4 Things You’ll Want to Consider for Your Retirement Home
Did you know that the average age for retirement in the U.S. is 63? If you?re interested in getting your future retirement home, there are certainly a few things you should keep in mind — this home purchase isn?t like the home purchase you would make when you were just starting out in your 20s or 30s! Here?s four things you?ll want to consider.
1. Consider Future Usage
What you?re able to do at 60 and what you?re able to do at 75 are often worlds apart. Though we?d all like to believe that we?ll be the most spry 70 and 80 year olds on the block, there?s really no predicting what will happen. Your best bet is to be prepared for future mobility issues — this means selecting homes or condominiums that don?t require walking up three flights of stairs just to get to your front door, bathrooms that won?t be difficult to use if you begin having less flexibility (bathtubs with ledges often pose issues). If you plan on building a home, most custom home builders have a lot of experience building with these sort of design challenges in mind.
2. Condos for Rent or Own?
Research has shown that later in life — into the retirement years — the pleasure obtained from owning a home greatly diminishes. This is likely because, as mobility becomes more difficult (or more work), simple tasks take up more time and energy — and you may feel less inclined to do them in the first place (like mowing a lawn). Renting also means not having to worry about contractors, painters, plumbers, etc. considering that this is something a landlord or property manager oversees. Condos for rent are a good idea for people who want a ?place of their own? without necessarily all the responsibilities of owning.
3. Are Your Finances in Order?
Although it may have been your dream to stay in your five bedroom home until you die, it?s worth considering that downsizing has a lot of financial incentives to it. If you?re not using most of the space you have, you?re spending money on heating and cooling, taxes etc. without getting much in return. Downsizing to two or three bedroom townhomes will still give you ample space for visitors, no problem.
4. Moving Has its Advantages
Not every community in the U.S. is ideal for elderly homeowners. There?s a few reasons people frequently move to Florida, for example — it?s not only the warm weather, it?s that so many communities are specifically geared toward accommodating them. Life is just easier. These types of communities are in nearly every state though — not just Florida. Just research condos for rent in the areas you’re interested in living in.
Are you planning to downsize, rent a townhome, or move? Let us know!