Many people dream of buying their ideal retirement home after their career has come to a conclusion – with all that extra free time it seems like it’d be the most logical time to shop around.
However, many real estate professionals strongly recommend that their clients find a retirement property before they’re off the payroll. While it may seem like a big time commitment to find a new home while you’re still busy with your work there are several significant financial benefits to purchasing your retirement home before you actually do retire. Here are our top reasons why.
It Makes Your Mortgage Easy
When you are employed it is easier to get approved for a mortgage. If you wait until after you retire to buy your retirement home, you may not have the income require to qualify for the mortgage that you need. Don’t limit yourself! Buy while you’re still employed to keep your options open.
It Leaves You With More Spending Money
Buying a new home while you have an income provides you with more security with your expenses, such as mortgage payments and planned upgrades or renovations. Having an income can also mitigate financial stress should you run into any unexpected expenses after closing.
It Leaves You Ready For Reality
You may think you can accurately predict the expenses of your new home, but if you buy the property before retiring it gives you time to get to know the true amounts of your monthly payments. This can help ensure that you have enough saved to retire and live comfortably in your new property, with no surprises for your budget. You’ll be in a better position to create a financial plan once you know the reality of owning your new home.
An Added Bonus: It Can Be An Income Property
If you decide to purchase your retirement home before you retire you don’t have to move into it right away. You can rent it out as an income property until you’re ready to settle in, which will not only help cover mortgage payments but will also allow you to see first-hand what the monthly expenses are for the property.
This will also prevent you from having to deal with a move while working; you can wait until you do finally retire before packing up your current home and moving into your new one.
Ready to find the perfect retirement property? Contact your trusted real estate professional today for more advice to set yourself up for the future.
If you have recently purchased a home, you are probably excited to move into your new house; however, the moving process can be stressful. There are a few important tips you need to keep in mind if you are moving soon. Make sure to plan ahead, as there are several ways to save time and money.
If you recently moved into a new neighborhood, you might be looking for a way to meet your neighbors. Ideally, you will become friends with your neighbors. They can take care of your pets when you are out of town and water your plants when you are gone. On the other hand, how can you meet your neighbors without the process being awkward? There are a few great ways to do so.
Last week’s economic news included readings from the National Association of Home Builders on home prices, Commerce Department readings on building permits issued, and housing starts. The National Association of Realtors® reported on sales of previously-owned homes; weekly reports on mortgage rates and jobless claims were also released.
If you are applying for a home loan of any kind, there is a high likelihood that your lender will require a home appraisal. An appraisal is done to figure out how much your home is actually worth because the lender does not want to lend you more money than you could theoretically sell the home for in the future. There are some situations where the lender might be fine with a drive/by appraisal. What does this mean?
It is not exactly a secret that inflation is a significant issue. With inflation continuing to increase the cost of living all over the world, there are many people who are looking for ways to save money. Home improvement and renovation projects have been popular during the past few years, but many homeowners are starting to put them on hold because of how expensive everything has gotten. What are some of the ways you can save money on your home repair and renovation costs?
If you want to purchase a house, you will probably have to take out a mortgage. There are only a few people who have enough cash to purchase a house outright, so most will go to the bank for a loan. How do you know if the bank is giving you the best possible interest rate? Unfortunately, the bank does not always give you the best interest rate because the bank is looking for a way to make money. If they can get you to accept a higher interest rate, they will make more money on your home loan. What are some of the factors that dictate interest rates on loans, and how can you say money?
There are a lot of people who are concerned about cost-of-living increases. If you are looking for a way to save money, reduce your utility expenses. One of the ways to do so is to use a smart thermostat. You can use a smart thermostat to exert greater control over when your HVAC unit is on and when it is not. Your thermostat can even tell your HVAC unit to stop running when you are not home, which can help you save a lot of money on your utility expenses.
Inflation dominated last week’s economic readings and predictions as it hit a year-over-year growth rate of 9.10 percent in July. Inflation reached its highest year-over-year growth rate since 1981. Gasoline prices eased somewhat, but not enough to provide relief against a backdrop of high housing and food prices. Low and moderate-income consumers were disproportionately impacted as rents rose beyond near-record inflation and home prices remained out of reach for many would-be home buyers.
When you’re just moving into a neighborhood, it can be hard to know exactly what you’re getting into. Certainly, you can see the sights for yourself and read about your new community online, but there are still things that may not be readily available. If you’re looking for the cold, hard facts on the safety of your neighborhood, look no further than the following websites for the things you’ll want to know.