Nearing retirement can be an exciting time–you can start that passion project you’ve wanted to complete for decades, visit with family and friends more, or just take time to relax and enjoy the fruits of your labor. But retirement also brings with it a multitude of major life decisions, including whether or not to buy a retirement home. Depending on your needs and budget, you may end up downsizing from a larger home, and this could be a good financial move for you. Whatever your specific situation, buying a retirement home is a big decision that requires careful planning and research to ensure it’s the right move for you.
Here are some things you’ll want to consider during your decision-making process:
Thinking about how your finances will be impacted is likely the most important thing to consider when you buy a retirement home. You’ll need to decide whether you buy a home before you retire (which might be helpful while you’re still making an income and can manage a second home) or after you retire (which will help you better understand your financial, healthcare, and social needs as you age). Above all, you must determine a realistic budget for your retirement home and factor in your income, expenses, taxes, and fees, as well as your down payment and closing costs.
Of course, you’ll also want to consider the location of your retirement home. Do you want to be close to your friends and family or would you like a quiet oasis to call home? Do you want to be near a city or in the rolling country hillsides? Select a few areas in which you’d like to live and visit. Spend some time exploring the neighborhoods and communities there before buying.
Of course, you’ll also want to consider the type of retirement home you’d like to buy. If you have a partner, talk to him or her about your expectations and preferences for your retirement home. Do you desire a single-family home with space to entertain family and friends? Whatever type of retirement home you want, consider how your needs and abilities might change as you get older and look for a home that is accessible, comfortable, and safe.
Amenities are especially important to consider when you’re buying a home in a retirement community. If you want to stay active, amenities such as a pool, gym, pickleball courts, and nearby golf courses or hiking and walking trails may be at the top of your must-have list. But if being social and meeting new people is the goal, you may be more interested in community amenities such as a clubhouse with planned activities and events, a game room and others.
At Oaks of Rockford, we understand that buying a retirement home can be a difficult decision. But when you visit our premier, low-maintenance 55+ community just outside of Rockford, Michigan, you’ll see why so many of our residents chose to buy their retirement homes here. Here, you’ll be part of a unique and tight-knit community with active residents, tons of local attractions, proximity to lively Grand Rapids, and beautiful homes with outstanding amenities.
To learn more about buying a retirement home in our 55+ community, contact Oaks of Rockford today. Our friendly community specialists are standing by to assist you!