Every day more people who were once baby boomers are reaching the age of retirement. Many are considering to sell their homes and move into a retirement community. Whether a person decides to spend their lives in a paradise such as Maui, they want to consider a few things first.
How Much is a Person Able to Afford?
You may have enough to purchase a home to retire in but you also want to think long-term about monthly costs. Keep in mind property taxes, home insurance, fees, daily utilities which are due whether or not you have a mortgage. Would moving into an apartment complex that has HOA (Home Owners Associaton) fees be cheaper? Have you accounted for your monthly spending and what will your income be like once you enter into retirement?
If you hold any equity in your current home, you could use the profits from its sale to the purchase of a new and perhaps smaller home.
As we get older, we may not be physically capable of maintaining our home and yard. If we were to move into a complex that has HOA fees, there would be daily groundskeepers to upkeep the maintenance of the area. A monthly maintenance fee may not be highly desirable but it can offer a peace of mind and be a literal lifesaver for individuals who are not able to do it themselves.
Whether you are someone who has retired or still in the workforce, security is a concern for everyone. Living in a community with security features such as a security fence, a guard at entrance or a resident-only access can bring peace of mind. It’s always a secure feeling to know that there is someone else looking out for your well-being.
Can You Have Pets?
If you have a beloved pet that provides you with not only companionship but also emotional and physical benefits, you will want to consider how that will affect them. A retirement community may not allow pets and if they do is there an additional deposit you may be asked to put down. How far or close are you to your veterinarian, is there enough space for your pet to run around in. These are all things that you will need to think about and how much it will affect your decision. and that could be the deciding factor for you. Also, think
Renting won’t do if the dog can’t come too!
Throughout a person’s lifetime, they have been independent and done things on their own. As a person ages, they may need the added use of a cane or a wheelchair. Your new home will need to have a layout that will accommodate any future physical needs you may have. A lot of people are living longer and still very active lives. However, you may need handrails installed, doorways or hallways that are wide enough if you need the use of a wheelchair or walker. It may be a good reason to search for a home that has been built to accommodate these needs.
What About Convenience
Think about the things that you may want to be close to, such as family or places to eat, grocery shopping. You don’t want to have to take a long bus ride or cab to buy food or visit your grandchildren. Would relocating to a new area make visits with family easier or more frequent?
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing how comfortable you will be in retirement. Once you have considered all these different factors and still find yourself having questions, contact a local real estate professional who can evaluate your ability to sell your house in today’s market and get you into your dream retirement home!
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