If you're recently retired or planning for your retirement, you may decide to purchase a new home. Many retirees buy new property, either to downsize from an existing home or to relocate to a more favorable area. Our real estate agents can help you locate properties that are a good fit for your post-retirement needs. Follow these guidelines to make sure purchasing a home is appropriate for your finances and personal retirement goals.

Rethink Moving to a "Bucket List" Destination

Once you retire, it's easy to get caught up in fulfillingyour post-retirement dreams. Maybe you've always wanted to live at the beach town where you vacation every summer, or perhaps you've envisioned retiring to a secluded cabin in the mountains. However, before you purchase property in these dream locations, you need to make sure these cities are places that you want to live.

Spending a few weeks in a town is a lot different than making it your permanent residence. While desirable weather or gorgeous scenery are great, they don't make a city a good place to call home. You should make sure the town provides access to all the things you need for a happy, healthy life. Some items you might consider are:

• Access to quality medical care, including specialists
• Distance from the nearest airport
• Access to shops, entertainment, and nightlife
• The safety of the community
• Distance from your friends and family member

Decide what items are important to you, and make sure that any potential relocation sites have these qualities. Try to think ahead a few years to check that the area will meet your future needs. For example, it's common for retirees to eventually limit their driving or stop driving entirely. A city with a robust public transportation system will make it easier for you to get out and about.

Select a Home That Can Age with You

Any home that you buy needs to be able to age with you. As you get older, you might require mobility assistance via a wheelchair or walker. Check that potential homes have doorways at least 36 inches in width to accommodate assistivedevices.

Many elderly people struggle with climbing stairs. Stick with one-level homes if possible, or if you must purchase a two-story home, make sure that the bottom level has a usable bedroom. Avoid properties with steep driveways or hard to navigate landscaping, especially if you like to spend time outside.

Be Stingy with Your Cash

Purchasing a home in retirement is one situation where you need to be stingy with your cash. It's tempting to purchase a home outright so that you don't have a monthly mortgage payment. However, this ties up a significant amount of your assets in your home. These assets are illiquid unless you decide to sell the property or take out a home equity loan.

A better option is to make a downpayment large enough to procure the best mortgage terms and then make monthly payments. Examine your budgetand check that a potential payment is affordable. When examining a home's affordability, explore all the costs associated with homeownership, like property taxes, home maintenance, and home insurance.

Ready to sell your home or purchase a new home? Contact us today to schedule an appointment to discuss your real estate needs.