Purchasing a home for retirement is a big step forward in life, so it is by no means an easy task. Location, price, and accessibility should be all taken into account, just with any other real estate. What is special about this one is the fact that the main purpose is relaxation, so that is the main guideline. In addition, there are several other things to pay attention to when buying a home for retirement.
Since looking inside the real estate is not enough, you have to pay attention to the surroundings as well. Whom you live next to can be very important. Make sure you ask around who your future neighbors are. There are many retirement communities where all the residents are pensioners like you. In more developed communities, they have house rules, so you might not have full freedom. Be prepared for this.
A home for retirement is above all an investment for the future. That is why it is essential to plan the budget in advance. You may be employed and have a stable income now, but will you be so when the last installment is due for payment? The financial plan should be realistic in the sense that it calculates in possible financial difficulties and anticipates the period when you will no longer receive full pay. Also, after you buy the house, there are bound to be additional costs for renovation, repairs, taxes etc. These should be an integral part of your retirement financial plan.
Since you are cashing out anyway, why not combine a holiday home with the home for retirement? These two types of home are very similar, as retirement days imply a much necessary peace which at the heart of a holiday home. Basically, when you choose which property to buy, add the geographical aspect to it and think in terms of the seaside. For instance, in Australia that would be the central coast near Sydney, offered by Priority Realestate. In the States, this waterfront location would be Florida. If you are really up for an adventure, then choose a Caribbean island. Living in such a location means that your family is bound to visit you more often.
Purchasing a home for retirement is nothing out of the ordinary, but it is nevertheless a life-changing decision. That is why it might be wise to stage a trial period. You can rent a property resembling your ideal home for retirement and try to live there for a couple of months. Many realtors have this offer for condominiums. Not everybody likes living in these communities and if it turns out you are one of them, it is better to give up well before the purchase.
Owning a house with a view is nice, but at old age other aspects of home ownership become more important. The property should before anything, be easily accessible. You do not want to drive far away or climb too many sets of steps when you are 80. That is why you should look for a house with only the ground floor. Keep in mind that you are likely to visit the doctor often, so make sure that driving has an alternative in the form of a public bus or a metro.
Buying a home in a popular holiday destination also means that its market value can only go up. This requires looking after your investment by insuring it. Many people neglect this, thinking that nothing bad can happen now that they are pensioners. By getting an insurance policy you can sleep safely as the property you have worked hard is now safe. This way you can be sure that it will be enjoyed by the next generation as well.
The best thing about purchasing a home for retirement is the fact that you have plenty of time to do it. You can safely plan for the future; even being able to choose your neighbors. If you are still not sure, make use of the aforementioned trial period and don’t forget to first look for a holiday destination. Finally, ensure the house so you can finally relax and enjoy your well-deserved retirement.
About the Author
Leila Dorari is an entrepreneur and freelance writer from Sydney, Australia. She’s passionate about self-growth and living better lives by nurturing our family relationships. In her free time, you can usually find her hiking with her furry four-legged friend.