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July 18, 2016 • Home Buying Tips

Seven Factors Retirees Should Consider When Buying a Home

Are you retirement planning for your golden years? A home that meets your needs as you grow older may be on the list of things to put in order before too much longer, but what should you look for in a retirement residence and how can you ensure that you will be happy, safe and as comfortable as possible?

These seven factors should be something you discuss before you buy, whether you decide to retire in San Francisco or Orlando. Real estate agents can help you look if you compile a list of your must-haves, so start your wish list today. You can always buy early and rent the property for spendable income for a few years prior to retirement.

These seven factors should all be considered when looking for a home to retire in:

  1. Mobility. You may still be getting around fine, but your hips, knees, or back may not be in such great shape forever. A home that is equipped with extras like a bottom level master suite, rails in the bathroom, and other potential safety features could be a good choice. Baring actual extant features, the ability to easily renovate without excessive cost would be a good idea.
  2. Upkeep. Maybe you are still a great hand with a lawnmower and can climb a ladder to clean gutters with the best of them, but again, this may not last forever. Living in community with built in lawn care could be a terrific boon when DIY is no longer an option.
  3. Accessibility to amenities. Is your potential home close to the places you will need to visit regularly? Medical facilities, grocery stores, shopping, dining, entertainment, senior centers and more may all be things you wish to access on a weekly or monthly basis, and long commute will be the last thing you want to deal with as you age.
  4. Family members. If seeing your children and grandchildren is a priority, moving close to them may be your best bet for frequent visits. It also allows them quick access to you in case you need help in the years to come, increasing your chances of staying independent.
  5. Size. While having extra space for guests seems attractive, and you may be used to living in a large home, a smaller space will be easier to clean and maintain as you age. It also keeps you from being the designated crash pad – in later years, it might be easier to have friends and family book a hotel so you don’t exhaust yourself playing host all the time.
  6. Belongings. Hand in hand with the size of your future home goes the amount of stuff you need to find room for. Downsizing your belongings can be hard but ultimately freeing. Hand off heirlooms to children and grandchildren now rather than later, and opt for a clutter free retirement.
  7. Zoning. Keep in mind that in your later years you may decide to move once again, into a smaller apartment or even an open retirement center or village. If you are located to such residential options, making a second move will be easier as you won’t lose your sense of familiarity and your friends in your retirement location.

Your golden years should be stress free and enjoyable. Choosing a location for your retirement should be well thought out to ensure you never have to worry about your future.

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