Depending on your goals and dreams during your youth, you may have decided that home buying was not for you. In some circumstances, life happenings meant that you had to put home buying on the backburner. Whatever reason you may find yourself nearing retirement without a home, you may be interested in buying one. Not having to worry about continuing a fluctuating rent payment for an unknown amount of years is one of the best reasons to invest in a home. Here are some tips for buying real estate in your retirement.
Purchase where you wish to retire
Some individuals live in one region of the country but dream of retiring in another. For most people, owning a home in two locations can be a large financial burden. If you wish to retire in places aside from your hometown, start your search in your preferred area. This way you can save time and money, plus figure out your moving expenses in your monetary total.
Make ranch style, your style
While you may feel and act young in this point in your retirement, later on you may have trouble walking up and down stairs. Concentrate your home search on ranch style homes or single story buildings. If you wish to purchase a home in a condo building, be sure that the building has several elevators and plenty of wheelchair accessible spaces. Thinking long term is necessary when buying a home for retirement.
Purchase near medical facilities
A cabin out in the country may be quite tranquil, however, if you have a slip and fall, you may find yourself with a heavy wait and a heavy transportation bill in order to get help. Whether you are interested in a city or a suburb, check on the medical services available in the local area, including hospitals, specialty offices, and at-home care services. These may be critical for yourself and your partner as you age.
Focus on a 10-year mortgage
Nearing retirement is not the best time to take on a 20 to 30 year term on a home or any other asset. Though you may have well past 30 years of life left, you want to make sure that you get all liabilities cared for well in advance of you enjoying your retirement and family. If you need a mortgage to purchase your retirement home, get a 10-year mortgage term. This will likely net you the lowest interest rate, plus commit you to paying off your home and leaving you with a substantial term left for your pension, social security, and IRA.
For more information, contact companies like Chris Calhoon Real Estate.