Planning for retirement means making a lot of decisions, including when you’ll stop working, how much you’ll withdraw from your savings each year, and where you’ll live. Many Americans view retirement as an opportunity to move into a new home; in fact, 64 percent of retirees either have moved or plan to move.
Ready to begin planning? Here are five tips to get you started.
- Location, location, location
Ideally, you should think about where you want to live long before retirement, but it’s never too late to think about your priorities. Do you want to be close to family or health care resources? Do you desire a home in the mountains or somewhere you’ll never see snow again? Make a list of what you want in a home location so you’ll have a starting point for your search.
- Don’t delay
If possible, don’t wait until poor health or declining finances force you to move somewhere that’s not your ideal location. Move while you’re still young enough to enjoy your dream retirement home.
- Get professional financial advice
It’s important to protect your nest egg and keep it growing throughout retirement. A professional financial planner can help you understand what size mortgage is right for you, so your dream home doesn’t strain your finances.
- Be mindful of amenities
When choosing a location and a home, in addition to your personal priorities, it’s important to keep in mind accessibility to amenities important to seniors. Community features such as good transportation, quality of roads, safe neighborhoods, and access to health care, socialization opportunities, shopping and cultural venues are all options to consider.
- Focus on must-haves
Make a list of must-have features and those you would like your retirement home to have. Share the list with your real estate agent to help him or her focus on properties that meet your criteria. Your list of must-haves and desirables will likely be very different from the list you made when you bought your first home. Now, a single-level house with large bathrooms and a level lot may be more desirable than a two-story with lots of bedrooms and a big backyard.
Buying a home—especially if it’s your first—can be a lot like losing weight in the sense that people end up doing, well, some pretty dumb stuff in the process. But while desperate dieters might waste money on “magical” weight-loss pills or silly exercise equipment, misguided home buyers could be doing far more serious damage—like undermining their ability to purchase a house at all. Don’t be one of them! Realtor.com asked real estate agents to shed light on some of the dumbest reasons people can’t buy a home. The good news? These flubs are easily avoidable. Read on and beware…
While most home buyers spend their time at an open house passively observing the layout of the rooms and the name brands on the kitchen appliances, smart buyers know the things that are really important to look for when buying a home.
In competitive markets, you’ll often walk into an open house that has been deep cleaned, upgraded, and staged with stylish furniture, so you shouldn’t be overly impressed by a house that looks and smells nice. (You can, however, be rightly appalled by a home that looks and smells atrocious.)
Think of the open house as a first date: It’s an opportunity to look beyond the pictures you saw online and figure out if the property is worth seeing again—or if you should move on and never look back.
Read the article on Realtor.com…
Planning to buy a home this spring? Then right now—yes, during these last days of winter—is the time to get rolling.
Follow these steps and you’ll be way ahead of the pack once the spring home-buying season heats up.
Economists are having a tough time figuring out what housing market moves baby boomers will make next. Americans over the age of 55 are veering from previous generations, opting not to retire but instead launching second or even third careers. They are shunning the traditional patterns of retirement and that could have a big impact on their housing choices, according to Freddie Mac’s latest Insight report focusing on the baby boomer generation.
Fifty-five percent of Americans say they are willing to pay more for their mortgage or rent in order to get to work and recreational activities without having to use a car, a new study of transit-oriented developments by the HNTB Corp revealed.
Millennials, in particular, show much more willingness to pay more each month than older Americans – 70 percent versus 49 percent.
Read the full article…
The road to home ownership has been a struggle for many young adults, mostly due to financial obstacles. However, some millennials may find more luck in less expensive metro areas that also have steady job growth and lower qualifying incomes necessary to purchase a home.
NAR recently analyzed employment gains, population trends, income levels, and housing conditions among the 100 largest metro areas to pinpoint the best purchase markets for millennial home buyers.
Read the article and see where Seattle lands on the list…