Housing Considerations For Retirement Living
When you are buying a home suitable for retirement, your Exclusive Buyer Agent will help you evaluate all the options on the market, including homes on the MLS, For-Sale-By-Owner and new construction.
Your EBA will also counsel you about home location, features, condition and cost, so that your purchase provides a good long-term value. Market comparisons will be performed to ensure that you do not overpay for the home. Throughout the home buying process, your EBA will negotiate exclusively on your behalf and obtain the best price and terms, all while protecting your best interests!
When thinking long-term about retirement and the ability to age in place, there are several basic considerations:
1. Affordability. 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. Take a look at your entire personal budget, and do your best to peer into the future.
2. Equity. 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.
3. Maintenance. 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.
4. Security. 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.
5. Pets. Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits. If you have pets, your EBA can verify any restrictions.
6. Mobility. No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.
7. Convenience. 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!
Contact your Exclusive Buyer Broker for more guidance!