Chosing A Home You Can Retire In

Dated: 03/14/2018

Views: 46

7 Factors to Consider When Choosing A Home to Retire In

7 Factors to Consider When Choosing A Home to Retire In | MyKCM

If you were born before 1966, you are part of the Baby Boomer generation. As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.

1. Affordability

“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.

Would moving to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $14,000 in equity last year.

3. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, s uch as a manned gate house, resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market, analyze your current equity and get you into a home that will work best for you moving forward!


Image title

Colorado Springs Real Estate professional -Christine Sullivan

Christine is a motivated realtor specializing in listings in the Colorado Front Range and new home buyers located in the following areas;Colorado SpringsMonument and surrounding areas. Christine Sullivan uses advanced internet marketing to insure your property gets maximum exposure and will give you a professional edge needed to navigate today's housing market. For help with buying or selling a property call 1-719 660-5801

Blog author image

Christine Sullivan

I arrived in Colorado Springs for a quick vacation in 1993 and within a few days I knew that this is where I belong! I transferred from the college I had just started attending in Orange County, CA an....

Latest Blog Posts

10411 Mt Columbia Drive, Peyton CO 80831

Available Now!4 BD / 3BA / 3-CAR / 3429 SQ FTWhy Buy New?  Fully Landscaped and Fenced with Dog Run.  Central Air.  Custom blinds, all appliances included.  UPGRADES. Immediate

Read More

Meridian Ranch - Gorgeous New Listing!

Check out this fantastic new listing in Meridian Ranch!$374k | 4beds/3baths | 3,429 sq ft | 80831Click For More Info On This Loveley Property!For all other current Meridian Ranch listings CLICK!

Read More

Newest Listings In Monument Colorado

The inventory of homes for sale in the Monument area is up! This is the ideal location for commuting to the North (Denver) or South (Colorado Springs). Monument, Colorado is located on the very

Read More

Just Listed 3774 Tahoe Forest Lane

Just listed in Cuchares Ranch.Price: $289,500 Call me at 719-373-9864 for your private showing or stop by our Open House August 18, 2018 from 11am-2pm. Colorado Springs Colorado Real

Read More