February 11, 2021
Once their children leave home, many people start looking for a new house. Usually happening right before or during retirement, this home purchase will likely be the last for most couples. This search may be significantly different from previous ones because buyers are usually no longer concerned with living close to a school district, for instance. Instead, they are focused on finding features that will allow them to live in peace, practice their homesteading hobbies, and welcome family at any time.
Moving to a Bigger House
Buying a bigger house after retirement may be challenging if you have no idea what it takes. You will be delighted to start a new chapter, but getting there takes some preparation. CIRB presents a few tips on preparing to move and what to look for in a house that you can afford if you want to pursue a homesteading hobby and welcome your family any time.
Before You Buy
Before you proceed with the big purchase, you need to take care of the moving process right away to be comfortable once you move in. The first step is to find a moving company if you plan on getting professional assistance. This step also includes organizing your belongings and getting rid of stuff that you don’t need anymore.
Without a doubt, the safety of your belongings will be one of your primary concerns when moving to a new home, so packing your things safely is a must. Taking care of the paperwork can be an even more tedious and complicated process than all the other moving tasks. You need the assistance of different institutions to update, retrieve, register, or cancel important documents, which means you don’t have any control over the time and procedures required to get your paperwork in order.
Lastly, get your new home ready on time. To set up your new home, get the property ready by the move-in day. The utilities should be working, which include internet service options. Make sure you shop around to find the best speed available for a seamless experience — such as 5G Ultra-Wideband, which delivers ultra-fast speeds — at a reasonable price.
House Location and Amenities
The location of your home has a significant role on your lifestyle. To pursue a homesteading hobby, you need to look for aspects like a workshop, garage, square footage, and additional space. To make sure your family is comfortable when visiting, the house should also have more bedrooms, a big kitchen, a playroom, and several bathrooms.
Cost of the House
The most important thing when buying a house is, obviously, your financial condition. If you can take out a mortgage, make sure you can quickly repay it — do not forget to consider the gains your homesteading hobby might bring. Once you’ve decided to buy a property, the next step is to contract the services of a professional real estate agent who knows the lenders in the area you want to relocate to. An expert should know what qualification procedures are for retirees and what kind of house they should present you.
Evaluate Other Sources of Income
Lenders will always ask for proof of source of income before offering you a mortgage. For retirees, the lender will have to verify other alternative income sources, such as Social Security payments, property investments, pension, etc.
You can still qualify for a mortgage as a retiree if you have sufficient investments that are an additional income source. For instance, the asset depletion method evaluates the current value of your assets. After subtracting the closing costs and down payments, the lender divides 70 percent of the remaining sum by 360 months to find your monthly income.
It’s Easy When You Know How
After so many years of work, purchasing that dream retirement house is one of the biggest — and probably one of the most challenging — decisions you can make. However, the process doesn’t have to be that long and daunting if you know what goes into it.
Bob Shannon // SeniorsMeet.org // bob@SeniorsMeet.org