Questions to Ask Before Buying a Bigger Home in Retirement

Downsizing has become a huge real estate trend among baby boomers and seniors. But just because everyone else is doing it, doesn’t mean you have to follow suit. Whether you’re dreaming of a luxurious retirement in a spacious, modern house or a simple life on a humble homestead, buying a bigger home might just make more sense to you. However, upsizing does come with a few important considerations. Here are some questions to ask yourself before moving forward with your big move!

Do You Plan to Age-in-Place?

Most seniors want to age-in-place. The problem is that the majority of homes just aren’t suitable for people with disabilities. Aging-in-place, particularly in a large home, means navigating several obstacles in daily life. Make sure you’re prepared to handle all of the challenges that come with a big home, from navigating staircases to staying on top of yard maintenance. Fortunately, accessible home modifications have become widely available and care services from companies like Atlantic In-Home Care make it even easier to age-in-place. As long as you plan ahead and take proactive steps to prepare for age-related health changes, you should be able to enjoy your senior years in any home.

Can You Afford It?

 Of course, one of the major drawbacks of buying a bigger home is the bigger price tag that comes with it. Make sure you can afford this financial commitment in retirement. Add up your various sources of income, including Social Security payments, investment dividends, and rental property profits to get a clear snapshot of your retirement income. Modern Retirement also recommends working with a financial advisor to help you understand how taxes will affect your income.

What About Your Current Home?

Deciding what to do with your old home can easily become the hardest part of the home buying process. Do you sell it? Gift it to a family member? Rent it out for profit? The best choice will depend on your financial situation, the current state of your local real estate market, and your emotional attachment to the house.

If you plan to sell, should you sell the home before or after buying your new one? Redfin explains that there are pros and cons for both options, but selling first means that cash will be readily available for your new down payment. If you have to buy your new home first, you may be able to request an extended closing to give yourself some extra time to complete the sale on your current property.

Why Do You Want a Bigger Home?

Upsizing in retirement sounds like a dream come true, but make sure you’re buying a bigger home for the right reasons. Do you want more space to host your grandkids? An acreage where you can build a hobby farm? A simple suburban space outside the hustle and bustle of the big city? Whatever your reason, make sure you consider the cons as well. Buying a bigger home almost always means buying more stuff to put in it. If you’re trying to declutter and minimize your life, this may be the wrong move! Try not to buy a big home just to satisfy your ego.

If you or a loved one could use some assistance with daily life after moving into your new home, take advantage of the care services that are available to you. Atlantic In-Home Care can help you access the individualized care services that will best suit your needs. Call 877-290-5955 today for a free in-home assessment!

Submitted by Bob Shannon

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