Three Considerations when Choosing a Home for Retirement

Are you looking for a second home for your retirement? Here are a few considerations to keep in mind.

If you want to take advantage of today’s low mortgage rates to buy a second home in which to retire, now is the time to do it before those rates start going up too much. But before rushing into a purchase of a second home, there are several things you should consider before making your final decision on which one to buy. Here are three major considerations to ponder before making that down payment.

1. Would you rather live in a community or a neighborhood?
There are retirement communities popping up all over the place because they are becoming more and more popular. These are like neighborhoods but they are more close-knit and they often offer a variety of services that retired people enjoy within the community. For example, some retirement communities have on-site doctors that are available to treat the needs of the residents in the community. Some communities offer classes and other programs for the residents to learn a new craft or just pass some time throughout the day. Neighborhoods, on the other hand, are typically more spread out and they generally do not have these types of things for residents.

2. Will the house still be ideal in 10 or 20 years?
When buying a home that you want to live in during your retirement years, it is important to consider how your health is going to be for that period of time. Does the house have stairs that you may not be able to climb as you continue to age? Are the doorways large enough to fit a wheelchair through in case you or your spouse becomes confined to a wheelchair? Is the yard going to be too big for you to care for in 10 or 20 years? These are all things you should consider about the home before you make your final decision on one.

3. How far do you want to be from your family?
If you move to another home after you retire, are you going to still be close to your family? As you get older, you will probably depend on them more than you do now and if you live too far away, it is going to be a burden for them to come to your home to help care for you. Also, you will want to see your grandkids as often as possible, too. The closer you live to your family, the more often you will be able to see them as they grow up.

These are just a few questions you should ask yourself when deciding on a home to live in after you retire. For many, the retirement years are the best years of their life. But choosing the right home is one of the most important factors involved in that feeling.

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  • Gab L.

    December 23, 2010

    A community definitely. And it has to be within driving distance to immediate family members. Not everyone thinks it's necessary but we'd like to point out we're retiring and not vacationing away from home.

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