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Mistakes to Avoid When Purchasing a Retirement Home

Mistakes to Avoid When Purchasing a Retirement Home

When purchasing a retirement home, there are many different factors to consider including location, type and size of property and budget, to name just a few of the big ones. It is important to actively anticipate and address them in advance, so there are no unwelcome surprises afterwards.

Understanding the decisions that you face is a great reason to visit some Delaware retirement communities, so you can see and discuss your options at firsthand.

Here are a few steps that every couple or individual anticipating retirement should take:

1. Discuss, plan, and test

We all know couples who fail to communicate effectively, even after being married for decades. He thinks they are doing one and she thinks they are doing another, because they have not actually had a real conversation but are making assumptions.

When anticipating retirement, such a situation can lead to frustration and disappointment. It is important to be on the same page, with the same or at least overlapping priorities. Where do you want to live? Who and what do you want to be near? What kind of property do you want?

Also, even if there is priority alignment, have those priorities been tested? It is important not to assume that you will automatically love something just because it seems like you should. If you think you want to retire to the mountains or desert because you love the mountains or desert, make the arrangements to actually test your assumptions. You don’t want to find out that you’re wrong after retirement

2. Where do your friends and family live?

It is so easy to imagine moving far away to your dream destination. But what happens to your social networks, which have helped give meaning, pleasure and purpose to your life? Or what happens if something changes in the life of your family which requires your attention and proximity?

While it is easy to forget how important these relationships are, you want to keep them at forefront of your thinking when planning your next life step.

3. Make a Budget Plan, for Before and After

Before retiring, it is easy to forget that you will not have the same household budget afterwards. You want to take careful stock of your financial requirements after retirement, and stack these against your potential income.

It is also important to remember that some big ticket items might be better to tackle while you are still working, like buying your retirement home. That’s another good reason to check out 55 and over communities in Delaware , so you can identify what you want and take the necessary steps to secure that goal while in the strongest financial position.

Source

Marketwatch

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