Planning for Retirement: What Type of Home Do You Want to Grow Old In?
Sunday Dec 04th, 2022
Getting into the real estate market can be challenging when you're young. That is especially true in today's market and economy. That said, when you've already owned a home, paid off a mortgage, and are now ready to settle into the retirement phase of your life, different challenges can arise.
That is why it's vital to pay attention to specific details. What type of lifestyle do you see yourself having? Do you have a hobby you want to dive into now that you've finished your time in the workforce? There are many things to consider when choosing the right home for your next adventure in life.
Choosing the Right Real Estate Professional
Real estate professionals work tirelessly to gain the skills and knowledge needed to help you find your perfect next home. They don’t stop at getting their initial license: they continuously learn and earn new designations that make them better equipped to provide you with the best possible service.
One such designation many REALTORS®️ work towards is the Seniors Real Estate Specialist®️ (SRES®️) designation. People that obtain their SRES®️ are equipped to help older adults and retirees because they have a deeper understanding of the transition and can help you iron out your retirement priorities and find the best property for you and your goals.
Considering Your Lifestyle
Everybody approaches retirement differently. Some want to get out and see the world, whereas others want to take a step back from the hustle and bustle and relax in a home that makes them feel comfortable and stress-free. To choose your retirement property, you must figure out the lifestyle you want to lead. Do you want to stay close to your family? You may like to entertain. Figure these things out before you start looking for your next home base.
Knowing the Difference Between a Want and a Need
After you've ironed out your lifestyle, you must think of ways a house can help you achieve your goals. For example, if you have a specific type of hobby, such as painting, you will want to find a home that has extra space for an art studio to make it more accessible and a lot more fun.
Now say you like to swim, but it's not something you can do all year round because of weather restrictions. A pool would be nice in the backyard, but it's not something you need to enjoy that part of your life and your new home.
Focus on Forever
The home you buy should be your forever home, so you don't have to do it all over again. After all, you want to enjoy your life. When thinking about the future, you must consider things that may come into play ten, fifteen, or even twenty years down the road. Do you see yourself having mobility issues? A stacked townhouse with three sets of stairs may not be the best bet.
It's not about assuming your health will falter. It's about planning for it just in case it does, so you don't have to make another move.
When you have all these details taken care of, choosing a property that suits your needs and will continue to serve you well into your golden years is that much easier.