Buying a Starter Home

Want To Buy Your Retirement Home Now? Here's 3 Reasons Why You Should.

22 April 2021

Capucine Leroux

If you're currently in your mid-50s, then you're in a unique position. You're aging into the phase of life where your retirement era is becoming a closer reality in your lifestyle. However, you may not be retired quite yet, and you may be wondering where you're going to live during your retirement years. If you're done raising kids, then you won't need a house that's suitable for a growing family. You'll probably want to downsize in order to help your fixed-income budget stretch further. Either way, you might not have the physical capacity later on to keep up with the maintenance of your current property. These are examples of why you might want to purchase a condo within a retirement community. Condos offer the great compromise of residential property ownership and property-managed amenities.

Take advantage of buying power now while you're still working 

Most retirement property buyers start looking at their options within a year of their retirement dates. There's nothing wrong with this, but it could also work to your advantage to start looking at your options now, while you're still working. You might find that you're able to take advantage of increased buying power because you're still able to drive your total earned income. This could also offer you more purchasing options since you won't be hemmed in by a fixed income budget. Finally, since you're still working, you could replace at least some of your retirement fund. 

Lock down your dream property while interest rates are still in your favor

Read any article on the current residential real estate trends, and you'll find that interest rates are highly favorable for buyers. If you're able to pay less money for your mortgage now, then it makes sense that you'd consider a retirement community. Lower interest means that your mortgage payments can primarily go towards your loan's principal amount. 

You can rent out to tenants if you're not ready to occupy the property

If you're still working, you're probably concerned about buying a retirement property and having it sit empty. Here's a solution: Rent out your property until you're ready to occupy it! You could rent out to permanent tenants, or you could list the property on a house-sharing platform. Both options create an income stream pipeline that could fortify your retirement nest egg. 

Some feel that buying a retirement property while you're still working might be premature, but there are reasons why doing so could work in your favor. For more information about retirement communities, like Wynmoor Village, contact a local real estate agent.

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