There is no denying it – life changes as we get older. Not only do we watch our children grow into adults and strike out on their own, but we also have to consider health, a more restricted income, and much more. At the end of the day, retirement can be both a blessing and a curse.
Buying a home at any age can feel like a taxing experience.
However, an experienced real estate agent can ensure you have a positive experience throughout the entire home buying process.
As experts in the real estate business, these professionals have the knowledge, skills, and insights needed to help you make the best choice for your future home.
Considering buying a home to retire in? Clever can help! Fill out our online form to learn more and get connected to a top-rated, local buyer’s agent for a no-obligation consultation.
Important Things to Consider
The Motley Fool states that in 2016, 68% of people between the ages of 62 and 70 financed their homes. This can be a great solution, but there are some things to consider beforehand.
It is vital that you sit down and review your financial situation. The future can hold many things and preparing for them all will keep you financially stable no matter what happens.
Consider costs if you are forced to retire early, or if you are planning to move in less than five years. Big decisions such as these may make renting a better option. Keep in mind most houses require lawn maintenance and internal upkeep, so calculate that into the cost if you are planning on hiring someone to take care of these things for you.
If you are buying with a spouse, it is crucial to consider what both of you want. For example, if one of you wants to live next to the beach and the other wants to retire in the forest, you will need to come to an understanding. Costs will vary by location and size, and you will need to consider things like stairs and accessibility if this is to be your forever home.
For those of you looking to make the plunge alone, consider your finances carefully as you will only have one income coming in. For example, investing in a condominium could be a great idea for keeping costs down while also increasing your ability to attend social events and meet new friends. Many condominiums have maintenance packages and utility assistance as well.
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To Buy or Rent
Renting and buying are both viable options depending on where you want life to take you. If you plan on moving around and exploring the world during your retirement, renting may be a much better option than downsizing to a smaller home.
Home is where the heart is, but your home also requires daily maintenance, taxes, and possible mortgage payments. When you are considering a new home, weighing the pros and cons of buying versus renting is always a good start.
For some, buying can be the cheaper option. (In fact, the Department of Numbers has found that US rent averages around $1,000 a month.) With the exception of Home Owner’s Associations (HOAs) and any state or local regulations, you can do what you want with the home you own without having to ask anyone else for permission. Painting the interior, owning a pet, and fencing your yard is all up to your discretion.
Renting, on the other hand, will likely cost you less when it comes to maintenance and insurance. Since the property owner typically must maintain the property’s functionality, leaking pipes or broken refrigerators will be serviced or replaced by the owner, not you. Additionally, you may be able to find a fully furnished rental unit, which cuts down on your furniture investments and moving costs.
Another thing to take into account when deciding to rent or buy is if you have heirs. Owning your own home can be an excellent way to leave your family something to assist their own financial situation after you are gone. In fact, chances are, whether you buy a small or larger size house, it will benefit them in the future.
The Positive Impacts of Hiring a Real Estate Agent
A Real Estate Agent can help with your home buying experience in several ways. This includes financial assessments, location expertise and style recommendations.
A Real Estate Agent can help review your financial situation, including what your estimated income may be once you decide to retire. This can help you better evaluate the potential options available should you decide to invest in a new home.
In addition to providing sage advice when it comes to your financial planning, the right Real Estate Agent can ensure you do not have to stress about realtor fees or negotiate for the best commission cost. They will assist you in finding the right home for your income before and after retirement.
Getting a Home Buyer Rebate is a fantastic way to save especially when you are working with minimal income. When you work with Clever, you could save up to $10,000 on your home, while also making a smaller down payment, which is perfect for a fixed income!
Moving to a new location or purchasing a new home in your current city can be an excellent way to reduce costs. If you are currently living in a four-bedroom house, moving to a one or two bedroom condominium may help reduce your mortgage, as well as your utility bills. This will help free up expenses especially if you are on a fixed income.
If you are considering buying a home in a new location, a Real Estate Agent familiar with the area can ensure you find a residence that meets with all of your needs and desires! As a location expert, these Real Estate Agents can recommend specific areas, features, and neighborhoods that match your lifestyle.
An experienced Real Estate Agent is also a great source for style recommendations. For example, ranch-style floor plans can be excellent for convenient mobility and home maintenance. If you are looking for a new climate, one-bedroom condominiums offer you the convenience of a managed facility with access to your beautiful new town. Whatever your style, mobility and health limitations, and financial constraints – a great Real Estate Agent can help you find the perfect home.
With Clever, getting started is just one easy form away! If you are approaching retirement or already enjoying it, contact Clever today to learn more about how we can help you find the home of your dreams!