Who doesn’t dream of the day that retirement is officially a reality? For many retirees, this also involves relocating or purchasing a different home. Maybe you’d like to live in an active adult community, downsize after becoming empty-nesters, or even get something bigger to have space for the extended family to visit.
But buying a retirement home isn’t as simple as it seems. The wrong choice could jeopardize the nest egg that you’ve worked so long to build. Remember, your home is a vital part of your estate. Here are some things you’ll want to think about when buying a home for retirement.
Your House “Cost” Equals More Than a Mortgage Payment
It would be a mistake to set a retirement housing budget that only considers a mortgage payment. If you’ve owned a home in the past, you know that the cost of homeownership involves more than this.
But some of the most desirable areas for retirees also have costs that you need to consider. Some of those costs might include condo or homeowners association dues, insurance, and property taxes. Make sure you add all of these items to your budget.
Your Favorite Vacation Spot Might Not Be Ideal
Just because you loved a certain place over the years as a vacation destination, that doesn’t mean it will be an ideal place to live in retirement. Before you settle down in a particular area, make sure you’re willing to deal with an influx of tourists during certain parts of the year and even businesses shutting down in the off-season.
Consider Your Need for Amenities Carefully
As a new retiree, you might only visit the doctor for regular checkups and drive to go out to dinner or get your groceries. But, your needs can change quickly as you age, so it’s important that an area’s amenities can accommodate you. Is there a hospital nearby? What about public transportation or delivery services?
Think About Whether You’ll Be Able to Age in Place
The AARP reports that over 90% of people want to age in place, meaning they’re hoping to remain in their home or area through retirement. If you are part of this majority, make sure that the home you select will support your wishes.
For example, a home with stairs or a large yard may not be the best idea. Homes that require less maintenance and upkeep are generally better options for retirees.
Even If You Can, You May Not Want to Pay Cash
Assuming you’ve built up a healthy nest egg, it doesn’t always make sense to spend a majority of it on a home. It might be a better option to have a small mortgage on your home and allow the rest of your assets to continue earning you a higher return.
Resale Value Still Matters
You might plan to stay in a home forever, but plans sometimes have a way of going sideways. And someone will eventually have to sell that home, such as one of your heirs. Even if you don’t care about the local school system or the number of bathrooms, consider the resale value of the home when you make your purchasing decision.
Ready to Buy Your Retirement Home in North Carolina?
If you’re thinking about retiring in southeastern North Carolina, you’ve made an excellent choice. This is a special area that combines Southern hospitality, fabulous neighborhoods, a temperate climate, favorable property taxes, and plenty of amenities.
At Creekmore Realty, we specialize in helping retirees find the perfect match through our access to a variety of 55+ communities. Contact us today to learn more about how we can help make your retirement move a success.