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Avoid These Retirement Home Buying Mistakes

Avoid-These-Retirement-Home-Buying-Mistakes.jpg

Probably the worst mistake people make when considering buying a retirement home is the lack of careful planning free of emotional decisions. A thorough review of your financial situation, lifestyle preferences and desired location is the first step toward the all-important decision of where to buy a retirement home that will satisfy you for the rest of your life. Moving is very stressful and you want to make the right choice the first time.

Location

Most people, when thinking of an ideal place to retire, think about warm weather and bidding a fond farewell to snow shovels, deicers and heavy coats. Those are good thoughts, but there is so much more to consider when choosing a retirement location. Perhaps in reality, what you really don’t like is the daily work commute in wintry weather – something you won’t have to worry about anymore. When retired, you can sit by the fire, stay warm, read and watch the snow pile up.

However, if your plan is to golf year-round, surf or make frequent trips to the airport to satisfy your wanderlust, a more temperate climate is for you. Then there are the financial aspects of a retirement location.

  • What is the cost of living?
  • What are the tax consequences in the state?
  • Are rents and home prices reasonable?
  • Are there any special benefits for seniors?
  • What about the cost of healthcare in the state?

Those kinds of things vary widely from state to state. Before you move, investigate the costs in the location, not only for right now but well into the future, as your nest egg is apt to dwindle.

Lifestyle Choices 

In retirement, some will opt for the simple, pastoral life and some will want all the cultural benefits a big, bustling city offers.

Still others with a close-knit network of family and friends won’t want to leave them behind. Instead of relocating, these folks may prefer to downsize in the same neighborhood or simply stay put in their existing home. A thorough introspection of what you really care about having in your life is very important when retirement looms.  

What about the Home Itself?

Many characteristics of a great retirement home are the same as for any new home purchase. Size matters. Initial cost of the home and cost of maintenance matters. However, when thinking about a home at the retirement stage of life, you must consider the ramifications of growing older and being less able to physically deal with certain aspects of mobility in the home you choose.

  • Are the stairs going to be difficult to negotiate in the coming years?
  • Is the home difficult to maintain because of its age or size?
  • Is the landscaping high maintenance?
  • Can customizations be made to the home to compensate for possible future disabilities?

Other important factors to consider beyond the home’s boundaries should be:

  • Is public transportation available for when you can no longer drive?
  • Are there reputable and comprehensive medical facilities nearby?

Landmark 24 Communities in Georgia and South Carolina

Besides the temperate climate and plethora of things to do and see in the southeastern region of the United States, these states are also retirement-friendly, and Landmark 24 homes come in such a variety of floor plans and styles that they should not be passed up in anyone’s search for the ideal place to retire. View the incredible array of Landmark 24 homes and communities before making any final decision on retirement relocation to get a jump start on that all-important retirement plan.

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