Buying a Home in Your Retirement? Here Are 6 Things to Consider

May 8, 2017

 
Retirement is a milestone moment for everyone, and for most of us, retirement means settling into a new lifestyle and routine, and often, a new home too. After your children have grown and moved out of the house and you no longer have a job to report to, your large and easy-commute-to-work home can become more of a burden than a blessing.
 
It is not uncommon for retirees to seek out smaller homes, adaptive communities that suit their unique needs, and invest in properties that will become a part of their retirement income once they have the time and funds to do so. 
 
Buying a house in your retirement is not only a good idea but a necessity for many individuals. Larger homes are more expensive and difficult to maintain, and there is a good chance that your needs in retirement will be greatly different from your daily needs as a nine-to-fiver. Your community may be designed for young families, be close to college activity centers like the downtown area, or maybe an up-and-coming neighborhood attracting a lot of new families and making your neighborhood feel less like home. 
 
Thankfully, there are a lot of benefits to finding a retirement property that is suited to your current needs. Before you commit to a location, however, you need to ask yourself these six important considerations to make so you can be sure that you are choosing the best time to invest in a property that will help you achieve your retirement goals. 
 

1. The Tucson Market is on the Rise 

Most of what you’ve heard about the Tucson real estate market’s dramatic turn upward is not exaggerated. Tucson is quickly becoming a prime market in the U.S., and that means that there is a good chance that your current property will yield you a decent profit if you decide to sell, especially if it is a family-sized home near good schools. 
 

2. Retirement Communities are Booming

There is a world of difference between retirement homes and retirement communities, and Tucson has set the mark for active adults who do not intend to slow down simply because they are retired. From luxury golf resort community homes to gem locations like Dove Mountain that offer top-of-the-line fine dining and activities for older adults, there is no shortage of ways you can make your retirement years the best time of your life by discovering (or rediscovering) your passion.
 

3. Do You Have the Capital to Invest?

If you have a home that will do well in the rising sales market and have a decent nest egg in the bank, then you are well on your way to being financially ready for a retirement property investment. Before you start your home search, however, be sure to meet with a retirement budgeting specialist so you can see what your month-to-month expenses will be, giving you a starting point for your home and community search.
 

4. A Matter of Space

Just because your children are grown does not mean that you can’t throw a great party. Many people find that retirement is a boon to their social life, and if you are likely to spend a lot of your time entertaining guests and visitors at your home, be sure that your home is sized appropriately to accommodate that lifestyle. Instead of choosing a one-bedroom condo, opting for a smaller home with a large backyard may be more appropriate for your lifestyle.
 

5. What Are Your Retirement Goals?

Are you looking to earn income from an investment property, want to spend your first decade of your retirement traveling the world, or want to spend your time relaxing in your backyard garden growing all your foods?
 
More and more people see retirement as the next phase in their lives and the prime opportunity to explore new hobbies or even build a new business. Before you decide on a location or a property type, be certain that you are looking at the big picture of your retirement goals and not just the desire for a change in scenery.
 

6. Find the Right Realtor®

No two Realtors are alike, and there are going to be those who are better or worse suited to help you find the best retirement property in Tucson. Once you have decided what type of property you are interested in purchasing, it is time to find the right Realtor®. Choose a Realtor® who has the experience and knowledge to help you discover the prime locations, communities, and home styles that meet all of your needs. 


 

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