Buying A Retirement Property? Two Golden Rules To Remember Before Signing The Contract
Posted on: 9 January 2017
When people enter the retirement years, they often reconsider their property needs. Whether it is a desire to have a holiday home, or simply the need to change to a smaller primary residence, property needs do change at this time of life. As someone who is getting ready to retire, it is important you remember two golden rules before you sign the dotted line of any house purchase contract.
Keep Your Health Needs In Mind
Buying a second home for vacation purposes is a great way to add variety to your accommodation needs, but it is important you also consider your health needs at this time. For example, moving to a vacation home in the mountains might appeal to your sense of adventure, but does it appeal to arthritis pain triggered by living in the cold?
When purchasing a secondary home, or a new primary residence, you need to consider your medical needs and mobility issues. A cabin in the woods sounds romantic and peaceful, but it is really going to irritate you if you need to drive two hours each time you need a medical appointment. Start off by making a list what medical issues you have, and how those issues impact on your living needs. This list should be referred to while house hunting.
Keep Your Reduced Income In Mind
The other thing you need to consider once you are retired is how much money you will have coming in. While you may have some money stashed away for retirement, many people have a noticeable drop in income levels once they are no longer working.
When purchasing another home, you need to think about costs like HOA fees, taxes, and renovation costs. Purchasing a home that needs a new kitchen, for example, could take a big chunk of your retirement savings. Whereas buying a home that suits your retirement needs now means you know exactly what monetary outlay you are having to pay.
Make sure you make allowances for other costs if you are moving to another state. For example, the difference in state tax percentage levels impacts food costs, utility bills, and gas prices. If you are thinking of moving to a state that has a higher cost of living than what you experience now, you need to be certain you can afford the increased costs.
Keep these two rules in mind before you buy another home to suit your retirement years. By doing so, you'll have a house you can enjoy rather than a house that gives you money worries. For more tips, check out http://www.lindsaybunting.com and speak to a realtor.
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