You’re freshly retired and it’s struck you that your current home is too big for your needs and you fancy a change to something much more your style. Or, you finally want to pursue that dream home you’ve been constantly thinking about while working the daily grind. Either way there will be a lot to consider. Buying a new home at any time is a big step,but buying a new home after retirement brings its own set of considerations. That’s why the team here at Barnes of Lincoln have put together these top five tips for buying a home to enjoy during those golden years.
- Plan for your mortgage - Planning ahead is obviously smart, especially when money is involved. Downsizing will generally cut the cost, but you should be aware of how a new home will impact your current mortgage. The ideal scenario is gaining a mortgage which doesn’t interfere at all with your current financial plans so your retirement needs aren’t hindered by unexpected payments, but this isn’t always viable.
- Watch out for future costs - If the mortgage looks good and a prospective house seems to fit in perfectly with your retirement plans, double check that there’s nothing hiding behind the scenes that is likely to crop up and cost you money in the future. Maintenance and repairs are often the costliest extra expense you will need to make, so it might be worth waiting for confirmation that your potential retirement house won’t suddenly fall apart the day after you settle in. A thorough home inspection will bring up any faults or major problems with the house and will allow you to make a more informed decision on whether you want to make an offer or not – or if you’re prepared to make a lower offer and buy the house regardless.
- Rent or buy? - It might be worth considering whether or not renting a property would be most beneficial in the long run. If you know that monthly mortgage payments will continue for the foreseeable future then renting a property might end up being cheaper. It will also mean you won’t be the one shelling out for repairs or maintenance if things go wrong, which would be a weight off your mind. However, if a feeling of security is important to you then the potential for increases in rent or even eviction might be enough to put you off. You might be more financially secure if you’ve sold your home in order to rent, but the property won’t be yours and thus you can’t definitely ensure a prolonged future there.
- Location - If you’re planning to settle somewhere new to enjoy your retirement, location is key. Moving will bring up things you haven’t thought about before and even though that remote cottage in the hills seemed picturesque, you could find it far too lonely or cut off from amenities you used to use all the time. Perhaps you’ve always wanted to move near the beach, but you find that come summer the vast amounts of tourists make your retirement home feel more like a circus sideshow. It’s all about considering what the retirement lifestyle will be like and choosing an area that suits that lifestyle the best. A common consideration is the accessibility of family. If you want to be close to family then you may need to compromise on the perfect location to make sure you can see them often. Also think about how easy it is to get around the surrounding area. If you don’t drive or are planning to sell your car, research the public transport infrastructure and see how close shops and amenities will be to you.
- Declutter before moving - A lifetime of purchases adds up to a lot of possessions. They might have fitted comfortably in your old home but if you’re planning to downsize then you’ll likely not have the room to bring every little thing with you. Retirement is supposed to be a relaxing, restful time but that will be made much harder if you’re constantly trying to maneuver around stray bits of clutter you’ve tried to squeeze in around the new home without planning properly for diminished space requirements. Once you’ve decided on a move and have set the plans in motion, go through your possessions and decide what you need to keep and what would be best to leave behind. You can sell items you don’t need to help fund the move or you could offload them to family. You could also send them to storage so you can access them whenever you want – Barnes of Lincoln offer affordable self storage for all of your possessions, so don’t hesitate to get in touch!
Barnes of Lincoln offer home removals of any size all across the UK. We work to your requirements: you tell us the whats, whens and wheres of your home removal and our expert movers will make sure your conditions are met. Our experienced team provide only the highest quality services and we make sure that all of your possessions are moved, handled and delivered safely and efficiently. To discuss your removal or storage options and to arrange a free quotation for your home removal get in touch with our friendly team today.