A Senior Guide on Buying a Second Home for Retirement As retirement approaches, many seniors are ‘ thinking where they should invest or move their assets. Buying a second home, for instance, is a good example. Many are browsing through local development sites to find a property that’ll serve as their dream retirement home. Buying a second home for retirement, however, can be more challenging. Before anything else, it’s important for seniors to get help and know how to prepare for it.
Take Inventory Take inventory of the current, future, and possible financial resources to make the process more organised. Seniors can determine how much they can afford by determining all future sources of income, such a pensions and government benefits. This way, it won’t be difficult to set budget limitations when buying a house. For those who aren’t planning to move immediately, the house can also serve as a source of additional income.
Address: Phone: E-mail: Website:
114-124 Rockbank Middle Road, BURNSIDE VIC 3023 1300 724 723 info@modeina.com.au http://www.modeina.com.au/
Define the Purpose Decide if the house is for part-time vacation or year-round residence. It’s important to know the purpose of home buying to avoid distractions along the process. For instance, there’s a chance that seniors might end up buying a house that’s more costly or has the features they don’t really need. To make sure that they’ll stick with their goals, it’s advisable to guide them properly.
Look for the Benefits Seniors should take note of the things they did when they bought their first or any other previous properties. Know what the right decision was and what went wrong. This way, they can make better decisions and avoid doing the same mistake again. Afterwards, add factors that are specifically for senior living like senior-friendly facilities and recreational activities. While second homes are becoming common among retirees, it doesn’t change the fact that home buying can be a complicated process. To help seniors buy the right one for them, it’s ideal to find communities that are offering what they want and need. Sources: http://www.foxbusiness.com/personal-finance/2011/11/16/buy-second-home-before-retire/ http://www.bankrate.com/finance/real-estate/buy-second-home-before-retiring-1.aspx http://www.modeina.com.au/
Address: Phone: E-mail: Website:
114-124 Rockbank Middle Road, BURNSIDE VIC 3023 1300 724 723 info@modeina.com.au http://www.modeina.com.au/