Do you have plans to purchase a retirement house? It doesn’t matter if you’ve already retired or still have a long way to go before retiring. The perfect time to plan for your future home is now.
This article will break down essential details that you’ll need to consider before buying your retirement home.
Purchasing a retirement home well before retirement age has many benefits. Firstly, it’s easier to qualify for a mortgage while still having a job and the income to pay expenses. Secondly, you could put the house up for rent for profit –or at least to cover the monthly mortgage of the second home.
Buying a home after retiring also has its perks. First, if you’re not sure where you want to retire, you’ll want to wait until you’re of retirement age to decide where you want to live the rest of your years. Secondly, instead of using the down payment on a retirement home, you can use it for your more immediate needs, such as paying down credit cards or making home improvements.
Retirement homes vary depending on the owner, your unique circumstance, and your needs. You can spend the rest of your retirement days blissfully on the beach or enjoy breathtaking mountain views from your log cabin. Or maybe you prefer to stay in the suburbs, close enough to restaurants, entertainment, and community activities.
Whatever the case may be, here are a few things you may want to consider before purchasing a home:
Affordability still counts! Carefully plan your budget so that you won’t have problems maintaining the home, and consider that your cash flow changes post-retirement. Above all else, purchase a home that you can confidently afford long-term.
Purchase a home where you can age comfortably. You need to consider that you might experience mobility issues—homes with stairs, no showers, narrow walkways, high-maintenance landscaping, etc. may be problematic.
Make a list of your priorities. Before purchasing a home, list all the things you want out of your future home, such as living close to loved ones or being near your favorite amenities can make your retirement days much more enjoyable.
Purchasing a retirement home is exciting! You’ll likely have more disposable income to buy this property than your first home, and the idea of scaling down or simplifying your life will also bring joy.
But even if you’ve already gone through the process of buying property, we understand that taking it on again can seem daunting. Your financial circumstances have since changed, and your loan options and requirements have changed. And if it’s been more than five years since you last applied for a mortgage or financed, you’ll find the process has also upgraded! Hello, digital mortgage!
No matter the stage of life or your previous homebuying experience, you can count on us for solid tips on how to purchase your retirement home and guidance on the best loan program for your needs.
This licensee is performing acts for which a real estate and mortgage license or consumer loan license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; Washington Office Department of Financial Institutions, DFI# CL-135622; NMLS# 135622 Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California and Washington.
As a broker, C2 Financial Corporation is NOT approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.
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