As we age and head towards retirement, it becomes important to find a home to retire in. Many people are evaluating their current homes to determine if it matches their retirement needs. There are a number of factors that you should consider when trying to pick a forever home.
Can you Afford It?
This has less to do with the cost of ownership and more to do with the cost of keeping your house functional and livable. Properties attract all manner of fees including insurance fees, property taxes and many more. There are other costs associated with maintaining your home such as gardening costs and others that come with owning a house.
It is important to keep in mind that some of these costs are likely to go up as the home ages. For example, older houses require more repair work and so you are likely to be paying more in the future than you currently are. There are some alternatives models that you could compare this with. For example, would some of these costs be less if you lived in a neighborhood with a home owner’s fee that takes care of some of these functions?
Equity
Your home is not just a place to live in but also an asset that you can use it to purchase your next home by leveraging its equity. Having a healthy amount of home equity also gives you the ability to borrow money against it to deal with any emergency that may arise. You might find that you can get enough out of your current home to pay for your next home without any additional funding.
Security
Older people are more vulnerable to robberies and break-ins and it is important to think of the security aspects when considering your retirement home. If you feel that your stand-alone residence might not be very sure, you could relocate to a more secure place with residents-only access, a manned gate and security system.
Animals
Pets make for great companions as we grow older and there is scientific evidence that pets provide great emotional and physical support. If you love pets, you have to factor them in when you are looking for a retirement home. For example, are you allowed to keep them in the first place? Is the house fenced in? How far is the nearest vet?
Moving Around
As you become older, the ability to move around, including inside your own home becomes critical. It pays to ensure that your home has enough safety features and that you can move around without any problems. This includes handrails on the staircases as well as wide enough doors and hallways.
Putting all these things into consideration when planning your retirement can make your home easier to live in and ensure that you enjoy your retirement years. If you are property hunting in New Jersey and want to narrow down your best real estate options, you can call the best realtor in New Jersey at 201.568.5668 or email Josh@NJLux.com today!
