Tuesday, May 24, 2016

Planning for Your Retirement Dream Home



Your retirement dream home should give you the chance to live with easy access to enjoyable amenities, convenient space configurations, and a pleasant climate. 

Unless you're planning a major location change after retirement, the time to customize your retirement space is during your high earning years prior to retirement.

Location Decisions


If you're planning to stay in the same geographic region but would like to downsize, check out walking community concepts. Many of these communities are newly constructed and offer terrific options for people who no longer have to hurry or stick to a rigid schedule. 

Easy access to restaurants and shopping via walking path could provide you with fresh air, exercise, and a leisurely lifestyle. However, if you're planning a relocation to be closer to family, a good realtor is a must. 



Connect with a professional who knows your location preferences and interests. Additionally, now is the time to plan for any physical challenges you may be facing. If you need housing all on one level, or would like to live in a community with a pool or fitness center, your realtor can help you find just the right spot.

Finances


Depending on your current expenses, you may not want to take on another mortgage at this time. If your retirement plans include a major geographic change, consider town home or condominium communities, and keep an eye on the market. 

According to the writers at Exit Trinity Realty, foreclosures have decreased dramatically—a sign of a healthy market. Now may be a good time to buy. If you are getting a mortgage, look for something near the national average

Depending on the community by-laws, there may be homes for lease in these communities. Should you find a community that suits your requirements, you may get the chance to sign a long-term lease to secure your new space while you wait for your current home to sell. 

This lease would provide you with a foothold in your new community while you adjust to the move and get settled in your new location. Once your current home sells, you can make a permanent housing choice in your new area. Again, a qualified realtor can provide you with information on condominium communities in your new city.

Staying Put


You may already be in your dream home, and the thought of moving may be the last thing on your mind. With the recent housing crash in 2008, your finances may still be worrisome. 

If you are over 62, consider a reverse mortgage to access the capital you’ve put into your dream home. 


There are many things you can do to make your existing home easier to live in as you age. Is yard work your joy? Invest now in tools that can save you the heaviest labor to keep you feeling good and your yard looking great. 

If laundry is in the basement of your two story home, consider a renovation that would place your washer and dryer near the bedrooms. This reduces the weight and work of carrying laundry up two flights of stairs, and lessens the risk of a fall.

You've earned your retirement. Your living space should make your post-work life enjoyable and relaxing.


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