When you picture yourself in retirement, what expenses do you think will be your largest ones? If you're like most people, you might think of rising healthcare costs. While this should be a consideration, housing is another cost to consider, and you'll likely have different needs when finding a home.
You Can Move Closer to Loved Ones. According to a 2021 report from the National Association of Realtors, the top reason for those reaching retirement age to buy a home is to be closer to friends, relatives, or other loved ones. Retirement and the equity you've built up in your home might make it possible to move closer to those who matter most.
You Can Downsize. Perhaps you're still living in the home where you raised your children. Now that you're likely empty nesters, take the opportunity to buy a smaller home. You can also find a one-story home for better mobility as you grow older.
You Can Relocate to a Retirement Community. A retirement community can give you the sense of belonging while living around people going through a similar phase of their life. Many of these communities offer social gatherings, such as golf outings or crafting groups, so you have access to activities to combat isolation. These homes might also have features that older people need such as handrails in the bathroom and extra-wide hallways.
As you get older, your housing needs change. It can also have a huge impact on your financial picture, especially if you have limited income, so it's best to do your research before finding a home to enjoy during your retirement. If you're nearing retirement age and are searching for your next home, reach out to a trusted real estate advisor to help transition you into this new phase of your life.
Sources: Retirable.com, Keepingcurrentmatters.com, Leisurecare.com
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