Finding Your First Home

Posted on: 30 December 2016

With the kids grown and gone, your newly empty nest may suddenly seem much bigger than it once did, especially when it comes to keeping it clean and free of dust and dirt. Even worse, the cost of heating all that empty space is sure to be a waste of hard-earned money that could be adding to your retirement fund or paying off debt. A good solution to this problem is to sell your current home and to look at single family homes that will be better suited for your retirement years. If you are considering this option, the following tips will help you choose wisely to ensure that the single family home you select will be perfect for the retirement years and beyond. 

Consider the location for your new home carefully

Choosing to move into a smaller home may not mean choosing to remain in the neighborhood or even the area in which you currently live. Instead, think about the activities, climate, and interests you may want to pursue after retirement and choose to purchase a home in a location that meets those needs and desires. In addition, if you currently have or expect to have certain health or medical needs, or have a health care option that requires you to utilize a certain hospital, such as one of the Veterans Administration (VA) facilities for those who have served in the military, it is wise to also consider these needs when selecting the location of your next home.

Make the choice an affordable one

In many cases, household income will be reduced upon retirement, so make sure that the home you choose to purchase is one that you can easily afford, based on your expected retirement income level. Remember to consider not only the purchase price, but also recurring costs, such as property taxes, home insurance premiums, and homeowners' association (HOA) fees before making an offer to purchase.

Select a floor plan that will easily adapt to current or future mobility issues

Another excellent point to consider when purchasing a single family home for retirement is to make sure that it will comfortably meet both your current and future physical needs. Good choices to consider are single family homes that have only one level and few steps at entry or exit points. Not all homes with stairs should be automatically disqualified from your list, however, especially if they offer plenty of space to add modifications such as ramps, stair lifts or elevators, where needed. In addition, look for homes with wide hallways and doorways, spacious kitchens, and bathrooms so that wheelchair and walker use would be possible, should the need arise.