A lot of preparation goes into retirement — 401(k)s, IRAs, downsizing. In the midst of maximizing your savings and planning for the future, it is crucial not to lose sight of the bigger picture, like where you plan to live throughout retirement. If you hope to hit the open road in an RV, that’s one thing. If not, making sure your home is equipped for your specific needs can be quite the undertaking. Here are the most important things seniors need in a home for retirement.
1. Identify your retirement landscape
Downsizing from the large family home you once had can be an emotional rollercoaster, so before you do it, make sure you have identified what you want your retirement to actually look like. Will your children and grandchildren regularly visit? Do you plan to spend a significant amount of your time outdoors? Once you make those decisions, it will be easier to select a home that fits your needs.
2. Pay less than you can afford
By the time you reach retirement, you should be well-aware that living within your means is of the utmost importance. Even though you may be able to afford a retirement dream home at the top of your budget, consider purchasing less than you can actually afford. This addition wiggle room will alleviate the stress associated with any unforeseen medical or financial woes down the road.