When you’re ready to retire after a long and successful career, you may want to pursue your peaceful dream home in a different community entirely. Rather than retire to an assisted living facility, it may be much more appealing to you to search for a quiet and appealing home suitable for your modest needs.
Data from MarketWatch pegged Indianapolis as one of four cities in Indiana that are ideal as retirement communities, considering that the cost of living is roughly 10% lower than the national average. When you’re in the market for that wonderful house to serve as your retirement home, a staff of knowledgeable property agents like the Tim O’Connor Team from Berkshire Hathaway Home Services is prepared to work with you. Once you’ve decided on the right team to work with, don’t forget these additional tips to help you find the perfect home:
The size of the prospect house needs to account for your lifestyle and your general health. Consider houses that provide open spaces with a single story to accommodate any mobility issues, either for yourself or for visiting friends and relatives. If there are enough rooms in the home, you can set aside one to serve as a workroom or hobby room.
State of Finances
If you already have a house, it’s important to review your entire financial situation before considering a second purchase for your retirement home. You must have fully paid off any mortgages on the original house, regardless of term duration, prior to purchasing another home. If you have saved up for your 401(k) or IRA, an article in Forbes recommends against using it as the source of a down payment for the new place. Doing so runs the risk of potential tax penalties and a sudden shortage of funds for daily expenses.
Consider other sources of income such as investments to help you amass the necessary funding for either a down payment or a payment in full. Remember to factor in all associated fees such as property taxes and closing fees, prior to finalizing your purchase.
Everyone deserves an ideal place to spend their golden years. Let a skilled property agent help you find yours today.
Retire Here, Not There: Indiana, MarketWatch
Should You Rent Or Buy A Home In Retirement?, Forbes