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FIND YOUR PERFECT HOME FOR RETIREMENT
Find the Perfect Home For Retirement
by Mary Morrison
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WHETHER YOU’RE STILL WORKING a successful career, nearing retirement, or somewhere in between, imagining your perfect retirement home can seem like a faraway dream. But it doesn’t have to be; a little preparation can put you on the path to making your dream a reality! Start by determining the best location, size and price that work for you.
LOCATION FIXATION
Some homebuyers elect to buy homes in their current community while others move across the country or the next state over. Whatever you decide, it’s important to identify the factors you want in a community and research locations before you buy.
Several factors may influence your decision. Do you want friends and family nearby? Will you need to take care of aging parents? Do you have hobbies or interests that affect where you would want to live? Will you work through retirement? Addressing these issues openly and honestly will bring you closer to success. Also, check local statistics. According to industry experts, a low crime rate, safe downtown, good hospitals, low tax rate, and
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mild climate round out the top five considerations of retirement homebuyers.
After selecting an area, think about the type of neighborhood best suited for you. Urban locations offer walking distance to restaurants, shops, and schools. Suburbs offer more home for the money, albeit a bit further away from city centers. Homes on busy streets often come with lower price tags, if you don’t mind the hustle and bustle. Cul-de-sacs provide quiet space and the opportunity to know your neighbors. Corner lots offer more room, fewer neighbors and more privacy. Many retirees prefer gated 55-plus age-restricted communities. Identifying your preferred neighborhoods will make your search easier.
SIZE MATTERS
Figuring your space requirements becomes the next priority. Start by identifying the minimum square footage and number of bedrooms you need to comfortably live now and 20 years from now, then add extra space as needed. Do you entertain or expect family to stay often? Add on extra bedroom(s). Also, what interests do you have or want to start? You may need additional space for creative endeavors. Thinking about working part-time or consulting in retirement? Include space for your next side hustle! Remember, it’s easier to plan for more space in the beginning of a home search than it is to add space later.
FIND YOUR PRICE RANGE
After you identify the location and size of the retirement home you want, it’s time to think about the price range you want to include in your search. If you choose a range that doesn’t include the absolute high and low ends of your budget, you could miss out on finding the right home. Some homebuyers assume negotiations will be part of the deal and pad their price range accordingly. While this might be the case in some instances, doing so could lead to a lot of wasted time looking at homes that don’t fit your criteria because they cost too much, or the sellers won’t move on price.
In addition, check the housing market temperature of the area you’re interested in. It can be hot, cold, or neutral. In a seller’s market (hot), sellers will likely get their asking price. In some cases, sellers can receive multiple offers, which can result in a price going higher than list price. If this is the case, looking at homes priced a bit lower could lead to success. Conversely, in a buyer’s market (cold), most sellers will negotiate with you. This leaves room for you to include homes priced slightly beyond your price range. In a neutral market, the number of buyers equals the number of sellers so there’s less chance of any volatile swings in price or negotiations.
READY, SET … SEARCH!
After you determine the best location, size, and price that works best for you, finding potential homes becomes easier no matter where your search takes you. Ready to make your dream a reality? Visit www.retiringright.us/realestate to find out what’s available today!
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K. Hovnanian’s® Four Seasons at Terra Lago is an active adult new home community for those 55+ located in Indio, CA. Experience The Lodge, home to recreation, sports courts, fitness center, a bistro & activities. This is resort-style living at its best!
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