As more and more baby boomers are entering the retirement years, a common question they face is whether or not to sell their homes and move – maybe for affordability, lower maintenance, convenience, or other needs. With lower housing inventory in the starter-home and trade-up categories in today’s market, it makes sense to evaluate your current home’s ability to adapt to your needs in retirement to help you decide if making a move NOW might be worth it for future needs!
According to the National Association of Exclusive Buyers Agents (NAEBA), there are many factors to consider when choosing a home you plan to live in throughout your retirement years:
AFFORDABILITY Be sure to consider all of the extra costs that may be due, regardless of whether or not you have a mortgage – property taxes, insurance, HOA fees, utilities, etc.
EQUITY Maintaining a healthy amount of equity in your home gives you a source of emergency funds to tap if necessary.
MAINTENANCE A townhouse or condominium with lower exterior maintenance needs can be an important consideration for those who may face challenges with health or physical abilities down the road.
SECURITY Living in a home with features such as a security system or a gated community with resident-only access can be important to some homeowners.
MOBILITY Looking for a home that can easily become a forever home may mean ensuring hallways and doorways are to present-day building code widths; single-level living or a main-level master bedroom suites may be important to you.
CONVENIENCE Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider!
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If you find yourself curious about your home options, we can help you evaluate your ability to sell your current house in today’s market and get you into your DREAM home for retirement!