Downsizing may allow you to use equity to buy something less expensive. If you currently own a home, you may want to sell it to move into something smaller and more manageable. Retirees have plenty of options, all with their own pros and cons. Once you have a clearer picture of both your desires and needs in your retirement years, it's time to start considering where you want to live. You may want to live in a property that suits those needs now or can be easily retrofitted when needed. However, you'll want to consider how your needs may change as you get older. What care needs are you likely to have in the future? It's impossible to predict the future when it comes to your health.Even if you’re paying for a property outright, you'll still have expenses such as maintenance, HOA fees, taxes and insurance to cover. This will help you determine how much home you can afford in retirement. If you haven't retired yet, you may want to talk with a financial advisor to determine the income you can reliably expect to bring in. What will your income be in retirement? If you've already retired, you have a good idea what your monthly income is.Think about the lifestyle you want to enjoy during retirement so you have a better idea about the type of housing you need. Or maybe you imagine yourself traveling the world and need a low-maintenance home. Others crave a quiet rural life with their garden. What sort of lifestyle do you want in retirement? Some people can't wait to join an active retiree community where they can focus on their hobbies.Here are some things to consider when looking at your retirement housing options: Thinking through your future plans and needs now can help you make a better buying decision. Things to consider when deciding where to live after you retire If you’re approaching retirement or are there already, it's a good time to weigh the pros and cons and choose the housing option that's right for you. And for some, they'll need to get a mortgage to buy the retirement home of their dreams. For others, renting may make the most financial sense. In some cases, buying a retirement home before you retire may be your best option. Whatever your reasons, you'll want to consider all your housing options and find the one that's best for you. Or maybe you want to buy a home that's better suited to the retirement lifestyle. Maybe you want to move closer to grandchildren, live in a retirement community or perhaps moving will free up some money for your retirement plans. One of the biggest decisions you'll make as a retiree is where you want to live.
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