If you're soon to retire and are considering purchasing a new home, there are a few things that are important to keep in mind and mistakes that are necessary to avoid. Below are three of the most common mistakes that retirees make when buying their home and what you can do to avoid them.
1. Not Considering Future Physical Limitations
While you may be healthy and spry when buying your home, it's important to consider future physical limitations that you or your partner may face.
This doesn't mean, of course, that you should choose a home that you don't like. If you'd rather not buy a home with open floor plans or an easy access entryway – both of which will be beneficial if a wheelchair or other assistive device is needed in the future – consider putting away some funds to be used for future home remodels and accommodation installations. Also keep in mind that as you age, the demands of home maintanence may become too difficult to bear alone. This may require buying a low-maintenance home, or putting cash away to hire future help.
2. Not Considering How Your Future, Non-Home Related Goals Will Fit Into Your Budget
You've worked hard and now it's time to relax. While you may be tempted to splurge on your dream home, it's important to keep in mind any other goals that you have.
If, after decades of work and other responsibles, you'd like to put more of your funds towards travel or other activities, you'll want to consider how your home payment will effect those goals. There's such a thing as being house poor, which means you spend a large amount of your income on your home and have less to spend on things you'd like to purchase or experience. Before purchasing a home, it's important to sit down and figure out what you're willing to spend on certain expenses so that you'll still have enough to pursue your hobbies and dreams.
3. Not Considering How Location Will Play a Role in the Future
It's important that you find a location that you enjoy, but that will also work to your benefit in the future.
It can be difficul to predict what your future needs will be, but it's important to consider what services you may require in the future and plan accordingly when picking out your home's location. Living near a medical facility, for example, can be beneficial as you age and possibly develop health conditions that require regular monitoring. If you'd like to stay active within your community, also consider this when picking a location. Staying close to your favorite activities can ensure your continued participation, even if transportation becomes an issue in the future.
While there are certain considerations that you need to make when buying a home for your future, the most important thing to remember is to buy a home you love and that fits your needs. To learn more about homes that may fit your criteria, consult with a real estate agent or mortgage lender, like Premium Mortgage Corp.
Share29 February 2016
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