Housing Considerations For Retirement Living
- Affordability. It may be easy enough to purchase your home today, but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property. Take a look at your entire personal budget, and do your best to peer into the future.
- Equity. If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.
- Maintenance. As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.
- Security. Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.
- Pets. Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits. If you have pets,Buyer’s Agent can verify any restrictions.
- Mobility. No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.
- Convenience. Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!
Contact Buyer’s Agent for more guidance!