Do you have plans to purchase a retirement house? It doesn’t matter if you’ve already retired or still have a long way to go before retiring. The perfect time to plan for your future home is now.
This article will break down essential details that you’ll need to consider before buying your retirement home.
Purchasing a retirement home well before retirement age has many benefits. Firstly, it’s easier to qualify for a mortgage while still having a job and the income to pay expenses. Secondly, you could put the house up for rent for profit –or at least to cover the monthly mortgage of the second home.
Buying a home after retiring also has its perks. First, if you’re not sure where you want to retire, you’ll want to wait until you’re of retirement age to decide where you want to live the rest of your years. Secondly, instead of using the down payment on a retirement home, you can use it for your more immediate needs, such as paying down credit cards or making home improvements.
Retirement homes vary depending on the owner, your unique circumstance, and your needs. You can spend the rest of your retirement days blissfully on the beach or enjoy breathtaking mountain views from your log cabin. Or maybe you prefer to stay in the suburbs, close enough to restaurants, entertainment, and community activities.
Whatever the case may be, here are a few things you may want to consider before purchasing a home:
Affordability still counts! Carefully plan your budget so that you won’t have problems maintaining the home, and consider that your cash flow changes post-retirement. Above all else, purchase a home that you can confidently afford long-term.
Purchase a home where you can age comfortably. You need to consider that you might experience mobility issues—homes with stairs, no showers, narrow walkways, high-maintenance landscaping, etc. may be problematic.
Make a list of your priorities. Before purchasing a home, list all the things you want out of your future home, such as living close to loved ones or being near your favorite amenities can make your retirement days much more enjoyable.
Purchasing a retirement home is exciting! You’ll likely have more disposable income to buy this property than your first home, and the idea of scaling down or simplifying your life will also bring joy.
But even if you’ve already gone through the process of buying property, we understand that taking it on again can seem daunting. Your financial circumstances have since changed, and your loan options and requirements have changed. And if it’s been more than five years since you last applied for a mortgage or financed, you’ll find the process has also upgraded! Hello, digital mortgage!
No matter the stage of life or your previous homebuying experience, you can count on us for solid tips on how to purchase your retirement home and guidance on the best loan program for your needs.
We've been helping customers afford the home of their dreams for many years and we love what we do.
2168 E. Williams Field Road
Gilbert, AZ 85295
Phone: (949) 397-2187
Bloom Lending strives to ensure that its services are accessible to people with disabilities. Bloom Lending has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Bloom Lending makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows bloomlending.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Bloom Lending accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Bloom Lending continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Bloom Lending website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Bloom Lending website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: firstname.lastname@example.org