How to Choose a Home for Retirement

Where do you plan to live during retirement? Today we’d like to share seven key factors that can aid in the decision between staying in your current home or finding a new one for this new chapter in life.
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As more and more baby boomers reach retirement age, they are faced with the question of whether to stay in their current home or sell it and move on.

There’s very little inventory in the trade-up home market right now, so it makes sense for those approaching retirement to consider whether their current property will continue to meet their needs as they enter this new chapter in life.

According to the National Association of Exclusive Buyer Agents, there are seven factors to consider when choosing where to live during retirement:

1. Affordability. It may be easy enough to afford your home today, but think long-term about your monthly costs. As you consider these expenses, make sure to include your utilities, taxes, insurance, and any other recurring fees you’re responsible for in your current home. It is possible that moving to a complex with a homeowners association may be less expensive than staying in your current home and hiring contractors to help you stay on top of home maintenance tasks.

2. Your equity position. Depending on how much equity you have in your current home, you may be able to apply it to the purchase of your next home. Following this option could leave you with little-to-no mortgage as you enter your retirement home.

3. Maintenance. As we age, our tolerance for raking leaves, cleaning gutters, and shoveling snow may go right out the window. A condominium with low maintenance could be a literal lifesaver in your retirement years. 
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The location of your home can significantly impact your lifestyle, so keep this factor in mind as you make decisions about where to live during retirement. ”
4. Security. Elderly homeowners can be targets for scams or break-ins. Therefore, living in a home with additional security features may be attractive for those entering retirement. 

5. Pets. Animal companionship can provide emotional and physical benefits, so make sure to consider your pets during any potential transition between homes. 

6. Mobility. No one wants to imagine themselves losing mobility, but as you consider your lifestyle into retirement, it’s important to think about whether your current space (or the space in your next home) will be wheelchair or walker accessible if the need arises. 

7. Convenience. Do you have amenities within easy walking distance? How close are you to your children and grandchildren? The location of your home can significantly impact your lifestyle, so keep this factor in mind as you make decisions about where to live during retirement.

If you any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.