This helpful article provided by Bob Shannon at http://SeniorsMeet.org :
Retirement is the long-awaited reward after a
lengthy career. Dreams don’t end at retirement though, as this is merely the
beginning of a rich, rewarding chapter of life. Retirement dreams often come with
ideas in mind such as more time with family, traveling and diving into hobbies
like homesteading. An important factor to consider along the way is whether
your current home has adequate space for your family to visit as well as areas
for your hobbies and daily living needs. If the logistics of buying a new home
to meet your retirement needs feels daunting, there are some strategies you can
employ to ensure success.
What to Consider for the Home
It can be challenging to find a home that
matches your dreams and fits the budget. Finding an affordable home doesn’t
mean you need to compromise your ideals, it may just require you to use your
ingenuity to make it work. If you find a home with good bones and the basic
idea of what you are seeking, don’t be shy about renovating. Often the difference
between decent and ideal is simply a matter of knocking down a wall, adding an
addition or building on a sunroom. Let your imagination guide you.
Home shopping is an emotional experience, and as a
result, it is easy to fall in love with a place that isn’t suited for your
practical needs in daily life. Before you begin shopping for homes, consider
your square footage needs, the number of
bedrooms, bathrooms and space for starting seedlings and hatching chicks if you
plan to homestead. Designated space for a workshop can be ideal to avoid having
to drag out equipment and put it away after each use. And the grandchildren might
also enjoy having their own playroom for the same reason.
What to Consider About Lending
If you’ll need to take out a mortgage, there’s
a lot to think about. As you consider loan options, shop around for the best
lender. Your specific mortgage needs may differ from
others, and a reputable lender will walk you through all the options to ensure
that you get the best mortgage possible. You may be able to access lower
closing costs through certain lenders or obtain a loan that is geared toward
seniors. Beware of predatory lending and other scams on seniors, however, and if a
plan seems too good to be true, it probably is. Consumer protections exist, and
if you wish to check on the reputation of a lender, consider doing a background
check on the organization before giving them any
information.
Real estate can move quickly. It may feel as
though you are being rushed through the process, but often realtors watch their
clients lose a dream home because they were hesitant to take action.
The Silver Lining for Acting Fast
Acting fast on a real estate transaction can
feel like a major gamble, particularly if your current home has not yet sold. The risk can offer
rewards if you can withstand the pressure of buying before selling. Some of the
rewards for buying first include the option to rent your existing home to pay
for your new home’s mortgage and the ability to focus on one transaction at a
time. Talk to your real estate agent as soon as possible if you realize you’ll
need an extended closing.
Your retirement dream home may be more
accessible than you think. Make a plan in advance, considering your housing and
hobby needs, as well as space for your loved ones to visit. Make sure you
invest time in learning about loan options prior to starting the process, and
as you begin house shopping, keep your eye on renovation potential as a means
of finding an affordable home. Honor your retirement dreams and enjoy your
golden years in a home that makes you smile.
Again – our thanks to Bob Shannon at http://SeniorsMeet.org
