Should you buy a retirement home?
Consider this scenario – you are thinking of getting a retirement home for yourself some 20-30 years from now. What would be the best way to go about it? Or rather, should you go for one?
USA Today recently conducted a survey regarding whether you need to buy a retirement home or not. 33% of adults in the 45-65 age group said that they are planning to move once they retire. 24% said that they are not sure about their plans yet.
Going by the above statistics, housing remains an important factor for most Americans. Therefore, should they make a decision about owning a home soon or not?
Today we look at how you can make this decision easier for yourself, and what are the things you should take into account as you do so.
To Buy or Not to Buy
No time like the present to start saving up for your retirement home, even if its too far off for you to retire. This is true for when you need to finance your home by taking out a mortgage.
If you are looking to buy a retirement home early, it can come with many benefits. For starters, you get approved easily since you are fully-employed during that point in time. Plus you are able to secure a low-interest rate and can start paying off your mortgage sooner rather than later.
More importantly, you get to save for all the renovations that you have in mind for the future. Plus it makes better sense as an investment.
Reasons to Buy
The first thing you got to know is to have a plan in place. You have to take into consideration all aspects of your lifestyle, and whether buying that new retirement home in Hawaii makes sense, or in Colorado?
To ensure your plan is solid, go through these things so that you have a better idea about the decision you’re about to make.
Talk to your Partner
Never assume that the most important person in your life wants the same things as you. Its important to sit down with them and talk. Ask questions about what kind of house or lifestyle you want. And remember, there will be some compromises to make but in the end, everyone’s a winner.
Test It
If you are looking to move to another part of the country, make sure that you get to experience it beforehand. You might not like the weather when you move to Texas, so make sure you stay there in a retirement community and then make your decision.
Can you afford to be mobile?
Make sure you know how easy it is to navigate to your place. And not just by car; you may need to check if its easy to reach your place via walking and public transportation. The more options you have, the better. In fact, make sure important places like the hospital and grocery store are well within reach of your retirement home.