Have you given much thought to where you’ll stay after retirement? Have you considered buying a retirement home to retire to in your old age? Or do you think that you need to focus on the property that you own now? After all, retirement might be far in the future for you.
Retirement speeds up on you more quickly than you think. And, once you do go on pension, you don’t want to have to bother about finding a new home. Settling the issue as early as possible allows you to lock in a lower price.
Also, if you plan on buying real estate in a retirement community, sooner is always better than later. Popular communities book up fast, and if you leave it too late, you might not even get onto the waiting list.
In this post, we’re going to answer the question, “How should I choose my retirement home?”
Choosing My Retirement Home
Maybe you dream of owning a beach hut in Mexico. Or you want to retire to a gated community in Australia. It doesn’t matter what your dream is; you need a plan. Planning helps ensure that your dream retirement home doesn’t devolve into a nightmare.
Get Your Partner on the Same Page
Your significant other might have a very different idea about what they want. It’s important to discuss what you both want thoroughly and find a compromise that you can live with.
Base Your Decision on Experience
Your experiences are especially important if you’re changing up your lifestyle a lot. Heading off to Miami might seem ideal – until you find out that you don’t like heat and humidity. Consider spending some vacation time in the area at the “worst time of the year” to get a better idea of the experience.
Mobility Issues Are Important
You can’t take your health for granted. Hopefully, you’ll live to a ripe old age of 90 and never experience a day’s illness. But that’s not likely. What happens if you are no longer able to drive? That would make living in the middle of nowhere extremely difficult. Factor mobility and location into your decision.
Making sure that you’re within walking distance of grocery stores and doctors is a good start. But you also need to consider how easily you can move about your home. Will you have enough space to use a wheelchair or walker? Are stairs going to be an issue?
Community Is Important
A lot of us dream of escaping the rat race and settling down on a tropical island. The reality is that it’s challenging to uproot your whole life at that age. You may need the support of your family if you’re unwell, or in case you get lonely.
Benefits of Buying a Retirement Home
Why buy a retirement home now? If you’re already paying off one mortgage, it may seem insane to consider taking a second one. Here’s another way to look at – it’s an investment in your future.
Protects Against Price Increases
Buying the property now protects you against property price increases in the future. If you’re buying in an up-and-coming area, you can save a significant amount of money getting in on the ground floor.
Provides Some Income
You won’t be living on the property yourself. That means that you can rent it out in the meantime, which helps defray the costs. And you’ll build your asset base at the same time.
You’ve Got More Time to Pay It Off
If you think mortgage payments are tough now, think about having to pay for a home on half your salary. If you can secure a mortgage later, it’s going to take a big chunk out of your pension. By working hard to pay it off now, you’re building your nest egg and reducing future expenses.
Your Home Now Becomes the Investment Property
When you retire, you can use your current home as your investment property. That will give you an additional stream of income to allow you to afford luxuries that you were putting off until retirement. You’ll be able to travel, for example.
Retirement may seem like a long way off for you now. Do yourself a favor and check one of the online calculators that show you how much you must save to lead the same lifestyle after retirement. The answer is bound to shock you.
The truth is that it’s never too early to start saving. Buying an investment retirement property could be a significant factor in your wealth-building plan. It’s time to get serious about things and work toward retiring in style. Visit Ocean Gardens for more information.