Housing Considerations For Retirement Living

house with sold signMany people dream of retiring, buying a house on the lake and spending long days fishing, crafting, or going on long walks. However, these dreams can easily turn into a mistake if you do not plan carefully. There are many factors to consider when planning to buy your retirement home. Do you want to deal with the maintenance that a large property can bring? Will your 2 story house be accessible for you later down the line? Will your retirement income be able to comfortably cover all the bells and whistles of new property?

When thinking long-term about retirement and the ability to age in place, there are several basic considerations:

1. 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.

2. 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, credit line or reverse mortgage.

3. 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.

4. Security

Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gatehouse, resident-only access and a security system can bring peace of mind are important aspects to look for when house-hunting.

5. 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 and make sure there won’t be any problems down the line for you or your furry ones.

6. Mobility

No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility. A large home with lots of stairs may not be a good fit for you or your spouse as you get older. You want to make sure that your home is a place where you can live in for the rest of your life, without having to do costly upgrades when you need age-friendly features.

7. 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 the home value, and also create a greater quality of life!

Reno’s ONLY Exclusive Buyer’s Agents

When you are buying a home suitable for retirement, Buyer’s Agent will help you evaluate all the options on the market, including homes on the MLS, For-Sale-By-Owner and new construction. Buyer’s Agent will also counsel you about home location, features, condition and cost, so that your purchase provides a good long-term value. Market comparisons will be performed to ensure that you do not overpay for the home.

Throughout the home buying process, Buyer’s Agent will negotiate exclusively on your behalf and obtain the best price and terms, all while protecting your best interests!

Contact Buyer’s Agent for more guidance!

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