The children are grown, in homes of their own, and you have only a few years until you retire. Thoughts and conversations about selling your present home and purchasing the perfect retirement home occur frequently. You and your spouse have browsed through dozens of brochures and watched numerous online videos, which enumerate the amenities and virtues of beautiful retirement communities all over the country. Should you choose a smaller home in the city where you live or select one of the many retirement communities? It's time to make a choice and you are still unsure of what to do. There are many things to consider before taking the final step.
Downsizing Reduces Expenses And Maintenance
One of the reasons retirees choose to sell the family home is downsizing to reduce expense. A second reason may be health concerns. You no longer need all the extra bedrooms, the basement family room, and three bathrooms. Heating and cooling unused rooms increases utility expenses at a time income will be decreasing. Yard maintenance is another consideration in downsizing. Moving into a smaller home with a single level makes sense for most retirees because the maintenance is less, expenses are lower, and it is more compatible for those with health issues.
A newer home not only requires less maintenance, it will also have new energy efficient appliances, the heating and cooling system will green compliant and cost less to operate. These are important considerations when income is reduced at retirement. If your current home is completely paid for or you have a large amount of equity, you may make enough profit to pay for the new home and have some cash left to invest.
Smaller Pre-Owned Homes
There can be many advantages to buying a pre-owned home in the 10 to 15 year-old range. The home is new enough to have many modern features, along with energy efficient appliances, windows, and heating and cooling system. Maintenance issues should be minimal, and a home of this age should provide comfort and security for your retirement years. If you choose to stay in the general area of where you currently live to be near friends and family, this may be the right option for you.
For retirees desiring to be free from the responsibilities of maintaining a home, including the care of the lawn, paint or siding, roofing, and heating and cooling systems, a retirement community offers a solution. Depending on where you want to retire and how many amenities you want, there should be choices in your price range. The communities offer individual homes or condo-style choices, and the living spaces are designed to accommodate wheel chair access and compatibility throughout. Some more expensive options include concierge service, restaurant, movie theater, golf course, tennis court, clinic, and transportation for shopping and medical appointments.
Retirees in the twenty-first century have many housing options available. Consider the life-style you want for your retirement, and choose the housing option that will provide it.