What to Consider When Choosing Your Home To Retire In
As more and more baby boomers enter retirement age, the questionof whether they should sell their homes and move has become a hottopic. In today’s housing market climate, with low availableinventory in the starter and trade-up home categories, it makessense to evaluate your home’s ability to adapt to your needsin retirement.
According to the National Association of ExclusiveBuyers Agents (NAEBA), there are 7 factors that youshould consider when choosing your retirement home.
1. Affordability
“It may be easy enough to purchase your home today butthink long-term about your monthly costs. Account for propertytaxes, insurance, HOA fees, utilities – all the things thatwill be due whether or not you have a mortgage on theproperty.”
Would moving to a complex with homeowner association feesactually be cheaper than having to hire all the contractors youwould need to maintain your home, lawn, etc.? Would your taxes godown significantly if you relocated? What is your monthly incomegoing to be like in retirement?
2. Equity
“If you have equity in your current home, you may beable to apply it to the purchase of your next home. Maintaining ahealthy amount of home equity gives you a source of emergency fundsto tap, via a home equity loan or reverse mortgage.”
The equity you have in your current home may be enough topurchase your retirement home with little to no mortgage.Homeowners in the US gained an average of over $9,700 in equitylast year.
3. Maintenance
“As we age, our tolerance for cleaning gutters, rakingleaves and shoveling snow can go right out the window. Acondominium with low-maintenance needs can be a literal lifesaver,if your health or physical abilities decline.”
As we mentioned earlier, would a condo with an HOA fee be worththe added peace of mind of not having to do the maintenance workyourself?
4. Security
“Elderly homeowners can be targets for scams orbreak-ins. Living in a home with security features, such as amanned gate house, resident-only access and a security system canbring peace of mind.”
As scary as that thought may be, any additional security ishelpful. An extra set of eyes looking out for you always adds topeace of mind.
5. Pets
“Renting won’t do if the dog can’t cometoo! The companionship of pets can provide emotional and physicalbenefits.”
Consider all of your options when it comes to bringingyour ‘furever’ friend with you to anew home. Will there be necessary additional deposits if you arerenting or in a condo? Is the backyard fenced in? How far are youfrom your favorite veterinarian?
6. Mobility
“No one wants to picture themselves in a wheelchair ora walker, but the home layout must be able to accommodate limitedmobility.”
Sixty is the new 40, right? People are living longer and aremore active in retirement, but that doesn’t mean that downthe road you won’t need your home to be more accessible.Installing handrails and making sure your hallways and doorways arewide enough may be a good reason to look for a home that was builtto accommodate these needs.
7. Convenience
“Is the new home close to the golf course, or toshopping and dining? Do you have amenities within easy walkingdistance? This can add to home value!”
How close are you to your children and grandchildren? Wouldrelocating to a new area make visits with family easier or morefrequent? Beyond being close to your favorite stores andrestaurants, there are a lot of factors to consider.
Bottom Line
When it comes to your forever home, evaluating your currenthouse for its ability to adapt with you as you age can be the firststep to guaranteeing your comfort in retirement. If afterconsidering all these factors you find yourself curious about youroptions, let’s get together to evaluate your ability to sellyour house in today’s market and get you into your dreamretirement home!