It's not uncommon for retirees to want a larger home than the one they had while they worked. After all, you'll be spending a lot more time in the house now that your job isn't sucking up your time and energy.
Many retirees want a bigger house to host their growing family on holidays or special events and have a home where the grandchildren can create new memories. Others simply want enough space to indulge in hobbies that they didn't have a chance to spend time on when they were working.
Whatever the reason, here are some tips and advice for those considering moving into a bigger home after retirement, presented by Meral Ibrahim.
Financing
It is vital to be mindful of your financial position before buying a new home. You should make sure that you can comfortably afford it without doing anything detrimental such as pulling money out from investments you were counting on for your living expenses.
Retirees need to assess their finances when looking for a property after they have stopped working. It's essential to consider how much income still comes through, what other assets you have, what value you can get on your current property, what interest rates are doing on loans at this time, and what mortgage rates you can get.
Budgeting your new living expenses
Your finances don't have the same flexibility they did when you were working and earning a salary. This means it's essential to plan ahead for unexpected expenses when buying a new home in retirement — can you afford what will be needed on top of your mortgage payment?
The cost of running a home can be one of the more sizeable items on your budget, especially when moving to a larger house. You'll need to do some research into what costs will increase when moving into bigger spaces. Utilities might go up due to increased square footage, property taxes may rise if you have more land attached, and insurance rates could be higher.
Choosing the right house
Unless your hobby is real estate, most people find a move stressful, so make sure you are clear on what you are looking for in a home before you start looking so that you'll be happy there for many years.
Buy a house that supports your lifestyle after retirement, whether your priority is to have a sizeable plot of land for gardening or subsistence farming, a pool for keeping in shape, or plenty of space for playrooms or workshops for your hobbies.
Contractors and professional renovations
Always get a professional to review the state of the house and include in your budget any renovations or repairs that you might need. For example, you might need professional window repairs if the windows let in a draught to avoid hefty heating and cooling bills. Make sure that you contact trusted professionals by researching their online reviews from past customers; for example, search for “vinyl window repair near me” and then search through the options that pop up. Always get several quotes for comparison and ensure that they are insured and licensed for construction work.
After so many years of hard work, you deserve a house that you enjoy spending your time in and that supports your lifestyle. Reach out to a professional financial advisor or a trusted real estate professional for advice so they can help move you into the perfect space to spend your golden years. 561-596-6136