Posted on: 26 July 2017
If your retirement plans include downsizing or moving to a nicer climate, you're probably waiting for that retirement day to come so you can set those plans in motion. But you may be surprised to know that there are very good reasons to make that purchase sooner rather than later. Here are a few of such motivations.
Let it Pay for Itself
Buying a second home now and renting it out can be a great way to help make the property pay for itself. Buy being open to buying when the real estate market goes down or the right property becomes available, you can take advantage of timing and get started paying off the house. Whether you want to rent it out full time or use it as a vacation rental, you can accumulate thousands of dollars in a few years to pay toward your mortgage, property taxes, insurance, or HOA fees...either now or later.
Learn the Area
If you plan to move to a distant city or state, buying property ahead of time gives you the opportunity to get to know your new neighborhood before you live there full time. Use the home as a vacation spot where you can spend time there in different seasons, learn the local activities, and feel like you have roots before you pack up and move. You may find that living in that location isn't as appealing as you thought, or it could be a motivating factor to actually pull the trigger on retiring. Either way, it may make the decision and the adjustment easier.
Make Renovations Easier
Buying a fixer upper or making significant alterations to the house? Why move in and then uproot your life while completing major construction in your abode? Living in a half-finished home is stressful, so do yourself a favor and become the owner before you plan to move in. Then you can do as much remodel work as you like without having to live through it. This method may allow you to indulge in more renovations than you'd otherwise put up with and allow you the space to complete them on a timeline you can afford without going into debt to complete it faster.
No matter which of these ideas appeals to you, buying a retirement home between two and five years early can have enormous benefits. Why not start your search by talking to an agent about the real estate for sale today?Share