Are you getting ready to but a home in Beaufort, Bluffton, Hilton Head, Port Royal, Lady's Island, Habersham, Coosaw Point, or Fripp Isalnd? More and more baby boomers are entering retirement age, so the question of whether to sell their homes and move is becoming more relevant. In today’s housing market, there's low available inventory in the starter and trade-up home categories, making it a good idea to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
1. Affordability
“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”
Would it actually be cheaper to move to a complex with homeowner association fees, or having to hire all the contractors you would need to maintain your home and property? How would moving affect your taxes? What is your monthly income or savings going to be like in retirement?
2. Equity
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
You may have enough equity in your current home to purchase your home for retirement with little to no mortgage. Homeowners in the US gained an average of over $14,000 in equity last year.
3. Maintenance
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”
Again as mentioned before, would it be better to pay an HOA fee for the added peace of mind of not having to do the maintenance work yourself?
4. Security
“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
Think about moving to a place that gives you the security you need.
5. Pets
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
Make sure your furry friends are welcome where you move. If you rent, are there restrictions or deposits? If you buy a home, is the backyard fenced in? How close is a good vet?
6. Mobility
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
You may be healthy now, but that could change as you age (of course we hope not). Will the home you're buying be able to adapt to your needs? Does it have multiple floors that have stairs that will need adapting? Can handrails be installed in the future?
7. Convenience
“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”
Will you be close to your family? How close will you be to the things that you want to do?
When it comes to finding your home to spend the rest of your days in, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If you do decide to move to Beaufort or the surrounding areas, please give us a call at 843-476-1044 to let us help you find the ideal home for your needs. You can also search homes for sale in Beaufort, Bluffton, Hilton Head, Port Royal, Lady's Island, Habersham, Coosaw Point, or Fripp Island using our powerful and convenient property search tool. And follow us on Facebook for the latest Beaufort area real estate news.
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