8 Things to Think About When You're Buying a Home to Retire In

If you’re looking for a home to enjoy your post-retirement lifestyle, DC Ranch is a great place to choose – but before you make a decision, there are eight things you should consider. This guide explains.

8 Things to Think About When You’re Buying a Home to Retire In

Check out the eight things to consider before you buy your retirement home:

Timing is everything; you should buy before you actually retire.
Financing may not be your ideal, so it’s worth saving a lot.
You may want a smaller home than you currently have.
You may want a different home type than you currently have (such as a townhome).
You’ll want to be close to amenities you love.
You need a home that’s sustainable for your budget.
You may want to purchase a home that enables you to age in place.
You should make a list of wants and needs for your home, considering 10, 15 and even 20 years down the road.

Here’s a closer look at each.

Timing is Everything: You Should Buy Before You Actually Retire

When it comes to purchasing a home to retire in, timing is key. It might be tempting to wait until you’re retired before buying, but this can lead to costly delays and missed opportunities when interest rates change or the real estate market fluctuates. Buying while you are employed gives you more time and freedom to make an informed decision since you won’t be as limited by your income. Plus, if you need to finance the property, you’ll be in a better position to secure a loan with more favorable terms.

Financing: It’s Worth Saving a Lot

Depending on what type of property you’re looking for and where it is located, financing may not be an option. This is why it’s important to save as much money as possible in advance, even if it means sacrificing other things you may want. If financing is an option, make sure to understand all the details before making a decision and consider whether you have enough income to cover all associated costs.

You May Want a Smaller Home Than You Currently Have

When you reach retirement age, you may find that your current home is much larger than what you actually need. Downsizing can help free up some of your finances for other activities and hobbies. Consider how big of a space you’ll actually use during retirement – if it’s a lot smaller than what you currently have, it may be worth downsizing to save some money.

You May Want a Different Home Type Than You Currently Have

When it comes to your retirement home, you may want something different than what you currently have. If you’ve been living in a single-family home for many years, consider looking into townhomes or condos that offer maintenance-free living and plenty of amenities. This type of property may be more suitable to your lifestyle and budget.

Be Close to Amenities You Love

Having access to a variety of amenities is key when it comes to picking out your retirement home. Make sure you’re close to places you love – whether that’s the beach, a park, shopping centers, or just your favorite local cafe. Being close to everything you love makes living in retirement a lot easier and more enjoyable.

You Need a Home That’s Sustainable for Your Budget

Your retirement home should be financially sustainable over the long-term. Look into how much it will cost to maintain, including taxes, insurance, repairs and utilities. Make sure you are comfortable with these expenses and that they fit into your budget.

You May Want to Purchase a Home That Enables You To Age in Place

When you get older, you may want to stay in the same home for as long as possible. Look for properties that have amenities and features that make it easier to age in place – such as single-level living, wider doorways, accessible baths and other universal design elements.

Make a List of Wants and Needs for Your Home

Think ahead when choosing your retirement home – consider what your wants and needs will be 10, 15 or even 20 years down the road. Make sure you’re comfortable with the size, location and cost of the property now and in the future. Talk to your family and friends about their experiences with retirement homes, too. Doing your research now will help ensure you make the best choice for you and your future.

In conclusion, buying a home to retire in is an important decision that requires thoughtful consideration and preparation. Timing is key, as is saving enough money to cover the costs. Be sure to factor in the type of home you want, its location, and all associated costs – both now and in the future. And don’t forget to consider all of your wants and needs today, as well as 10, 15 or even 20 years down the road.

Are You Selling a Home in DC Ranch?

Thinking about selling your home in DC Ranch? Call us at 602-694-3200 to find out how we’ll market it to all the right buyers. If you’re also looking for a new home, we’d love show you any listing in the community. Let us know what you’re looking for and we’ll be happy to search for something that’s a perfect match for your needs.

While you’re here, check out our:

Don Matheson
Realtor | Founder
The Matheson Team
RE/MAX Fine Properties
21020 N. Pima Rd., #100, Scottsdale, AZ 85255
602-694-3200

don@scottsdalerealestate.com