Most of us start thinking about retirement in the late 50s or early 60s. Our little children grow up, leave the nest, and the big house doesn’t seem to serve the purpose anymore.
Priorities change with time. For the past 20 years, maybe you have worked for the well-being of your children. You were busy creating a future for your family.
Well, you have been successful. You made your attempt. Now it’s time to prioritize your preferences. Maybe you have a spouse that deserves more of your attention. A life-goal might be demanding attention. Then there are soul searching activities, traveling, artwork, leadership tasks, and so much more.
Many people think of retirement as a declining time. It sounds like the last stage of life, which is not true. We face challenges every step of the way, and retirement is no different. Life expectancy is increasing. If that’s true, you shouldn’t limit your vision. Embrace your goals and embark on a new journey.
In that scenario, your next home might not be the last one, but it should be in a society that is supportive of your goals. You need a home that accepts you, frees you, and allows you to focus on your goals. This article will discuss this concept further.
Which activities are offered in the community? Apartment management often provides you with a recreation schedule. You can choose what you like.
It’s best to talk to your future neighbors and discuss what they most like. Does the community deliver on the promise? Are the activities enjoyable, and do they cover a broad range of interests?
One time or another, we all require medical assistance. We need care from a certified provider. It’s best to ask about it earlier. Does the management offer specialized medical services? Which medical service providers are available in the area?
How affordable are the services? You don’t want to break the bank if you need medical care sometime in the future.
Communities often restrict certain actions, and you don’t know about it unless you start living there. For example, a community may have a no-pet policy. Sometimes, management doesn’t allow you to have a relative live with you. Sometimes, it’s even forbidden to cook outside or to have a small garden as a hobby.
Management will tell you about some restrictions. For a complete overview, you’ll need the feedback of the residents of the community.
The community or your home must be affordable. Period. I’ll suggest that your monthly expenses shouldn’t be more than 80% of your monthly income. The rest of the 20% should go into an investment account and be kept safe for any unforeseen circumstances.
The idea of affordability varies from person to person. If you are not clear about your future expenses or savings, please consult a reputable financial counselor in your area. He will help you set up a budget so you can plan your next move.
We often prefer buying over renting because purchasing a home seems like a safe choice. Purchasing a home is the preference for many, especially if you have been a homeowner for a long time. I am not going to discuss whether you should rent or buy.
However, if you’re planning to relocate to a different state, then it’s a must to rent a place before you decide to buy. Many of us visit a site for a month or so. We fall in love with the culture. However, the same culture is not available all around the year. Be sure to check weather conditions for the entire year before you settle into the area.
Like I said earlier, your retirement home might not be your last real estate purchase. You may want to relocate somewhere else or purchase a different property.
Even if you’re not planning to move again, it pays to know the real estate prices in the area. What is the price growth rate in the area?
If you sell the home in the next seven years, what’ll be the price?
A local real estate professional can get you these numbers.