If you dream of spending your retirement years with the ninth hole in your backyard, you’ll have to do some planning well ahead of buying your forever home. In addition to looking at your finances, there are several features that might make the most sense if you’re looking to stay somewhere for the long term with as little interruption to your independence as possible. Read on for some pointers from Sol Mar Real Estate Investments.
Affordability Expectations
As with buying any home, your first stop is your bank account before setting out on your home-hunting mission. Although you’ve likely worked your way up to be fairly confident with your finances at this point, it pays to know what you can expect. There are plenty of online calculators that can give you an idea of your monthly mortgage, and this number is based on everything from your down payment to your interest rate. The last thing you want in your retirement years are surprises, so arm yourself with information now.
Investing in a Home Warranty
In the vein of keeping things affordable, investing in a home warranty after downsizing can save money in the event of paying for costly repairs. While homeowners insurance covers damage to your home’s structure and theft of belongings, you’ll want coverage in case home systems or major appliances break down, a home warranty can cover breakdowns to your home’s HVAC, electrical, and plumbing, along with covering appliance repairs. First, do a little research to find out the home warranty cost.
Location Matters
Whether you are choosing a golf-oriented retirement community or a standalone home on the links, location is everything. As Crestwood Manor explains, where you live should be convenient and close to the things you love. Ideally, you’ll also choose a home that’s near to friends and family. As a future retiree, it’s also wise to pick a place that needs little maintenance; this makes a newer or fully renovated home the most attractive option. These types of houses are typically found in affluent communities, making the need to confirm affordability that much more important.
Consider A Single
Multi-level homes with lots of stairs and plenty of hiding places are great when you have a young family. But as a senior, a single-level home poses fewer threats to you as the possibility of waning mobility increases each year. Two things Better Retirement Now note are of particular interest to seniors are a better use of energy and higher resale demand in a single-story home. This not only helps you save money that you can put toward tee time, but it also gives you the best chance of regaining more from your investment (or your heirs getting a bigger inheritance).
Features To Find
In addition to location and a single-story home, you’ll also want to pay attention to features that make sense for active seniors. Start with the bathroom. Ideally, it will be an open space with a walk-in shower that doesn’t require you to maneuver over the sides of the bathtub. If current or future mobility is a concern, make sure there are plenty of grab bars and that your bathroom features wide doors and rubberized flooring.
Beneficial Technology
While many of us shy away from technology, there are few places where it does more good than making our lives more convenient. When you get ready to purchase your new home, look for somewhere that has smart thermostats, home automation, smart appliances, and connected door locks. While you can always add these things later, the costs can add up quickly. New Home Source offers a rundown of additional smart technology for seniors.
When you’re in the market for your next golf home community, make sure that you put today’s and tomorrow’s needs at the forefront of your list. While you obviously want to be close to the recreational opportunities you love, don’t overlook affordability and purchasing a home warranty. You should also be on the lookout for features, such as senior-friendly bathrooms and single-story floor plans, that will help you live your best independent life so that you can better enjoy retirement.
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Written by Curtis Fisher
If you’re looking for turnkey real estate investments, contact Sol Mar Real Estate Investments today! 1-866-947-2265