Five Tips for Purchasing a Retirement Home

July 13, 2020

Most Americans save for decades so that they can afford a comfortable retirement in a desirable location. When the time to purchase a retirement home arrives, these five tips can help guide you to a smart decision.

Consider an Early Purchase

Many people decide to buy a retirement home when they have several years of employment left. This strategy can improve your ability to qualify for a mortgage and provide a head start on the payments because you’ll still have a full-time income.

Make a List of Must-Haves

Some people dream of retiring near the water; others picture a cabin on a mountain. Whatever your preferences are, you should make a list of priorities so that you’ll have a plan in mind when retirement approaches.

Look at Costs Beyond the Mortgage

When creating a budget, you’ll have to look at more than just the mortgage payments if you’re buying a home. Depending on the neighborhood, your purchase could require homeowner’s association dues or maintenance fees, especially in communities with amenities like pools, clubhouses, and tennis courts. Property taxes and homeowners insurance can also represent a significant monthly cost for retirees.

Visit Your Potential Destinations

Though many retirees move across the country to try something new, you might be disappointed if you haven’t spent much time in the area that you plan on moving to. You should visit the cities you’re interested in for a least a week before making a final decision. This will give you an idea of what to expect from your daily life there.

Maintain Your Mobility

An elderly couple embracing each other

Choosing a one-story home makes sense for older adults because it may eventually become difficult for you to go up and down flights of stairs. You should also consider properties that offer reasonable access to medical care, grocery stores, and other essential resources.

Nashville is highly ranked by retirees thanks to its tightly knit communities, abundant green spaces, and thriving music and restaurant scenes. HND Realty LLC has decades of experience finding homes that are well suited to the needs of retirees. Whether you’re seeking a new construction or prefer to purchase an existing property, reach out online or call us today at (615) 297-7711.

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