Often, people who have retired begin to look into retirement investments, as well as a brand new house. Usually, it is because their current needs have changed, and the house they were currently in is too large for them. Perhaps they are unable to maintain it anymore. Sometimes, they simply don’t feel like dealing with the responsibility that comes with a larger house. Realize that what you are about to purchase will probably be your last home.
You must figure out..is this the right area for me? Living in or near a good school district is no longer important to you, as your children are grown. Therefore, you’ll want something a little quieter. There is also a possibility that you’d rather live near a community so that you don’t feel as solitary. Or, you want to move to an entirely new city altogether. Whatever the case may be, you must be sure to purchase a home that is right for you, and this stage of your life.
When thinking about what a “right” home is, ask yourself what your needs are. You must reflect on your current lifestyle, and what you plan to be doing. If you love to have people over to your home frequently, you may think about buying a larger home rather than a smaller one. You also are more than likely going to have family come to see you over holidays and throughout the year. Therefore, you are probably going to need some extra bedrooms.
Before you purchase the house, you should be sure that you have enough money to. That should be a given, but you’d be surprised how many retirees only factor in what they earn, excluding an emergency fund. Don’t make this mistake. You should have enough money for the house, plus your expenses, and plus an emergency fund.
Think about how much maintenance is going to cost you. You shouldn’t buy a property with 20 acres when you can’t afford to maintain the lot, for example. Never purchase a property without the expertise of a real estate professional. Otherwise, you could end up in some trouble. Plus the fact, that a good real estate agent knows how to negotiate, and you don’t want to end up paying more than you have to for a property.
You should also factor in transportation. Perhaps you’d rather public transportation, and perhaps you plan to still travel frequently, and want to live near an airport. Either way, be sure that you put plenty of thought into the type of property you want, and the location. Good luck!