What Do You Want Out Of Retirement?
If you are getting ready to retire, congratulations! This is no doubt one of the most exciting times in your life. However, if you haven’t decided on how you want to retire, now is the perfect time to do so. Once you figure out what you want out of your retirement years, you can get to work choosing a new home that meets your needs. Surprisingly to some, this might not mean downsizing.
Should I buy a bigger home?
Few retirees consider buying a larger home. When you meet with Mary Ellen, you’ll have a chance to talk about all of the activities and interests you wish to pursue during retirement. This may lead you away from a smaller townhouse or condo in the suburbs to a more rural location where you can spread out with family and friends. A few questions to ask yourself before your initial consultation are:
● How much time do I plan to spend at my home? If you plan to travel more than you will spend time at your home base, downsizing may be a smarter option.
● Should I continue to work after retirement? Many retirees choose to open a home-based business to supplement their income. If you plan to do so, a larger home makes sense. A special consideration here is learning the rules and regulations in your state on how to form an LLC without the expense of an attorney. This can help you ensure that you do not put your new home purchase at risk if your income isn’t up to par. Forming an LLC may also help you keep some money in your pocket, which you can use to update your new home to best suit your business.
● Will my friends and family visit often? TipHero illustrates that spending time with grandchildren has benefits for everyone. If your current living situation doesn’t allow you to host the little people in your life (and your adult children), it might make sense to invest in a homestead/farm or other larger estate. This way, you can give the kids their own dedicated play area, which will encourage them to visit often.
● How much home can I actually afford? The amount of home you can afford depends on your income, monthly debt, and the amount you can put down. Your mortgage broker can help you determine a comfortable price range, and your agent will work to keep you within it.
It’s okay if you don’t have all the answers initially. Buying a home is not a one-day event. You may continue to refine your decisions as you get deeper and deeper into your home search.
Pros and Cons Of A Larger Home In Retirement
There are many pros and cons to choosing a larger home when you retire. On the upside, depending on where you are moving from, you can likely get much more home for the same or less money than your current mortgage. But unless you are willing to alter your energy-consuming habits, your utility bills may be much higher.
A bigger home means you can entertain your loved ones without worrying about the neighbors, but it also means you do not have a physically-close community to fall back on should you need help. Ultimately, you must weigh your needs against your wants and choose the option that best suits your lifestyle.
When you are ready to begin your home search, knowing what you want to do during retirement can help you better direct your energy into finding a home that fits your new, leisurely lifestyle. Contrary to popular belief, downsizing may not be the best choice. If you want to work, entertain, or even engage in hobbies, such as gardening or woodworking, buying a larger home outside of the city may be exactly what the doctor ordered to help you retire in style.
North Atlanta Luxury and the Mary Ellen Vanaken Team are here for you when you’re ready to make your move into (or around) the beautiful North Atlanta area. Schedule a call today.
Article by Bob Shannon with seniorsmeet.org