Congratulations on reaching this important milestone in your life! All the years of hard work is about to pay off. One of the most significant steps you can take to achieve the life you want in retirement is buying the right retirement home. As you plan your life in retirement, you will want a home that accommodates the retirement lifestyle you have in mind. You should consider some aspects of retirement life that are likely to differ from your years working a career. Read on to learn about these home buying tips.
Things To Consider When Looking For Your Ideal Retirement Home
This may be the last home you will ever buy. At the same time, people are living longer than ever before. Don’t underestimate the number of years you may live in this home. You will want a home you will be happy in during this phase of your life. With that in mind, check out these home buying tips when searching for your retirement home:
Location of Home
First, think about where you might want to live. Do you want to live close to family members? Near the beach in a mild climate year-round? In the mountains? In the city or in a rural area? You have a lot of choices to consider, but once you narrow down your preferred location, you can focus on the communities in those areas and what they have to offer.
The Community Around You
Have you thought about how you plan to spend your time? If you are an avid gardener, you may want a place with plenty of yard space. On the other hand, if you are planning to do a lot of travel that will take you away from home for weeks at a time, perhaps a condominium, townhouse, or low maintenance single family home would work better for that kind of lifestyle.
Many retirement communities are for active adults over 55. That usually means the community is private, has a clubhouse with activities of all kinds, a pool, fitness center, and dining hall where residents can participate in parties and community events. If an active social life is important to you, this kind of community may be a good option.
Access To Services & Activities
When you are deciding which communities you like the best, one important consideration is how far away the community is from the things you want to do. You probably will not want to drive a long way every time you want to go to the grocery store, the doctor, or a movie. And even if a longer drive does not bother you now, think about how you will feel about it in twenty years.
Cleaning & Maintenance
If you never want to do yard work again and do not even want the responsibility of getting a service to do it, find a community that takes care of all of that for you. You can also think about whether a condominium makes sense for you.
Any Possible Expenses
In retirement, you will not spend as much money as you do when you are working. You simply won’t have the expenses for commuting, eating out, laundry, and various other expenses that working entails. Before you decide on a house, make sure you have a good handle on your post-retirement budget.
Most over-55 communities and private communities that take care of the exterior maintenance for you will charge a monthly or quarterly fee. They also can charge special assessments periodically to cover special projects or repairs. You need to factor those expenses into your budget when you are deciding on a community. If you have found a home within a community that you absolutely love, but it may stretch your budget, see if the community offers a smaller, less expensive home that will be easier on your wallet.
Resale Value of Home
Although a retirement home could be the last home you ever buy, you may find yourself in a situation where you need to sell it for some reason. The reasons could be changes in the health condition of yourself or your spouse, relocate to another area to be closer to family, a desire to get something smaller, or a change in your financial condition that warrants selling it. Whatever the reason, it is nice to know that you will have no problem selling the home if you ever need to do so.
These are just some of the many considerations that go into choosing the right retirement home. Whatever you decide, your home should be in an environment that you find relaxing so that you can truly celebrate your retirement and enjoy a stress-free lifestyle.
Speak With an Experienced Virginia Beach Real Estate Agent
For help finding your perfect retirement home, reach out to The Katie Zarpas Group for more home. buying tips. You can speak to their experienced agent, Katie Zarpas, about what you are looking for in a retirement home and get started on the exciting next chapter in your life. Reach out today by phone at 757-685-4400, or by scheduling an appointment online to learn more.