Once you’ve finally retired, you’ll be looking forward to some well-earned rest and relaxation, as well as more time to spend with the people you love.
To ensure that you get the most out of your retirement and can do everything you want, you need to consider where you’re going to live.
Finding the perfect retirement home for you and your family takes time and research, but it’ll be worth it when you have the perfect place to spend the remainder of your life.
When we say retirement home, it’s easy to conjure up visions of a sheltered accommodation where the elderly are cared for by in-house nurses. While that is one option, we’re talking about any property where you could retire.
Some people might like the idea of sheltered accommodation, but for others, finding the right property to call home during your later years is a better solution.
Most older people choose to move from their former homes when they retire, either to find a new community or to be in a more convenient property.
Traditionally, most retirees downsized from their former family homes after their children moved out, but with many kids remaining at home much later than usual and the pandemic changing perspectives, the reverse is now true. In recent years, many retirees have been seeking larger homes to enjoy their space and make the most of their newfound freedom.
Whatever your plan, you need to make sure that you take the time to find the right property that suits your changing needs once you stop working. To help, we’ve created this handy guide to choosing the right home for your retirement.
Location and Local Community
The location of your new home is the one thing you can’t really change. Unless you buy a mobile home, you won’t be able to move the property once you’ve bought it, and mobile homes aren’t renowned as great options for the elderly. You’ll probably want a house or apartment for your retirement, which means settling on the right location and exploring the local community.
If you already have an area in mind, because your family live there or you love the area, then that’s great! It’ll save you a lot of time and effort. However, if you want to move to a new area, with a community of local retirees, then you’ll need to do your research. Explore areas that have a high concentration of retirees, then check out local estate agents and listings to see where might work for you.
One area that’s popular with retirees is Las Vegas, thanks to its great amenities and welcoming senior community. If you’re thinking of moving to Vegas, then use a dedicated Las Vegas Realtor like The Robert Little Group. Their team can help you find the perfect home in Las Vegas for your retirement and show you the pros and cons of this amazing city.
Aging bodies often struggle to deal with extensive stairs or tight corners, so anyone who’s moving to a new home for their retirement needs to explore ground-floor homes with few stairs, or accessible alternatives such as elevators. While some properties might already have accessible solutions, such as walk-in bathtubs and handrails, you could also consider a property that you can adapt yourself.
So, don’t feel limited by the property’s current design, but take the time to consider what you can change, and what areas you can’t. For example, it’s harder to adapt a property with narrow stairs to make them wider, as this is a structural change. However, simple adaptations such as fitting rails and easy open door handles can be fitted quickly with basic tools.
If you have specific accessibility needs, then these need to be taken into consideration and you also need to think about how these will evolve over time. For example, if you have eyesight issues, you’ll need to consider a larger home with an open-plan layout that’s easy to navigate.
You might also want to predict how your eyesight problems could change moving forward, and what further needs you might have. You’ll then be able to find a home that suits your current and future requirements. If you have significant requirements, so could consider assisted living to ensure that you are always safe and have the help you need.
The cost of running a property is an important factor for any home buyer, but it’s especially relevant for seniors who are approaching retirement, or already there. Statistics show that the average annual income for the over 65s in the US is $75,254, and the median figure is $47,620. While that might sound like a lot of money to some, for many it’s not enough for a comfortable fulfilling life, especially with costs rising significantly over recent years.
As such, when choosing a retirement home, you need to consider how much you want to spend running it. That means thinking about energy costs, state property taxes and maintenance. Also, if you’re buying an apartment or a space in a retirement community, you might have HOA costs to contend with.
Work out how much they will cost per month, then consider if your income with cover the bills and leave enough for you to enjoy the activities you love. If you have relatives living with you, you can also consider how much they can contribute to the running costs, to allow you to choose a larger property and more space to store the things you love.
A Quick Conclusion
The home you choose for your retirement will influence what you do, who you see and your general quality of life during your later years. These tips should help you to find the perfect place to settle down and enjoy getting older and being retired from the fast-paced world of work. You can then start to make the most of your newfound free time.
Whether you’re buying or renting a property, you can find one that meets your needs and exceeds your expectations. Every retiree has a unique living situation and different desires for their home, so taking the time to explore your options is critical. Have fun looking for a new home for your retirement!