Real Estate Tips for Retirees
By Erik Neilson
, last updated September 27, 2011
For those who are retired, real estate issues can be difficult to handle. That said, there is no reason to lose focus on real estate goals once you’ve reached the age of retirement. By taking the following real estate tips into consideration, you can choose the perfect retirement spot without having to cope with a great deal of stress throughout the process.
Sell High, Buy Cheap
If you currently own a home and are looking to move, there has never been a better time to do so than now. When you are at the age of retirement, you should strive to sell your home for as much as possible and bank the majority by purchasing a smaller property. While moving into a smaller home can be difficult for some people, the amount of money that can be saved by doing so is well worth the sacrifice.
Settle Near Relatives
For those who are nearing or have reached the age of retirement and are on their own, it’s quite important to consider settling near friends or relatives. The older one gets, the more important it is to take neighborly support into consideration. As a result, you should consider the merits of living near relatives whenever possible.
Many people don’t realize that quite a bit of money can be saved by renting small homes and apartments once one reaches retirement age. Renting can also offer retirees the opportunity to avoid having to worry about responsibilities such as yard work and home repair. That said, it’s important to understand that you should always try to rent from an honest landlord, as no one who is retired should have to deal with trying to contact an unresponsive landlord. Speak to family, friends and acquaintances for recommendations, and avoid landlords who have a bad reputation in the community.