It’s hard to buy a home when you’re young, working, and raising a family that meets both your current needs and the needs of your future, retired self.
In other words, it’s okay to say goodbye to what you thought would be your forever home and to buy a home that better suits your needs in retirement.
Keep reading to learn what the advantages of buying a retirement home are and what you need to keep in mind while you plan for this transition.
After you spend decades in the same place, it’s hard to imagine jumping ship for a new home. Oftentimes retirees downsize and sell their original family-sized home for a smaller and more manageable property.
These are a few advantages associated with buying a retirement home.
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If you’re set on buying a retirement home, you have two options to plan for. You can wait until you retire and then buy a new house or you can plan on buying a retirement home before you retire.
If you buy a retirement home before you retire, but aren’t ready to sell your current house, then you will need to pull together a down payment and manage two mortgages at once. It is hard to juggle two mortgages, but you can rent the house out and generate extra income to help cover the costs. Then, when you retire, you have the option to keep your original home and rent it out once you move into your retirement home.
Whichever path you take, here’s some things to keep in mind as you move through the planning stage.
→ Find out the reasons why should rent in retirement
If you already own a home, you may think that you know everything you need to know about homeownership. While you do know a lot more than a first-time buyer, it’s important to remember that buying a retirement home looks a lot different than buying a home when you’re young and working. In particular, your financial situation when you don’t have a job looks a lot different.
Here’s a few things to keep in mind when you make a plan to buy a retirement home.
Are you on the fence about whether or not buying a retirement home is the right move for you? Ask yourself these questions to gain more clarity on what you want your post-work living situation to look like.
You may decide that you’re happy staying put in your home or you might be ready for a new adventure. Either way, make sure you enjoy your retirement, and savor every moment that you worked so hard for.
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