Top 6 Tips for Purchasing Your Retirement House

Top 6 Tips for Purchasing Your Retirement House

Retirement can be the best adventure of your life. You can live your dreams while traveling across countries. With proper planning, you can make it a “dream come true.”

A retirement house plays a significant role in your retirement plan. Since our current retiring generation is “baby boomers,” we would like to form a plan to help them choose their retirement house.

Renting Vs. Buying

Purchasing a home gives a sense of security. After all, we want to live happily without having to move homes every year. However, buying a home may not be the best option. When a couple chooses to retire, they must make some critical decisions:
 What are your dreams?
 Why cannot you live in the current house?
 How far can you stay away from families and grand children?
 What are the financial limits? Are you both still earning now? If so, how much can you spend on housing and other amenities of life?
In many cases, it is best to rent first before buying a new house. You can get a feel for that area and decide whether you would like to spend the next segment of your life here.

Do Not Settle in a Dated (Boring) Community

When people think of retirement, they imagine their senior years. Most are afraid of becoming a burden on others and fear they won’t get their freedom. However, the concept of retirement is changing. Each year, life expectancy increases. Retirement is the beginning of a new chapter in life. You do not necessarily need a retirement community.

Instead, look for a community of curious souls that are ready to explore the world with you. Trust me; retirement becomes much more fun with this concept.

Take Care of Your Health

Retirement is not a time to live in a crowded & noisy environment. You need to take care of your health. It is best to live near parks and cultural centers that promote healthy activities. An advantage of living in a retirement community is that you stay away from teenagers, crying kids and much noise that can create unnecessary stress in your life.
When choosing a house, it is important to note the walking distance. You cannot always drive your car. So, how far is the grocery store from your dream house? What about the medical facilities? In the case of emergency, how long will it take to reach your doctor?

How Much Can You Afford?

Buying a new house is an expensive project. Even with a stable retirement account, you have to think of the budget. It is not a wise step to pay off the entire cost of your house. You must keep an emergency fund, a home repair funds and think of property taxes before borrowing money from your retirement account. If you take a loan of $150,000, you may actually pay $200,000 inclusive of moving costs and taxes.

Low-Maintenance Housing

Managing a house is a full-time job. You are planning to retire, so it is time to reduce your workload and focus on activities you like. Again, a retirement community can provide you an easy-to-maintain house. However, there are costs involved with this facility.

Property Insurance is a Must

A home needs repairs. It is only a question of “when”? You do not have to worry about these unexpected expenses if you bought an insurance plan.

Your Friends and Social Circle Matters

Our happiness lies in social interactions. It is only natural to love to hang out with old friends and your grandchildren. Do not buy a house far away from your friends and family members. You need them, and they need you. You can make new friends, but once you spend 60 years in society, you cannot forget it.

[Photo Credits: Flickr]