If you are a new retiree or you’re close to retiring, you may be considering relocation to a different home. Even if you have some ideas about what you want, there are several important factors to consider before you begin your search. The process of second-time buying can be significantly different than it was the first time around. Determining your must-haves upfront will make the experience much more enjoyable.
Factor in Your Financial Future
Your goal should be to insure your future before you purchase a retirement property. If you can accumulate one year’s worth of expenses in your bank account, you will have an emergency fund to cover any unforeseen expenses after you move into your new home. You may also want to purchase the home prior to retiring fully because it may be easier to obtain an approval for a mortgage.
Your future plans are equally important considerations when it comes to purchasing a house for the second time. You may expect to remain in the home permanently, but certain circumstances can change your plans. Invest in a house that has resale worth. It’s also important to decide if you’ll keep your current home and use the second home for specific months of the year. In this case, you should take into account any upkeep costs on each house.
Focus on Your Lifestyle and Tastes
Finding the perfect home involves an examination of your present and future lifestyle. Because your health needs will likely change through the years, easy access to hospitals and doctors is key. Opt for a home that is designed to suit your day-to-day living as well. Main-floor master bedrooms, easily accessible showers and few or no stairways are also elements to look for.
Many second-time buyers prefer to downsize in more mild climates. If you cut back to a smaller house, allow enough room for visiting family members. When moving to a warmer climate, do some research on the year-round weather so that you aren’t stuck with several months of high heat or humidity. You should essentially envision what life would be like in your home throughout an entire year.
The amenities of the community you intend to move into should meet all your needs. Markets, restaurants, places of worship and recreation facilities should be within a reasonable distance. Check the transportation options as well, and research the safety ratings of any neighborhood you’re interested in.
Consider Building Your Home
There are many advantages to constructing a new home rather than purchasing an existing property. With a custom-built home, you have more control over the design, which means you can optimize your floor plan for maximum efficiency. You can place priority on certain areas as well. This is especially important for older individuals who may require low-maintenance living.
As a second-time buyer, you have already experienced the good, bad and ugly of owning a home. You know what features are critical and which ones are superfluous. Building a house offers you the flexibility to create your ultimate haven. This applies to the exterior design as well. You can fashion any type of landscape you desire without having to tear up existing plant life.
An increasing number of people from the baby boomer generation are retiring, which means the trend of second-time home buying is growing. Many retirees choose custom-built houses because this option makes it easier to align the financial, social, physical and emotional elements of retirement. Regardless of your preferences, if you are realistic about your long-term requirements and you plan ahead, you can find the home of your dreams.
Andrew has been real estate agent in the Charlotte area for almost two years. During that time he has noticed a growing trend in the area of older second time home buyers choosing to build their next home rather than buying a preexisting one. He has had a wonderful experience with finding his clients the perfect plot of land and connecting them with well established home builders such as APG Homes.