As a mid-to-late life homebuyer who is ready to change one’s lifestyle or downsize, finding your retirement home will be different than your previous homebuying experiences. This time, you’ll be looking for a home with a shifted focus on what features you find important. The home you buy needs to meet all your current and, more importantly, your future needs. Use these tips when house hunting for a retirement home.
Location: While previously a significant factor when purchasing a home, this time the location of your home needs to be top priority. Take into consideration that driving may not always be an option or even desirable. You’ll want to choose a place that allows you to easily access all the essential places you care about. Your hobbies and interests, such as the beach, golf courses, pools, etc., should be close and have a minimal commute. Cities have public transportation which allows residents to not even need a car. If your friends and family live in rural areas, perhaps moving closer to them might be another option to avoid commuting.
Single-story Homes: If you are thinking about downsizing, now is the time. A single-story home is ideal for older homebuyers. Eventually, going up and down stairs will become troublesome, and there is always the possibility of needing to accommodate a wheelchair or walker. Stairs, even just a few, can make getting around your home more difficult. If you’d like to buy a two-story home, consider having the master bedroom on the first floor. The rooms upstairs can be used for grandchildren or guests. Whichever way you decide to go, plan for the house that will be best for you later, not just what works for you right now.
Space: Luckily, space is a popular feature in many new homes so it shouldn’t be hard to find. “Open” room concept homes allow for your kitchen, living and dining rooms to flow together. You’ll have less clutter and easier navigation. You should also keep an eye out for larger bathrooms and entryways. More importantly, look for extra-wide hallways and doorways. These will accommodate wheelchairs/walkers and you won’t have to avoid or move around tight spots.
Important Amenities: A walk/step-in shower will reduce some of the risks that accompany using a bathtub at an older age. Instead of having to step over the side of a tub, having a small step or no step at all is much safer and wheelchair friendly. A larger shower will also come in handy if a beach seat or railing needs to be added. Ramps into your home are not only a wheelchair/walker friendly accommodation, but removes the risk of falling from carrying anything up or down stairs, such as groceries. Keep an eye out for kitchens with lower counters and easy to access cabinets. Use a checklist when touring to keep track of what each home has to offer.
Property: Consider a yard that will fit your needs fifteen years down the road. While you might be able to cut the grass, pick weeds, rake leaves, and shovel snow now, that might change. Paying someone to do those tasks for you will get more expensive the larger the piece of property, so factor in the additional costs when making a budget.
Pets: Your pet should absolutely go with you wherever you move, however, some places might have specific pet policies. Be sure to check for any restrictions before deciding on a home, especially if you’re thinking about a retirement community or condo. If you are considering a new home in a multiple story building, be prepared to take your pet on an elevator.
When preparing to take the next step for your future keep some of these ideas in mind. Homebuying is exciting but can be stressful, especially if this is going to be your retirement home. Knowing what to look for and expect will help ease your mind. Thinking ahead by choosing a home that will meet both your current and future needs will save you time, money, and stress down the road. If you’re thinking about a new construction home, you can use these tips as a guide when thinking about layout and design. Here are some additional items to consider if you are a single homebuyer.
Last week, we talked about the second step in the home purchase process: choosing your loan type. Once you and your lender have determined the type of loan that will best suit your needs, the next step is to begin your home search. This may be the most exciting part of the process, and it can be easy to get caught up in that excitement. It’s important to make this decision carefully, consider your options, and to work with knowledgeable professionals who can help you make the best choice.
Choose the Right Real Estate Agent Your real estate agent will be your guide through your home search, so he or she should be someone that you can trust. Hire a Realtor who takes time to understand your needs and to explain anything that is unclear. The right agent will help you enter the process prepared and confident.
“It’s very important to work with a real estate agent who first consults with you to find out your needs,” says David Bonanno, California Branch Manager with NFM Lending. “Home buyers are our lifeblood and who we serve. We have to know what their wants, needs, and budget are.”
Choosing a Home There are many factors to consider when looking for a home. Plan carefully and talk to your real estate agent about the following things before beginning your home search:
Your budget – Make sure you know your price point, accounting for all additional costs and fees, and discuss it with your lender beforehand. Limit your search to homes within your budget; otherwise, you may fall in love with a home you can’t afford. It’s also important to know whether you want to buy a newly built home or not.
“Everyone thinks buying new is the best way to go. What they do not realize is all the money that will be spent on the yard, light fixtures, window coverings—things that may not be included in the purchase of the home,” says David. He recommends that buyers interested in purchasing a newly built home keep in mind the extra costs associated with this kind of purchase.
Your priorities – Searching for a home can be an emotional process, so it’s important to keep a list of what’s most important to you, so you can limit your search to homes that fit your criteria. For example, you want a short commute to work, or want a large backyard, or want three bathrooms. Communicate this to your real estate agent and only look at homes that will meet your needs.
The Neighborhood – When you find a home you like, take time to observe the neighborhood. If you can, talk to your potential neighbors and ask what they like about the neighborhood. Come back at different times of the day and week. Read the local newspaper or blog to get a sense of the community and to find out whether there are any potential concerns.
Other things to keep in mind when searching for a home are your short- and long-term goals. David suggests thinking about how long you plan to live in the area, and whether you will need room to grow as your family grows. Buying a new home is an investment in your future, so it’s important to have your future in mind when you are choosing your home.
Once you’ve found the right home, you will work with your real estate agent to make an offer on the home and sign a contract. From there, you will move onto the next step to purchasing a new home: applying for your home loan.
Location: While previously a significant factor when purchasing a home, this time the location of your home needs to be top priority. Take into consideration that driving may not always be an option or even desirable. You’ll want to choose a place that allows you to easily access all the essential places you care about. Your hobbies and interests, such as the beach, golf courses, pools, etc., should be close and have a minimal commute. Cities have public transportation which allows residents to not even need a car. If your friends and family live in rural areas, perhaps moving closer to them might be another option to avoid commuting.
Single-story Homes: If you are thinking about downsizing, now is the time. A single-story home is ideal for older homebuyers. Eventually, going up and down stairs will become troublesome, and there is always the possibility of needing to accommodate a wheelchair or walker. Stairs, even just a few, can make getting around your home more difficult. If you’d like to buy a two-story home, consider having the master bedroom on the first floor. The rooms upstairs can be used for grandchildren or guests. Whichever way you decide to go, plan for the house that will be best for you later, not just what works for you right now.
Space: Luckily, space is a popular feature in many new homes so it shouldn’t be hard to find. “Open” room concept homes allow for your kitchen, living and dining rooms to flow together. You’ll have less clutter and easier navigation. You should also keep an eye out for larger bathrooms and entryways. More importantly, look for extra-wide hallways and doorways. These will accommodate wheelchairs/walkers and you won’t have to avoid or move around tight spots.
Important Amenities: A walk/step-in shower will reduce some of the risks that accompany using a bathtub at an older age. Instead of having to step over the side of a tub, having a small step or no step at all is much safer and wheelchair friendly. A larger shower will also come in handy if a beach seat or railing needs to be added. Ramps into your home are not only a wheelchair/walker friendly accommodation, but removes the risk of falling from carrying anything up or down stairs, such as groceries. Keep an eye out for kitchens with lower counters and easy to access cabinets. Use a 
Property: Consider a yard that will fit your needs fifteen years down the road. While you might be able to cut the grass, pick weeds, rake leaves, and shovel snow now, that might change. Paying someone to do those tasks for you will get more expensive the larger the piece of property, so factor in the additional costs when making a budget.
Pets: Your pet should absolutely go with you wherever you move, however, some places might have specific pet policies. Be sure to check for any restrictions before deciding on a home, especially if you’re thinking about a retirement community or condo. If you are considering a new home in a multiple story building, be prepared to take your pet on an elevator.
Last week, we talked about the second step in the home purchase process: