Can You Retire In Place...OR???

By
Real Estate Agent with Keller Williams Realty - Topsfield, MA 92593-B

When Pam & I bought our home in 1985 interest rates & prices were excelerating. We had 3 young boys. The owners had purchased the home and moved their folks into the basement. The parents moved out shortly thereafter which made the home impossible for them to carry the payments all by themselves. 

Enter Doug and Pam...The home was a lot smaller than we desired but given the market and the price and the tremendous location, we decided to buy. It would be tight because the boys were growing and would be on the big side. There was one thing we knew, we would not be selling any time soon or at all. We realized when the lads became adults they would not be living here (our youngest does bounce, though) and the house would be manageable for us. 

It is a 5 room 3 bedroom ranch home. We were able to pay it off in 23 years and now we are making it age proof (as we begin our 70's). We are able to retire in place and not have to downsize or carry a new mortgage. The line items KCM has provided are the items Pam & I considered when we purchased.

 

Will Your Current House Fit Your Needs In Retirement?

Will Your Current House Fit Your Needs in Retirement?

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense 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

1. Affordability

“It may be easy enough to afford 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 moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income 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.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 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.”

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have 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.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

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.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

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!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, 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 after considering all these factors you find yourself curious about your options, contact a local real estate professional who can evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

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Rainmaker
2,704,800
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Great points Doug Dawes and ones that so many are carefully considering when determining their housing needs.

Jul 26, 2018 06:47 PM #1
Rainmaker
775,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Lisa Von Domek 

Thanks for stopping by and commenting. Now that Pam & I are in our 8th decade staying in place hits home.

Jul 27, 2018 03:34 PM #2
Rainmaker
2,704,800
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Doug Dawes y'all must be taking decade by halves, you can't mean 8 x 10 years! 

Jul 27, 2018 04:05 PM #3
Rainmaker
775,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Lisa Von Domek 

Hahahahaha We're not 80 Our first decade began with 0-9

So our 8th decade is 70...lol

Jul 28, 2018 07:26 AM #4
Rainmaker
4,101,315
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Doug, I did just that earlier this month, bought a ranch paired home, and can live out my elderly years.  You were very smart early on! 

Jul 28, 2018 12:20 PM #5
Rainmaker
775,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Congratulations Joan Cox 

I'm sure you will enjoy your home. If I could only get the neighborhood kids to come by a mow the lawn and shovel...

Jul 28, 2018 02:51 PM #6
Rainmaker
3,125,499
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Doug... I could retire in place, but will probably scale down a bit (quite a few years from now since I have no intention to retire for a while). We built the right house for our needs 12 years ago and it still serves those needs and will for a while.

Jul 31, 2018 05:44 AM #7
Rainmaker
3,016,478
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I love your points Doug Dawes . I do see many buyers planning for this earlier

Jul 31, 2018 05:45 AM #8
Rainmaker
3,207,323
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Doug, many people can not do that because of all the points you described are not achieved, affordability is the biggest reason. Endre

Aug 01, 2018 10:51 PM #9
Rainmaker
775,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Nina Hollander 

I've never been a believer in buying big houses then having to downsize when you hit retirement. Glad to see you built the right house

Aug 02, 2018 04:08 PM #10
Rainmaker
775,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Scott Godzyk 

I think buyers should be looking ahead and buying what they need instead of buying huge because they can. Pam used to be a Pampered Chef Rep. You'd be surprised how often she came home and told me she was in a huge home but it only had 3 or 4 rooms of furniture.

Aug 02, 2018 04:09 PM #11
Rainmaker
775,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Endre Barath, Jr. 

I'd imagine things in CA are a bit different

Aug 02, 2018 04:12 PM #12
Ambassador
3,983,129
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

You and Pam are really smart. I have several clients that want to downsize and don't know where to start.

Aug 09, 2018 07:01 PM #13
Rainmaker
775,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Debbie Reynolds 

I have friends who have told me they wish they had purchased a smaller home so they didn't have to downsize. I offer my services

Aug 10, 2018 05:25 AM #14
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