Greater Fort Worth Association of Realtors
Retiring? Do not make these Real Estate mistakes
Looking forward to retirement? It can be an exciting transition. Unfortunately, some people find themselves in tough circumstances due to unwise real estate moves. Here are some mistakes to avoid.
Do not make impulsive decisions
If you have been planning to sell your current home to downsize or move to a new location, you have likely done research and given some thought to the idea. If not, though, a quick decision right after you retire could lead to disappointment or financial difficulty. Take time to explore all the factors that go into any move you are considering. You can also discuss your ideas with a Realtor®. They have experience helping many others who have made the same kinds of moves you’re now contemplating.
Remember that retirement is not the same as a vacation
You may have loved going to your favorite vacation spot each year and dreamed about one day retiring there. But vacationing in a place is not the same as living there. Before you make that move, spend time in the area and imagine it as your permanent home. Does it have the year-round amenities, weather, and lifestyle that work well for you? Also, can you afford the kind of home you want and the ongoing cost of living there?
Do not forget your health and mobility
Whether you want to remain in your current home or sell it and buy something else, think about how your life could change as you age. Does your location provide access to the medical care you may need? Is the home itself navigable if you become less mobile? Planning for these possibilities now may save you from having to move again if your health declines.
Keep the costs in mind
Whether you’re thinking about buying a second home or selling your current house and buying something nicer, be sure to carefully run the numbers. It is easy to underestimate all the costs of homeownership. Can you really afford the homeowners association fees, insurance, maintenance, and taxes without depleting your retirement money too quickly?
Learn more about real estate transactions and search for a Texas Realtor® at gfwar.org
About The Greater Fort Worth Association of REALTORS®
The Greater Fort Worth Association of REALTORS® was established in 1918 and has spent a century representing the real estate industry in the Greater Fort Worth area. With over 3,500 REALTOR® and affiliate members, GFWAR is a strong advocate for real estate professionals and private property owners. For more information, visit www.gfwar.org.