Ogunrinde Abdulrahman

Home Buying Tips for Retirement People buy homes when they retire for different reasons. If you were purchasing a home when you were still young, your motivations for buying the house would be at variance with a senior who has no kids to cater for, and who might even be widowed. Notwithstanding your reasons for buying a home where you can retire, you need to seek the advice of a professional real estate agent who will discuss all the areas that you need to consider before settling on any property. Here are some tips to consider before buying a retirement home. Choose a place that will be easy to live in when you get older Before choosing a retirement home, it is essential to consider the ease of living in the place as you grow older. In ten years’ time, will you be able to drive yourself to the groceries store? Are you close enough to a hospital in case your arthritis becomes unbearable? You might settle for a city as it is easier to get around in them and many facilities are available. Always consider if the neighborhood has the amenities you need to live comfortably in your old age. Single-storey homes are the best As we age, our bodies change and going up and down a staircase can become a nightmare. If you have arthritis or are restricted to a wheelchair in old age, a storey home will make mobility difficult, and the home will feel like a hell. If you intend buying a new construction, you may want to add handicap features such as walk-in showers and wider doorways. Also, if you will be receiving your children and grandchildren, make arrangements for their accommodation. Do your homework about retirement neighborhoods While you might love the prospects of living among people of your age in a retirement community, some of the rules in the community might be stifling and rob you of the freedom of doing as you please. This is because some of these retirement neighborhoods have stringent rules about the conduct of their members. It is essential to do some background checks on the neighborhoods you wish to live in and be sure of the terms and conditions of the community. How would you feel if after investing a huge sum of money in buying a home, a group of individuals start dictating to you what to do and not do? It surely won’t be a pleasant experience. In old age, step-in-showers are the best It can be difficult for elderly people to get into and out of a bathtub due to mobility issues. With a step-in-shower, you can easily enter and exit without much trouble, especially if they don’t have steps. Whether you want to live in a condominium or a house, having a step-in shower will provide you many benefits as you become older and frail. Choose homes with big hallways, entryways, bathrooms and so on. Many retirement home buyers are not opting for build new plans, and this provides many benefits such as the ability to customize the property to meet their exact requirements. With a new build retirement home plan, you can make your home easier to navigate by choosing wider pathways. If you have wider pathways such as wide hallways, bathrooms, entryways, moving around in a wheelchair will be much easier and faster. Before buying any home with a new build plan, ensure you ask the builder all the necessary questions so that you are sure your needs will be adequately covered. Consult your Spouse Often, couples have different ideas about where they want to retire, but most couples assume wrongly they are both on the same page. Before plans reach an advanced stage, create time to seek the input of your spouse so that you are both on the same page. Should there be any disagreements, you can always discuss everything and reach a compromise that will suit both of you. Don’t forget your social network Before moving away from your current home to a new residence, you might want to consider the potential loss of your friends and acquaintances who have always shared the good and bad times with you. If you are going to move far away from them, your new home might end up being boring and uneventful. Remember, social media is no substitute for real-life interactions. Consider your finances After retirement, you won’t be working, and all you have might be savings and dividends from past investments. Are you financially buoyant enough to afford all the expenses of retirement considering the home you plan to buy? Will you be able to maintain the home, renovate and pay taxes on it? All these are what you should consider and speaking with a financial advisor before buying the home can save you a lot of anguish in the future. Don’t ever make the mistake of planning your retirement life on your current income, as the two are significantly different. A watertight financial plan for any eventuality will save you much trouble. Be realistic with your financing Before buying that retirement home, how do you plan to finance the purchase? You need to weigh the pros and cons of making a huge down payment because even though it reduces your payback time, you might have less cash to live your life the way you want it. You might want to consider taking a mortgage if that is the best for you. Talk to a financial advisor who will assess your financial standing and help you choose the most appropriate financing plan. Don’t forget your pets Are you a pet lover? You need to consider your pets before choosing a home. If you are a dog owner, consider the ease of exercising it before picking a home. Some retirement communities might restrict the number of pets you can keep, and some might not allow them at all. It is essential to know all these before settling for a retirement property if you own a pet. Your budget should be reasonable We don’t know what the future holds, and your financial circumstances might change for the worst. Setting a reasonable budget will save you the headache of searching for a cheaper place to live should you become cash-strapped in the future. Conclusion We hope these tips will be of immense benefits to you whenever you decide to buy a retirement home. Before signing up for a retirement home, ensure that you do enough research and get satisfactory answers to any questions. Doing this will make your investment and retirement years an enjoyable one.