Retirement is the time when you finally get to reap the benefits of all your hard work over the past few years. Often, people save that time to shift to a smaller yet a more comfortable house. But before doing so, it is important to have gone through a thorough research including the finances and such regarding moving costs, fees, taxes and the likes.
But before delving into the dos and don’ts that you must consider before buying a home during retirement, it is important to figure out how buying a retirement home is different than buying a residential one.
First and foremost, it is important to understand the investment which is buying a retirement home is quite different at various parameters than when it comes to buying a residential building, land or an estate. when you’re just starting out your life, hoping to buy your first house, settling down with your family, there are various things you look at. From proximity to a good school and a university to ascertaining the number of rooms in the house so that it’s nice and spacious for your entire family. However, the tables turn during retirement. You will now start looking at houses away from the public eye, some nice and peaceful place for you and your significant other to grow old together. While some may prefer to get one in the middle of the city, keeping their love for the hustle bustle, the fast track city life, alive. Others would look for a country house, much away from the din of the city, cherishing their long forgotten dream of the warm sun gazing at green shrubbery and pristine water. Whatever the circumstance may be, it is important to do enough soul searching so that you arrive at the perfect choice, one without any regrets, one that fulfils all of your dreams and aspirations.
So without much ado, we at Omaxe, list for you seven pointers to carefully consider before you purchase your retirement home-
Finding the right neighbourhood is one of the most integral decision you will make before buying your retirement next. Many people often plan on shifting cities altogether and the best way of doing so is running a trial run first. That is, try and rent for a month or so, to fully understand if this particular neighbourhood with its amenities, quality of life, and social circle is something that matches your sensibilities.
Retirement often comes with a boon(or a bane, if so maybe) of having time at your hands. Something that you may not always have the luxury from your formative years to your work years. But with retirement, you get to escape from your previously packed routine. A good retirement community gives access to a multitude of activities which not only keeps you occupied but lets you discover your passion or maybe an old forgotten romance with a previous occupation.
A summer house or a winter getaway, your retirement home can be anything you dreamed of. But, it’s important not to get carried away with wistful fantasies. Instead, ask yourself certain questions like, “How many rooms do I need?”, “Will I really want this extra space, 10 years down the line?”, etc. Ask yourself enough questions to logically arrive at the decision of the kind of shape, structure etc you would not just desire, but also require in your new home.
Retirement may offer you an escape from a lot of hassles in life, but crunching numbers sadly isn’t one of it. A mortgage or using up savings? Budget limit soft or hard? These questions along with your estimated retirement income, social security, pension etc should cater to your decision of buying your retirement home! In fact, even if you’re planning to travel during your retirement, you should forecast its financial estimates and take that into account too while budget planning. Medical emergencies, sudden loss of income, along with other extraneous variables should have adequate buffer room. Wisely planning your retirement abode makes it much more simples to accommodate these sudden expenses if need be. Maintenance costs are often ignored while planning but it’s best not to make this rookie mistake and instead allow enough room for maintenance costs over the years, and the likes.
Real estate at the end of the day is all about location. Buying your retirement home is no exception. Proximity to family and friends, nearness to a medical institute, along with considering the climate of the place and the propensity of sudden natural disasters etc, are few factors that should point you in the right location of your perfect retirement home.
Apart from these basic factors, it’s also advisable to consider what the financial implications may be for you at which location, be it tax regulations or state laws.
To make this purchase a sweet decision, the above tips should be definitely kept in mind. Nothing can be perfect than finding the most suitable retirement home in your preferred location. A location which is away from the hustle and bustle of the city, has less pollution and has proximity to daily conveniences is generally preferred and if you fancy a similar location then you may check out Omaxe’s New Chandigarh township, which are considered as the best 3 BHK apartments in new Chandigarh