You’re getting tired of that 9-5 grind. Thinking about where you might want to spend those golden years? As more people enter retirement age, the question of whether or not to sell your current home and move is always a major consideration as you work the retirement process. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement. Maybe it’s the best place to stay when you retire…or maybe it’s to expensive or to much up keep. Here are 7 Things to consider when
7 Things To Consider in Your Retirement Home
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
“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.”
Sometimes those homeowner association (HOA) fees seem like a lot of money initially. When actually, it may be cheaper than paying for lawn maintenance, the roof? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
“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.”
The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $14,000 in equity last year.
“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.”
If you still like having a yard, maybe a community where your lawn service is INCLUDED in your HOA fee might work for you.Or at least small enough that you don’t have to much work to do. A townhome may not be a consideration due to all the stairs, but there are many places where you can get “ranch-style” condos that everything is on one floor, but still managed like a condominium.
“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.”
As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
I’ve seen people consider the 55+ communities in Florida that are made up of manufactured homes. But look VERY closely at the HOA rules for these places. Many restrict size and number of pets and some don’t allow ANY?? Go Figure!!! You will want to look at this closely if you plan to bring Fido along! And you will have to consider if the place has a fenced yard or dog walk.
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
“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!”
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider. Recreation opportunities like walking, or the beach?
As you think about this process, maybe it’s been some time since your last home purchase? Why not look at our Atlanta Real Estate Buyer’s Guide to help you with some of the questions you may have about the process!
7 Things To Consider in Your Retirement Home
You want to take time to stop and think about life in your “forever home.” Make sure you can age with, and in it! If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!