Finding the right home for your retirement – whether renovating your existing home so that you can stay where you are or moving to an entirely new location – means that you need to be realistic when it comes to your financial resources, your long term physical needs, and the kind of nearby facilities you may require to support you, according to ageing and financial experts.
It is vital to get the emotional, financial and social aspects of retirement into alignment. Sometimes downsizing can be a compromise worth making in order to ensure that you live somewhere close to amenities, but this does not always work out. While housing prices are beginning to rebound in some parts of the United States, a lot of people still do not have the kind of equity that they would need to be able to finance a brand new home outright, and downsizing is not always the cheaper choice. 40% of Americans between the ages of 50 and 64 intend to make a move within the next five years and there are some common mistakes that are easy to avoid for such people. For one thing, it may sound like a good idea but looking for a state that has low or no income taxes may not find you one that has a suitable climate or that meshes well with your social requirements. Making home improvements prior to relocation is not always a good idea either, as in many cases you do not recoup the money spent on such improvements.
Jon Huser
