Retirement Home Buyer’s Checklist

Congratulations on retirement! It’s truly a momentous occasion when you’re able to hang up your hat and look back at your professional career as an accomplishment. You’ve earned the years of leisure to come, and you deserve a home that will grant you the utmost comfort and fulfillment in this new chapter of your life. In this blog, we will go over essential considerations and create a comprehensive checklist for homebuyers entering retirement. Whether you’re downsizing, relocating, or searching for your dream home, we’re here to help you every step of the way.

Location

The first item on our checklist is the location of your future home. Consider factors such as transportation, proximity to family and friends, healthcare facilities, recreational opportunities and the overall lifestyle offered by the area. Do you envision yourself in a vibrant urban setting, surrounded by businesses, services and a variety of other amenities minutes from your doorstep? Or would you prefer a serene countryside retreat, far away from the noise of industrial life? Location will also likely have a significant impact on price, so be prepared to compare cost and convenience. Pondering these aspects will help narrow down your options and ensure a location that suits your preferences.

Size and Layout of your Home

As you transition into retirement, it’s common to downsize from your larger family-sized home to a more manageable space. If this is something that interests you, remember that you will likely have less storage space as well. Assess your needs and determine the ideal size and layout (for both the home and the property) that will provide both comfort and convenience in your day-to-day life. Consider factors such as the number of bedrooms, bathrooms, the size of the living area and the presence of any specific indoor or outdoor features you desire. Consider features such as a home office space, guest suite, or rec room to spend your time. Are you interested in a bungalow, row or townhome? Would you prefer an end-unit?

Future Requirements

It’s difficult to prepare for everything, but it’s important to prepare for what you can. When selecting your retirement home, it’s crucial to consider accessibility and plan for the future. Look for features that promote easy mobility, such as bungalows, homes with wide doorways and grab bars in bathrooms. Think about how your needs may change over time and whether the home can accommodate potential future requirements, such as the ability to age in place or the option for modifications if necessary. Many buyers pursue condominiums, as they are incredibly low-maintenance and often have convenient locations.

Finances

While finding your dream home may be exciting, it’s important to keep your financial boundaries in mind. Determine a realistic, sustainable budget and evaluate the affordability of properties within your desired locations. Consider expenses beyond the purchase price, such as:

• Moving costs
• Property taxes
• Maintenance costs
• Renovations and upgrades
• Homeowners association fees

Working with a trusted financial advisor and an experienced REALTOR® will help you navigate these aspects and ensure you make a financially sound decision.

Lifestyle

Your retirement is a time to enjoy the finer things in life, so be sure to factor in the lifestyle offerings of potential properties, communities or neighborhoods. Are you an avid golfer seeking paradise a short drive from home? Are you an enjoyer of the great outdoors, seeking vast forests and diverse ecosystems steps from your back porch? Do you desire access to fitness centers, shopping malls and other social outlets? Consider your interests, hobbies and day-to-day activities to find a location that brings you joy and fosters a sense of community.

Professional Advice

Navigating the homebuying process can feel overwhelming, and especially with so much to consider when retiring. The great news: you don’t have to go it alone.

Engaging a knowledgeable and experienced real estate agent can be a game-changer, especially if they specialize in retirement properties. They can provide you with valuable insights, guide you through the current market, and help you find listings that meet your specific criteria given the checklist above. Their expertise will not only simplify the process, but ensure a smooth and successful homebuying experience. Don’t hesitate to contact us today with any further questions you may have.

Most of all, happy retirement!

Should you build, or should you buy?

As a buyer, deciding between building a new home and buying an existing one is a choice that requires consideration. Both options have their own set of advantages and disadvantages which can greatly impact your lifestyle, budget and long-term goals moving forward. In this blog, we’ll delve into the key factors to help you make an informed decision that aligns with your needs and preferences.

Why build?

There are several reasons why building can be incredibly beneficial for you and your household — one of the most significant advantages being the opportunity for complete customization. From the layout and architectural style to the interior finishes and fixtures, you have absolute freedom to create a living space tailored to any specific preferences or lifestyles. Here are some features that benefit greatly from being customizable:

• Landscaping and Outdoor Design – Building allows you to customize the landscape design, including your selection of plants, trees, and outdoor structures such as patios, walkways and fences. Incorporate features that enhance privacy, create livable outdoor space and reflect your desired look. Consider pools, hot tubs and sheds.

• Flooring – you can easily customize the flooring by installing durable hardwood, carpeting, laminate, or tile. The choice of flooring materials, patterns and colors can significantly impact the overall look and feel of your home.

• Energy-Efficiency – You can incorporate energy-efficient features into the design of your home to reduce utility costs and environmental impact. This can include installing solar panels, choosing energy-efficient appliances, maximizing insulation and optimizing your ventilation.

• Storage Solutions – You’re likely able to work with a designer to create custom storage solutions that maximize space and meet your specific organizational needs. This can include built-in shelving, walk-in closets, pantry organization systems and storage areas tailored to accommodate your hobbies or interests.

• Accessibility – If you have specific accessibility needs or anticipate accommodating family members or guests with mobility challenges, you can incorporate accessibility features into the home’s design. This can include wider doorways, ramps, grab bars and other elements that promote ease of movement.

Building also allows you to incorporate the latest advancements in technology, and ensures your home is up to date with the most recent building codes for structural integrity, fire safety, electrical wiring and more. This can result in lower utility bills, reduced environmental impact and enhanced comfort through features like smart home automation and sustainable practices.

Why not build?

Oftentimes, the main deterrents for those looking to build are the high costs and time-consuming processes. This can include land acquisition, architectural design, permit acquisition, locating and purchasing of materials, labor costs and other unforeseen expenses. Construction delays and cost overruns are also entirely common, often causing some added frustration if you aren’t prepared. If you’re looking to build, make sure you have a flexible budget and a considerable amount of spare time.

Why buy?

The main perks of buying an existing home mainly revolve around convenience and cost minimization. Buying means moving into an established neighborhood with established amenities, such as schools, parks, shopping centres and other helpful infrastructure. This provides an immediate sense of community and convenience, especially if the location aligns with your desired lifestyle.

If you’re still looking for a personal touch, it’s not uncommon for buyers to search for fixer-uppers and put them through extensive renovations. These buyers are often drawn to the potential and value that lie within these properties — whether it be location, property value or simply the potential to reach their life goals. By purchasing a fixer-upper, you can customize and transform the home to your exact specifications, incorporating your personal style and design preferences without having to build from the ground up. Consider one or more of the following:

• Remodel your kitchen
• Re-style your bathrooms
• Finish your basement
• Renovate your garage
• Redo the exterior
• Repaint indoors and outdoors

In real estate, there is also often room for negotiation. This can sometimes open the door to better purchase prices, especially if your REALTOR® has strong negotiation skills or your desired home is in a buyer’s market.

Why not buy?

To an extent, your creativity is limited when you buy. You will eventually need to compromise on some aspects in order to stay within a realistic budget and timeframe. Occasionally, having an older home can result in some unexpected expenses, especially if the major systems (such as plumbing or electrical) need upgrading or replacing in the near future.

Questions?

If you have any further questions, please don’t hesitate to reach out and work with one of our qualified REALTORS® to help you every step of the way.