As you’re nearing your retirement, one of the most important things you can do is invest in a new home. Investing in a new property can increase your home’s value and make it more comfortable and accessible when you retire. Here are a few tips for finding and investing in your home for retirement:
Finding a Location
When it comes to investing in your home for retirement, location is key. You want to find a neighborhood or community that is welcoming and comfortable, with plenty of amenities nearby. This will make it easier for you to get around and take advantage of everything your new neighborhood offers. Here are some factors to consider for location:
Property Value
Invest in a home located in a high property value neighborhood. Your home will be more likely to appreciate in value over time. This can add to your investment and make it more valuable in the long run. Additionally, you can get a higher price on selling the house if you change your retirement plans later. So, consider the surrounding neighborhood’s property values when looking for a home to invest in for retirement.
Access to Healthcare
When choosing a location to retire in, one of the most important factors is access to healthcare. If you need regular care or if you have a chronic illness, it is important to be able to get to a doctor or hospital easily. Otherwise, you could find yourself in a difficult situation if a health emergency arises.
Likewise, your address in retirement should be easy to find. For instance, when the time comes that you might require hospice assistance, it would be easier for the nurse to find your home and provide you with the level of care that you need. If you can no longer remember to take your medicine or you might require therapy, you can look into receiving hospice care at home that can help you while respecting your wishes. If the healthcare you need can come to you instead, this would make the process easier and more convenient for you.
Proximity to Loved Ones
One of the most important factors to consider when investing in your home for retirement is its proximity to your loved ones. You want to be close to them so you can spend as much time with them as possible. Additionally, if something happens and you need help, they will be close by to lend a hand. This way, you’ll be able to visit them often, and they’ll be able to come to see you without having to travel too far.
Consider Renting It Out
If you are not moving into your new home immediately, you can consider renting it out. One of the benefits of investing in a rental property is that you can use it to generate income to prepare for retirement. Having savings separate from Social Security or a pension can be a huge help in ensuring that you have enough money to live on during retirement.
This way, you can still use the house and generate income from it until you are ready to move in. You’ll want to ensure that the house is in good condition and well-maintained so that it will be easier to rent out. Additionally, you’ll want to advertise it well and ensure the rent price is fair. Once you retire, you can make the necessary renovations to move in.
Renovating the House
Before you move in, ensure the house is in top condition and can cater to your needs. Here are a few changes to consider:
Layout and Size
It’s important to remember that you may be living alone in the future. So, you’ll want to choose a house with a simple layout that is easy to navigate. For example, you would like to avoid a house with many stairs. Additionally, you’ll want to make sure that the rooms are a good size. You don’t want to be cramped up in a small space, nor do you want too much space that you can’t keep track of.
Living Space
Regarding the living space, you should consider updating the house’s features to make it more comfortable and accessible when you retire. This could include adding a ramp for wheelchair access, installing a stairlift, or a handrail to help you get around. Making these changes can make it more comfortable and accessible when you retire.
When it comes to retirement planning, one of the most important things you can do is invest in your home. Doing so can ensure you have a comfortable place to live during your retirement years.
