Moving as a Retiree? Here are Some Things to Consider

It’s an exciting time in your life! You have finished your career, and you are ready to retire. And as a result, you might be considering moving or downsizing to help meet your new needs. Here are some things you may want to consider while looking for a new home as a retiree. 

Budget

The number one thing to think about when looking for a new home as a retiree is how much you want to spend and how much you can afford in the future. These are some factors that may influence your budget:

• Retirement Income

• • • What is your future income stream, and how much do you want to spend on a mortgage? 

• Savings

• • • How much do you have in savings, and what amount do you want to spend on a new home?

• Sale of Home

• • If you sell the home you’re in now, what price would you want, and how would that inform what you can afford to buy?

Commitment Level

What are your home needs now, and what do you expect them to be in the next ten years? Try to be realistic about what you want and need in your home. 

• Lawn Care

• • • Taking care of a yard is a huge commitment. While it may be something that you can handle now, moving is a great chance to decide if this is something you want to continue to upkeep in the future. And by joining a community garden, you can still enjoy being outdoors with less commitment. 

• Stairs

• • • Physical structures like stairs may become a hindrance in the future. It may be a good idea to look for somewhere that is accessible to accommodate you as your needs change.

• Transportation

• • • As you look for a new place, consider what transportation options are available. Are there accessible parking spots? What about nearby public transit options? It’s good to have various options as you look for somewhere new. 

• Travel

• • How much time do you plan to spend at home in retirement? Some want a “home base” but will travel for up to 6 months of the year. If you will be travelling extensively, that should factor into how much you want to spend on your new home. 

Location

Perhaps this new move is a chance to explore your location options. After all, retirement is an excellent time to try something new. 

• Rural vs. Urban

• • • Do you want to live in the hustle of the city or spend your time in the peace of a lakeside village? Knowing what social environment is essential to deciding where to live.

• Shared vs. Single

• • • A smaller, single-family home can still be a good option depending on your family’s needs. However, some people prefer to live in a condo or a shared living community for the social aspect.

• Nearby Amenities

• • Choosing a neighbourhood that has the amenities you need is critical. Whether that includes parks, gyms, or shopping districts is up to you and your preferred lifestyle!

Amenities

Speaking of amenities, it is essential that you know what kind of amenities you want in your new home. If you are looking at shared living space, what options are available in the building could be a huge selling feature. Single-family homes also will offer different possible amenities or spaces for you. Knowing what you need and want will help you narrow down your list of potential homes. 

• Hobbies

• • • Retirement means you will have ample new free time for your hobbies! Having a workshop, sewing room, fully stocked kitchen, or other rooms dedicated to your hobbies may be great in your new retirement home. 

• Friends

• • • Whether that means friends nearby or space in your home for friends to visit, deciding what you want in a social space is very important.

• Outdoor Space

• • We touched on this before, but having an outdoor space can be different from having a yard. Some shared living buildings have outdoor green spaces for their residents. Other times that can mean having a nearby park or public green space. However, you should decide how important it is to have outdoor space in your home. 

Retirement can be very exciting, but it can also be stressful trying to navigate your new needs now and in the future. Having a real estate professional to work with can help you decide what is most important and reduce the stress of moving. Feel free to contact me if you have any questions or need any assistance!