?

 

6.  Mobility.  Sixty is the new 40, right?  People are living longer and are more active in retirement, but that doesn't mean that down the road you won't need your home to be more accessible.  Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

 

7.  Convenience.  How close are you to your children and grandchildren?  Would relocating to a new area make visits with family easier or more frequent?  Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

 

Bottom Line.

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement.  If after considering all these factors you find yourself curious about your options, contact me to evaluate your ability to sell your house in today's market and get you into your dream retirement home!