Tips for Buying A Retirement Home

If you are nearing retirement age, you might contemplate looking at priced-to-sell homes on the market to purchase now.

With home prices and interest rates so low, why not invest in your piece of paradise now before you hang up your working hat? Some pre-retirement couples have found homes almost half the price they would have paid years earlier, making it a worthy investment that can be leased or rented out for weeks or months out of the year before retirement age.

Keep these considerations in mind when looking for the perfect place to retire:

• Income Considerations – Are you planning to retire debt-free or debt-laden? Any elimination of debt will be helpful if you will be working with a reduced income. If your retirement income will be more than sufficient, going into retirement debt-free will allow you to spend your money elsewhere. Either way, your retirement income is a major decision factor for what home you can afford after you retire.
• Senior Communities – If you are thinking about a retirement community with amenities and services, you can purchase the home without being retirement age. With any development designed for senior citizens, know if the monthly costs for the security or recreational facilities will increase over time. Also take note of the quality of healthcare provided in the area.
• Safety And Health Considerations – Look at the home with your future safety and health in mind balanced with appeal. Most homes in mild weather areas are typically sprawling one-floor designs for this reason. If you feel more comfortable being closer to medical facilities or resources, then look for a home located nearby. Navigational needs are another consideration, so keep in mind the floor plan, floor coverings, and stairs. Heavily carpeted homes may present problems to mobility aids, like wheelchairs.
• Accessibility Considerations – If the home is perched on the mountainside with breathtaking views, will you be able to navigate in poor weather or keep the road clear? Even though the home boasts decks and floor to ceiling windows, reconsider buying a high-maintenance home if no one will wash the windows but you. Living year-round in a home with limited access and unpredictable weather can be more of a burden than a pleasure.
• Property Easy To Resell – You can get a real deal on lakefront or beach properties that have mass appeal. Not only should the home be easy to rent, if that is your plan, but easy to sell if you are faced with unseen problems in the future.

Shopping around for your retirement home now can not only save you money, but by investing now you will be prepared to step into the retirement lifestyle with ease. Remember if you are willing to be a landlord, you can rent or lease the home for now, letting the home pay for itself as you work towards retirement.