When you think about your life, you probably imagine many different aspects. When you’re first starting out on your own you may think about your job, the person you’re going to marry and where you’re going to live. The first time you buy a house is exciting; it is going to be the place where you will live and raise your family.
What many of us don’t imagine is how life will change in our later years. For many Americans each year, retirement brings a number of changes, and when prepared for correctly, they can be great changes!
Taryn Pisaneschi of the Pisaneschi Group just received her Senior Real Estate Specialist (SRES) Designation. This designation ensures that Taryn is qualified to meet the needs of people who are over 50 years old and are looking for new property.
Here are some things to consider if you’re looking to purchase real estate over the age of 50.
Assess Your Needs
Retirement is clearly a life changing event. It is something we all look forward to our entire lives. But now it’s time to figure out what is going on and what your needs are. Is the house you raised your family in too big? Is it too far away from relatives or warmer climates? Is it difficult to maintain and keep up? Do you want to move or downsize (or some may want to upsize)? What kind of life-style do you want moving forward?
You need to answer these questions and develop a plan.
Have a Plan
This may seem like a no brainer, but you’d be amazed at how many people don’t plan for this stage in their lives.
When you answer the questions above, you need to develop a plan of action based on them. For example, if you are considering moving, make sure that you are familiar with the area and community in which you’d like to live. Make a 5 year, 10 year and 20 year plan.
Sometimes it is tough to think about, but you will need to consider what you’re going to do when you reach advanced age. It is difficult to imagine a life where you’re not as independent as you are now, but it is a factor that we all need to face. For example, don’t assume that you will be able to drive your car forever. Think about where you currently live and where you want to live and ask yourself, “Is it easy to get around without a car?”. A living situation that seems okay now may become very difficult with the passage of time.
Understand Your Finances
Everyone’s financial situation is different. It is important to consider all the factors while managing your finances going forward. Now that you’re on a fixed income it’s is essential to plan for every dollar moving forward.
There are programs available that can impact mortgages, taxes and other aspects of retirement living. Understand what they are and figure out which make the most sense for you.
Face the Tough Questions
Don’t be afraid to answer the tough questions. Life at this stage can be incredibly rewarding and is far from over, but you do need to consider what to do as that life changes. You will get older. Health issues may arise. Your spouse may pass, taking with them financial necessities. We don’t want to seem cold, but these are things that really require consideration.
We want to make sure that you have a rich and fulfilling retirement. It isn’t easy to face all of this, especially without help. Please contact us to talk about all of your options!