As your kids grow up and move out, you may decide it’s time to downsize. You may want a smaller house to maintain or to get rid of the mortgage payment. This home will likely take you through retirement as long as you can live independently, so there’s a few things to consider before you make a purchase.
1. Location
You’ve probably heard it said that location is everything in real estate. When buying a home for your retirement, this statement is still true. When you’re looking at properties, think about the surrounding neighborhood. Is it made up of young families or young professionals? Are there communities which are either a mix or made up of retirees?
You’ll also want to consider the location in reference to grocery stores, doctors and other places you like to go. While you may be able to drive now, you’ll want to consider transportation options for when you can’t drive.
2. Maintenance
Think about how much work you want to do now and in the future on your next home. A condo or townhome may come with yard care and exterior maintenance, which may be more appealing than a single-family home where you have all the work to do.
If you really prefer a single-family home, consider the size of the yard and age of the home. This will tell you a lot about how much work you’ll have to do to keep it up.
3. Budget
Many people sell their current home and use the funds to pay cash for the next property. However, if you will be financing a portion of the new property, think about how much you can afford. If it won’t be paid off before you retire, consider how you will be able to make the payments in the future. You don’t want a house payment to be a burden when you’re retired and should be enjoying life. You also don’t want it to force you to continue working longer than you would like to.
Buying a home for your retirement can be as big of a deal as buying your first home. While the factors influencing your decision will be different, you’ll still want to think carefully about your choices for now and in the future.
Brooke Boles
Coldwell Banker Realty
501 E Camino Real
Boca Raton, FL 33432
561.595.4473
Brooke.Boles@CBREalty.com
www.BrookeSellsBoca.com
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