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You have looked forward to your retirement your whole working life. It is one of the primary goals you worked for all these years, and now is the time to relax and enjoy its rewards. One of the most important things you may consider after your retirement is finding that perfect home or condo where you will want to live out your days of relaxation. So how do you choose which type of property will work best for you? Weigh the following considerations before making a decision.
Determine Which Size Dwelling Will Meet Your Needs
The first step in choosing your retirement property is deciding how much home do you want. When it comes to retirement, many people decide to downsize so that they will have fewer expenses and less house to worry about maintaining. But to make the right decision, you will have to consider what you plan to do with your retirement. Are your goals to travel? Do you plan on caring for parents or grandchildren on a regular basis? Do you want a home to entertain? Once you have answered these questions, you will be able to make a better determination of how many rooms and what size home will work best for you.
Decide How Much Maintenance and Upkeep You Wish to Be Responsible For
Maintenance and upkeep can be extremely costly and also labor intensive if you do it yourself. If you enjoy yard work and general handyman work, then you would be the type of person who is comfortable with more significant maintenance tasks. If you prefer just to relax and leave the yard care and maintenance to others, you may want to consider buying a home with a smaller yard and minimal landscaping or choose a home in a community that offers landscape and maintenance services.
Choose the Type of Neighborhood That Appeals to You
You will not only have to make some decisions regarding the type of home you wish to have, but also the type of area that you wish to live in. Are you looking for a community with other retirees and amenities to enjoy during your retirement, such as close proximity to a golf course? Or would you prefer a community with a wide range in the age of the residents? When you choose which type of community you wish to live, be sure to research if there are any homeowners associations or community policies and make sure they work well with your lifestyle needs.
Choosing the right property to retire to can be the difference between the retirement you have dreamed of and one that has you still wanting. Make the consideration above to ensure you choose the best property to fit your individual needs.
About the Author
Kyung Kim
Hi, I'm Kyung Kim. I immigrated from South Korea to the United States in 1968 when I was 7 years old. I have seen my mom struggle with the English language and work hard to raise her four kids by herself. Still to this day, I don't know how she pulled it off, but she bought her first home in 1979 for $70,000 and because of that decision, she was able to live without worrying about her financial future. I want that for everyone, to feel the pride of home ownership and to build their financial wealth using real estate as part of their financial portfolio. I feel so blessed to play a small role in helping others reach this goal.
I live in Beaverton with my husband, Richard. My mom, who lived with us for several years, passed away in our home in February 2022. Her first home purchase in 1979 made it possible for her to live to the very end, without worrying about her finances. As of August 2022 with a little downpayment assistance, our four children own their own homes. Being in real estate, I quickly realized that if they didn't buy now, they may be priced out of the market in the future. Whether that would have been the case, we will never know, but what we do know is that they are all realizing some good, healthy appreciation in their home values.
As passionate as I am about people owning their homes, I'm also passionate about giving back to our community. I support Compassion First, a non-profit organization that provides aftercare for sex trafficked girls in Indonesia. My husband and I also feel called to financially support social injustice organizations.
I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
