Buying a retirement home often signals the end of one chapter in a person’s life and the beginning of a new adventure. Through the years of owning or renting homes, you have probably learned what you like and don’t like in a home. Your retirement home is your chance to have all the items on your wish list that your other homes may not have had. This home is also likely to be your last home purchase, so picking the right home for your needs is very important. Here are some questions and things to consider as you begin the search for your retirement home.
What size home should I purchase? Determine the size home that will be best for your retirement experience. Each situation will be different because of family size, lifestyle choices and the amount of time you will be spending at the home. Buyers with families who like to visit often will likely need extra bedrooms to accommodate visitors. If you are purchasing the home in a new area and do not foresee a large number of visitors, a smaller home may be the best choice.
What type of home should I purchase? Are you considering a detached home with acreage, a townhome on the coast or an apartment-community lifestyle? Determining the type of home and lifestyle you want will help narrow your home search. If you prefer to be more independent and have room for amenities like a garden, a detached home may be best for you. But if you are more interested in a close-knit community with activities, a gated community or retirement-focused community may be a good option.
How much maintenance do I want in a home? Home maintenance can be a major concern for retiring couples and families. Now that you are living the retired life, how much work do you want to put into maintenance around the house on a weekly and daily basis? Do you want to mow a lawn or pay a person to maintain the lawn?
As years pass, mobility may become a concern for you. Purchasing a home that has an elevator or a ranch-style home may be a priority depending on your needs.
Will this home accommodate my personal belongings? Over the years it is easy to accumulate furniture, memories and all-around clutter. If you are considering downsizing to a smaller home, all of your items may not be able to make the move. Buyers will need to decide if they want to purchase a bigger home to hold their possessions or if they will sell or donate items.
What price point can we afford? There are many factors to consider when deciding price point. Your income has likely changed now that you have retired and this may alter the price point of your next home. Determining what budget you are comfortable with is ideal. Speak with your financial advisor and broker to help make this process smoother.
Reaching retirement is a great success and a moment you should savor. Eillu can help make this process easier and more efficient with our expert staff. Our staff has experience with retirement homes and can help you pinpoint the perfect retirement home for you and your family. Now sit back, relax and enjoy retirement!