What Not to Do When Looking for a Retirement Property
Reaching your retirement is a serious achievement. If you’ve reached this milestone, you will want to look for the best possible property to enjoy all that free time doing the things you love.
This decision requires some serious thought, so here are some things you want to avoid when looking for that perfect place:
Not Knowing Where You Stand
Retiring is such an exciting time in one’s life, but it also comes with many changes to your lifestyle, routines and most importantly, finances. The biggest mistake you can make is not speaking with a financial advisor. It’s a good idea to book a consultation as soon as you know that you want to live out your retirement somewhere, and an even better one to get your money situation figured out well in advance of retirement. Not knowing if your retirement savings, the equity in your current home, pensions, etc. are going to sustain you, not only a new home, but the lifestyle you may wish to pursue, is an avoidable error.
Downsizing that Doesn’t Add Up
In theory, downsizing in retirement seems like a logical step to this change in your lifestyle and finances; however, if you are planning to look for a property in the same market and same general area, you may only be shrinking your living quarters and not making too much of an impact on lowering your costs. Carefully consider your options when it comes to that shiny new condo. It could end up leaving you less than you thought after selling your home.
Not Testing The Waters Before you Jump In
Planning is vital when it comes to buying a retirement property, especially if you plan to move to another community. Not doing your due diligence on the community you’re considering could result in some serious headaches. If you’re thinking of selling and moving to another country you need to ensure you can handle the climate and consider your integration into the culture or determine if you need to learn a new language. Speaking with a Realtor® in the community you’re considering and visiting these places before making a decision is your best bet.
Not Thinking of Others
There are times in your retirement when, for perhaps the first time in your life, you get to be entirely selfish and take that dream trip or buy that brand new car. If you’re looking for property, though, and want your family to visit, downsizing to the point of putting them out may not be a good idea. If you have moved a great distance and family or friends who want to visit are left to stay in other accommodations, you may not see them as often as you’d like. Take into consideration whether you need an extra room or two before deciding on a smaller property. Your family will thank you!
Not Thinking Long-Term
Buying a perfect place for retirement is basically like buying your first home; it’s important to know what you want and need. You most likely want this property to be your last so, looking at the big picture is the best way to be prepared for a purchase that makes sense for you. Don’t limit your interests to the minor details. Instead, look for homes that meet the needs of your lifestyle, your health, and the community you would like to live. A condo in the city may be perfect for a traveler whose children live overseas but may not suit the couple who enjoy hiking, fishing, and the outdoors.