For many, retirement means downsizing and relocating to a new place. And while lots of people end up heading south to Florida to take advantage of all of the perks the state has to offer retirees—like year-round sunshine and favorable tax laws—there are those who opt to stay close to home or move somewhere that will put them closer to their family during their golden years.
However, it doesn’t matter where you plan to move; there are a few mistakes retirees should avoid when shopping for their forever home. I spoke with a few real estate pros to find out what those are, and discovered that they all said the same thing…and it has to do with the type of house so many boomers favor when shopping for a new home. Keep reading to find out what they had to say.
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Many Boomers Make the Same Mistake When Shopping for a Home in Retirement
When Baby Boomers shop for a new home, Suzanne Vasbinder, Broker and Owner of Your Home Sold Guaranteed Realty-Vasbinder International, LLC, says that many of them fail to plan for the long-term. “One of the biggest mistakes that I have seen retirees make is not taking into consideration if they are planning to age in place or go to an assisted living facility when the time comes,” she says, noting that this should influence the type of home you’re purchasing. “The layout of the home is extremely important.”
Anthony Askowitz, Broker at REMAX Advance Realty II echoes that sentiment, saying that you not only need to consider you and your partner’s current mobility needs when shopping for a new home, but you should also plan for the future…whatever that may hold. “Multi-story properties can become a challenge in the future, especially if there is no bedroom and full bath on the main floor,” he says, adding that you’ll also need to look at the age of a home before purchasing it.
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“Newer buildings will be ADA compliant, but others may not be,” he says of the potential need of assistance devices like wheelchairs and walkers. Additionally, Askowitz says boomers often forget about the amenities they may need in the future as well, which includes things like in-unit washers and dryers and a community that will help you socialize once you’re unable to get around as easily.
Real Estate Pros Say Boomers Buy Homes That Are Too Big
While failing to prioritize one-floor living was definitely a common theme among the real estate pros I spoke with, the next biggest issue they see is failing to downsize enough up front. “I often see retirees buy bigger homes, expecting family members and friends to visit, but sometimes that doesn’t happen, and they end up with a bigger house than they need,” Scott Swonger, a HomeSmart real estate agent, says. “Then they end up calling me a couple of years later and want to downsize.”
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Of course, the type of home you will need in retirement will vary depending on your specific situation. However, according to the real estate agents I spoke with, it’s definitely important not to just consider what you want right now when shopping for your next home, but to make sure you’re purchasing a place that will suit your needs long-term. If you do that, you may just be able to find your dream home for your golden years.