Buy a new home after retirement? It can be a smart investment for multiple reasons, and you don’t have to downsize for it to make sense. Purchasing a new home is an opportunity to move into a new community that fits your new lifestyle, take advantage of a home that will be more age-friendly, move somewhere with lower maintenance demands, and enjoy the amenities you’ve always dreamed about owning.
Over a third of people approaching retirement plan to move around the time that they leave their jobs. They’re looking for a variety of things, from warmer weather to a neighbourhood where they can feel more like civic participants by volunteering, making friends, and giving back.
A Lower Maintenance Home
Dream of traveling for weeks at a time after you retire? Sick of mowing the lawn, shoveling snow, or clearing out the eavestrough? Investing in a townhome can be a great way to enjoy plenty of space but not have to worry about maintenance.
For more information on how buying a townhome bungalow can spare you the yard work, check out Blythwoodhomes.ca and find out about active adult communities where outdoor maintenance is taken care of.
Live in an Engaged Neighborhood
As you get older, what you look for in a neighborhood may change. As you approach retirement, aspects like community engagement and participation become more important. Many retirees find fulfillment in volunteering and participating more in local activities. You want to move into a community where your neighbors are engaged and sociable.
Upsizing in Retirement
Plenty of empty nesters are bucking the downsizing trend and investing in a bigger home, something that they can often do by moving out of the city and into a more affordable real estate market. Not only do you get to enjoy the peace and tranquility of the countryside, but moving out of the city or the suburbs also stretches your budget further.
Buy Your Next Home Before You Retire
You don’t have to wait until you’re 65 to find the home of your dreams and there are plenty of good reasons not to wait. There are several advantages to investing in your retirement property early:
- If you are buying in a nearby location, there is no reason to wait for retirement to enjoy superior comfort, lower maintenance costs and one floor bungalow living.
- You can take the time required to select your preferred plans and design options and pick your preferred time to list your current home on the market. Planning will make the transition more enjoyable
- You get a better understanding of your living expenses and the costs of your new lifestyle before you retire, so you can make any appropriate adjustments to your retirement plan.
- You can use it as a vacation home or just move in until you’re ready to move in permanently.
Whenever you decide is the best time to buy your retirement property, the most important thing is making sure it’s a place where you’re going to be happy and enjoy life to the fullest during the best years of your life!