Are you getting ready to retire? Many retirees find that the homes they’ve been living in aren’t as good a fit for them as they used to be. Sometimes the best solution is to move to a new home. Finding the perfect home for retirement can be easier said than done though. So how do you do it?
Start by thinking about where you want to live. Location is a big deal in real estate for a reason.Some states are more retirement-friendly than others thanks to different state tax laws. Consider how close you want to be to your family too. Many retirees want to spend more time with family, which is easier when you live closer.
The local climate is also worth considering. Some people find cold, wet, or freezing weather more challenging to deal with as they age, which is why many prefer to retire somewhere with warm weather throughout the year.
Use Agent v. FSBO
Have you thought much about how you’ll buy your home when you find it? Some sellers use real estate agents, while others choose the for-sale-by-owner (FSBO) route. The experience and expertise of an agent can come at a high price.
They are paid by commission, typically a few thousand dollars at least. Buying directly from the owner could save some money, since the seller won’t have an agent (even if you do).
Consider the Community
What does your ideal community look like? Do you want tolive in a 55+ community? That’s a good way to have neighbors who are in a similar life stage. These types of communities may offer things like on-site medical care and community social activities. Does the security of a gated community appeal to you more? Maybe you prefer a condo in a complex that offers amenities like a swimming pool and community gym. Complexes like this often provide grounds care and shoveling services (if you live somewhere that gets snow in the winter). Whatever your preference is, make sure you clearly understand what the community provides and what you are responsible for as a resident.
As you search for the perfect retirement home, consider how well the home meets your current and future accessibility needs. Think about how the cost of living compares to your budget as well. Finding the perfect retirement home isn’t always easy, but the comfort that comes with finding the right one can make all that effort worthwhile.
Did you enjoy reading this article? Here’s more to read. WHAT TO DO IF YOU’RE RETIRING WITH A MORTGAGE