One important question that often confronts retirees is where they would settle once they arrive at their golden years. Each one of us has at some point thought of a day when we say goodbye to all work-related worries and move to a place of unimagined bliss. A majority among us begin preparations for this early on in our lives. All said and done, buying a home, for whatever purpose it might be, is a major commitment and one should not decide in haste.
How is buying a retirement home different from buying a normal (residential) house?
A thing to remember in case of a retirement home is that this investment that you are about to make will be a little different from the previous ones. Now, you would not have to worry about buying a house that is in close proximity to a school/university or think about the number of rooms in the house so that your kids could enjoy their privacy as well. Now, you would be looking to buy a house where you can age in peace and delight. Some end up buying their new home in or around the vicinity, whereas some end up travelling along the breadth of the country to cherish their retired days under the sun. Irrespective of the circumstance, it becomes essential to do some amount of research and soul-searching before you zero in on your solitude home.Discussing it with your spouse or somebody you expect to move in with can also help.
A vital choice you may have to make is choosing whether to buy a condo (a single unit flat) or a single home. If you are more of the traveller, a condo could be your best bet as you can lock that unit off and simply forget about it. However, if you have stayed in a single home for the better part of your life, adjusting to a condo may turn out to be a bit of a struggle. You would also want to ensure if the area and surrounding community is right for you.
Listed below are the top 8 considerations you must bear in mind before finalizing your postretirement dream home.
• Vicinity/neighborhood: Finding the best neighborhood to stay is one of the primary decisions you should make before buying your retirement abode. You may find this worrisome if you are planning to move to a new town/city post retirement. If possible, try vacationing in some of the areas to know more about the place.This does double the work for you; however, it helps you figure out whether the particular area has enough activities going on to keep you busy and occupied when you suddenly have a lot of time at your disposal.
• Community: You might want to live in a retirement community where you would find a flurry of activities which would keep you interested and your routine packed. Also, a retirement community usually has easier access to healthcare providers, which would surely assume greater importance then. Having like-minded people around you also makes it easier to adjust to the new surrounding and keep you engaged.