Since there is no right time to buy a retirement home, you might know the right way to buy it then. Depending on your financial situation and planning, if you are able to buy a retirement home in your 30s or 40s, then you must. But remember that your choice of buying a retirement home at 40 and after you have actually retired may differ. There is a plethora of things to keep in mind while planning to buy a retirement home for yourself. Few of these tips might help:
Location is the most critical factor while choosing a retirement home. Whether you want to live in suburbs or continue living amongst your friends & family in town, needs to be planned. All the basic facilities you require now and will be needing after your retirement like grocery stores, hospitals, parks, community center etc. are things that should be within 2-3 km range from your home. These become the most essential things during an emergency.
You should never go overboard with your budget while buying a house. While it may seem exciting now to put all your money in the home, but you need to consider fixed and varied expenses as well. If you are taking a loan on your home, then paying EMIs along with keeping up with your lifestyle should not be a problem. Your income sources right now and when you retire are going to be different. So, to consider cash inflow and outflow is of extreme importance.
- BIGGER DOORWAYS AND BATHROOMS
No one wants to see themselves in a position of the weak physical self. But with age, your physical capabilities are going to decrease. And you or your spouse might need help with daily basic things. So, consider having bigger doorways (in case of a wheelchair), step-in showers (for easy access), choosing a ground floor room etc. while buying a retirement house.
- MAKE A FINANCIAL PLAN
Whether you are going to be working after retirement as well or not, in either case, you need a regular income coming in. You need to be in a situation of being able to afford your new home alongside all other related expenses like repair, renovation, taxes & maintenance. And along with all these responsibilities, your main purpose is to enjoy your life post-retirement, so, make a realistic financial plan before buying.
The most important thing to focus on here is whether you want to buy a place with most of the requirements in a home met or you want to build one for yourself from scratch. If you want to build one, then what style, how many floors, for how many people, location etc. needs to be thought in advance. Even if you are buying one, then whether your requirements are met, will the home be suitable for living 10 years down the line etc. are things to be considered and planned effectively.
After all your planning also, some things are going to be left behind. But without planning and giving a considerable amount of thought you will be putting your hard-earned money into a void. Chances of which turning in your favor is quite less. Hopefully, these tips will help you in deciding the perfect retirement home for yourself. Hiranandani Communities are offering vacant plots where you can get bespoke villa house made for your post-retirement life. Do check out our properties in Chennai for your villa house needs and in Mumbai & Navi Mumbai for a comfortable post-retirement home.