It’s never too early to start preparing for retirement. But whether or not you should buy your “forever home” before or after retirement is a different story. No matter your age, it’s important to carefully weigh each side of the decision in order to make sure that you’re giving yourself the greatest opportunity for a dream retirement that you can.
Regardless of where you are in life, whether you’re closer to retirement or still gaining momentum in your career, once you’ve finished working, you want to live out your retirement in comfort, basking in the satisfaction of a career well done. To do that, you’re going to need a nice home.
The benefits of buying your retirement home generally fall in favor of doing so before you leave employment, for reasons we’ll go over in this blog post. Remember, though, how important it is to measure the pros and cons of this decision and to direct questions to a financial advisor or a realtor in person so that they can examine your personal situation and give you more personalized advice.
Why Buy Before Retirement?
Buying your retirement home while still employed comes with several benefits.
- It is much easier to get approved for a mortgage while you are still employed than it is when you’re a retiree. Doing so will not only get you going sooner on paying it off, but also as someone who is employed, you can generally lock onto a lower interest rate, thus saving you money in the long run which can be devoted to your comfort post-retirement
- Buying your home offers stability, as opposed to, say, renting a property. Getting your home before retirement gets you more firmly on the path to owning your own home without fear of shifting rent rates or the possibility of a landlord selling the property
- Getting your forever home pre-retirement also allows you to begin saving up sooner for any updates or renovations that might become required later on. It never hurts to have money set aside for later costs so you won’t feel the expenses as deeply
- Buying your retirement home while still employed will help you plan your budget for the future, by giving you accurate dollar amounts. That way you won’t be caught off guard and will still have an income to help you prepare
Perhaps one of the greatest benefits is the peace of mind that comes with feeling prepared. Just like with any home buying endeavor, you need to go in with a plan so that you don’t find yourself in a position you weren’t ready for (such as costs for home updates). Buying your home before retirement allows you the freedom to plan.
Things To Consider Before You Buy
It is important to start putting away for retirement early on. Buying your forever home is a different story. Before you pack your bags, it’s important to keep some things in mind in order to put yourself on the trajectory of a great retirement home.
Give Yourself A Test Run
Do you have an idea of where you’d like to live? Take an extended vacation and get a feel for the place. Scout it out and find where you could see yourself living. Here in the Ogden area especially you are never far from incredible activities that are sure to keep you busy. A perfect place to try this out is in Uintah.
Accessibility Is Your Ally
As you get closer to retirement, you might find that your needs are changing. Homes with fewer to no stairs at all are more popular among retirees, as are master bedrooms being on the main level. Waiting until nearer to retirement to begin looking for your forever home will help you buy the home that’s right for you, rather than buying too early and finding that your wants have changed.
Your Likes Might Change
Styles and preferences change as time goes on. Holding off on purchasing until closer to retirement will give you a better idea of what you’ll want in a post-employment home. Forbes advises to take location into consideration, that even if you are willing to renovate a home to suit your tastes, you can’t pick up your home and carry it away.
Make Purchasing Decisions For A Future Income, Not A Current One
When considering costs, think in terms of your post-retirement budget, not your current income. According to Fortune Builders, even if your monthly income doesn’t drastically change, you want to be prepared in case your costs do.
When deciding how soon before retirement you should start searching for a new home, consult with your financial advisor as well as a real estate agent like the ones at Fresh-And-New Real Estate. You can receive guidance for making a plan for finding your perfect retirement home.
Find Your Forever Home With Fresh-And-New
If you’re ready to find your forever home in Ogden or Uintah, Utah, then you’re ready for Fresh-And-New Real Estate. You’ve been working hard your whole life, so we want to help you by making house hunting as easy a job as possible.
Contact us today! You can schedule a time to meet with one of our brilliant real estate agents and get a personalized experience, working with a real person, so that we can find the perfect home for you at a reasonable price. That way, you can rest assured that we’re working to find you a home tailor-fit to your unique wants and needs.
That’s what makes us different from other Utah realty companies – we get to know you and what you’re looking for and help you find the perfect Ogden home.
So go with Fresh-And-New today and find the relaxation you deserve and find your dream home today!