Retirement properties are where you will make so many memories in retirement! Do you know what you are looking for in your retirement property? If not, don’t fret! This article consists of five things to look for in a retirement property. Choosing your retirement property will need just as much careful consideration as choosing any other home. Keep reading to learn five things you need to look for in a retirement property!
#1: Retirement Housing Costs
When you are interested in a retirement property, you will want to keep your retirement costs low or at a level that you are comfortable with. Housing costs can be an expense that you do not want to spend a lot on in retirement. In retirement, keeping costs down is critical to building a sustainable retirement. Crunching the numbers on rent for a home before you purchase a retirement property can help before you commit to the cost. You will know if the retirement property you are interested in is something you can afford each month.
#2: Work with a Trusted Realtor
Realtors can help you to identify and work through problems involved with real estate. They will help you find the best property for you and ease you through the uncertain territories of real estate. Some people will try to find their properties and do it independently, but having a realtor makes the process simpler, easier to understand, and faster.
A realtor will also help you find the right location. Location is key! The location you pick for your retirement spot now will likely be the spot you stay in. After a certain period, moving becomes even more tedious than you thought it already was. That’s why it is crucial to pick a location you’re going to love, and that is safe.
After all, this is your retirement property – go for the location you can afford, fits your lifestyle, and you will be happy retiring there. Some things to look for in the area are retail, amenities, services, and good doctors’ offices and hospitals in proximity. You can also look for a property with a good resale value so that you or your family can turn the property into an asset in the future.
#3: Identify your Goals with Your New Property
Before you start looking for a rental property, know what your goals are for this new property. Do you want to reduce your rent cost each month? Be closer to family? Find your dream retirement spot? What do these goals look like to you? Think about them and write them down. Writing specific goals down will help you feel content post-purchase and not feel rushed into it.
#4: Buy or Rent?
When it comes time for a new retirement property, you’ll have to decide whether you want to buy or rent. Many people believe that buying is better than renting, but it all depends on your situation. Renting can sometimes give you a better financial advantage than buying. Consider both options and weigh the pros and cons when it comes time to decide.
#5: Long-Term Living
When choosing your retirement property, you’re likely choosing the final property you will purchase or rent. Retirement properties are a place for you to wind down after many years of working to enjoy your senior years! With that said, this space will likely be the one you live in for the rest of your life. Think about your needs in the years to come. Perhaps you want a one-story home because you know you will not have to worry about going up and down the stairs in the future. Or you want to downsize to reduce costs. Evaluate each property you see and picture yourself living there five or ten years from now. Does it seem like a home that can grow with you?
Retirement properties are meant to be enjoyed in your senior years. Make sure the housing costs are within your budget and work with a trusted realtor to get you the best deal. A realtor will also help you to find the best locations that will fit your retirement. Make goals before you go to look at properties and decide if buying or renting is for you. This property will likely be the last spot you choose to live in, so make it count by picturing your long-term living there.