Preparing for retirement means making a lot of decisions, including when you’ll leave the workplace, simply how much you’ll withdraw from your savings annually, and where you’ll live. Many Americans view retirement as an possibility to move into a new home; believe it or not, 64% of retirees either have moved or intend to move.
5 Suggestions for purchasing your retirement home
In a position to begin preparing for your golden years? Here’s five suggestions to get you going. Location, location, location Ideally, you should consider the place you want to live some time before retirement, but it’s never too late to take into consideration your priorities.
Would you like to be close to family or health care resources? Do you desire a home in the mountains or somewhere you’ll never see snow again? Make a list of what you would like in a home location so you’ll have a starting point for your search.
Don’t delay Whenever possible, don’t wait until poor health or declining finances make you move somewhere that’s not your ideal location. Move while you’re still young enough to enjoy your dream retirement home.
Get professional financial advice It’s crucial that you protect your nest egg and keep it growing throughout retirement. A professional financial planner may help you determine what size mortgage is best for you, so your dream home doesn’t strain your finances.
Be conscious of amenities When choosing a location and a home, along with your personal priorities, it’s imperative that you take into account accessibility to amenities important to seniors. Community features including good transportation, quality of roads, safe neighborhoods, and access to health care, socialization opportunities, shopping and cultural venues are all options to consider.
Focus on must-haves Make a list of must-have features and those you want your retirement home to have. Share the list with your real estate agent to help him or her concentrate on properties that meet your criteria. Your list of must-haves and desirables will probably be quite different from the list you made when you bought your first home. Now, a single-level house with large bathrooms and a level lot could possibly be more suitable than a two-story with tons of bedrooms and a big backyard.
Need help finding your retirement home? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you in the Tampa Bay & Surrounding Areas.
