Factors to Consider When Choosing A Home in Lafayette for Retirement
Lafayette is a good choice for a city to settle down in. Choosing a home for retirement can seem like a daunting task with the number of options available. Since you plan on being in this home for a long time, it’s important to make an informed decision. Following are certain factors that should be considered when selecting a retirement home.
Affordability: Being able to buy something is very different from being able to afford it. You could have the needed money to buy your home today, but it's important to think about whether you can afford it, keeping in mind the long-term monthly costs. property taxes, insurance, HOA fees, utilities - all things you'll have to pay for at one point in time. Before actually purchasing a house, you can introspect on things like these. Would you be able to afford all the contractors needed to maintain your house and lawn? Would it be cheaper to just move to an apartment complex with homeowner association fees? Would your taxes increase or decrease if you were to relocate? How much would you be earning monthly when living in your retirement home?
Equity: You may be able to apply your equity in your current home toward the purchase of your next home. Home equity serves as a source of emergency funds that you can tap through a home equity loan or reverse mortgage in case of an emergency.
You might be able to purchase your retirement home with very little to no mortgage thanks to the equity you have in your current home. Last year, US homeowners gained an average of over $14,000 in equity.
Maintenance: Cleaning gutters, shoveling snow and clearing leaves are tasks one can do on their own when younger, but it can be very tiring when you're considerably aged. A home with low-maintenance needs is ideal if your physical or mental health does not allow you to do such petty maintenance tasks yourself. Outside help could be hired but again, that's an added expense you'll have to plan for. Again, think about whether a condo with an HOA fee would be worthwhile if it meant that you wouldn't have to do the maintenance work yourself.
Security: As an elderly homeowner, you could be a target for scams or break-ins. That's a scary thought to have but it's best to be prepared for all kinds of circumstances. Additional security can help you get some peace of mind. Having a house that has a manned gate house, resident-only access and modern security systems can go a long way in keeping you safe and assured.
Pets: If you have a pet you'd like to live with, then do consider things like how big the backyard is and whether it's fenced, how far is your favorite veterinarian and whether you'd require any additional deposits if you choose to rent or get a condo.
Accessibility: While no one wants to think about being in a wheelchair or walker, it's best that you get a home that can accommodate limited mobility through handrails and wide hallways and doorways.
Convenience: How close is this home to places you'd want to visit frequently? Are there any places within walking distance where you can get your amenities? How close are the shopping outlets and dining places? Also, think about how close it is to where your children and grandchildren live. Would shifting to a new area make family visits easier or more frequent?
Closing Thoughts: Keeping all such things in mind, you now have an idea of the things you should consider when choosing a place. Ready to find the right home for you? Temper Homes offer homes for sale in Lafayette, Indiana and will assist you throughout the whole process including designing, building and financing. Reach out at (765) 742-0300 or visit our website to know more!
Affordability: Being able to buy something is very different from being able to afford it. You could have the needed money to buy your home today, but it's important to think about whether you can afford it, keeping in mind the long-term monthly costs. property taxes, insurance, HOA fees, utilities - all things you'll have to pay for at one point in time. Before actually purchasing a house, you can introspect on things like these. Would you be able to afford all the contractors needed to maintain your house and lawn? Would it be cheaper to just move to an apartment complex with homeowner association fees? Would your taxes increase or decrease if you were to relocate? How much would you be earning monthly when living in your retirement home?
Equity: You may be able to apply your equity in your current home toward the purchase of your next home. Home equity serves as a source of emergency funds that you can tap through a home equity loan or reverse mortgage in case of an emergency.
You might be able to purchase your retirement home with very little to no mortgage thanks to the equity you have in your current home. Last year, US homeowners gained an average of over $14,000 in equity.
Maintenance: Cleaning gutters, shoveling snow and clearing leaves are tasks one can do on their own when younger, but it can be very tiring when you're considerably aged. A home with low-maintenance needs is ideal if your physical or mental health does not allow you to do such petty maintenance tasks yourself. Outside help could be hired but again, that's an added expense you'll have to plan for. Again, think about whether a condo with an HOA fee would be worthwhile if it meant that you wouldn't have to do the maintenance work yourself.
Security: As an elderly homeowner, you could be a target for scams or break-ins. That's a scary thought to have but it's best to be prepared for all kinds of circumstances. Additional security can help you get some peace of mind. Having a house that has a manned gate house, resident-only access and modern security systems can go a long way in keeping you safe and assured.
Pets: If you have a pet you'd like to live with, then do consider things like how big the backyard is and whether it's fenced, how far is your favorite veterinarian and whether you'd require any additional deposits if you choose to rent or get a condo.
Accessibility: While no one wants to think about being in a wheelchair or walker, it's best that you get a home that can accommodate limited mobility through handrails and wide hallways and doorways.
Convenience: How close is this home to places you'd want to visit frequently? Are there any places within walking distance where you can get your amenities? How close are the shopping outlets and dining places? Also, think about how close it is to where your children and grandchildren live. Would shifting to a new area make family visits easier or more frequent?
Closing Thoughts: Keeping all such things in mind, you now have an idea of the things you should consider when choosing a place. Ready to find the right home for you? Temper Homes offer homes for sale in Lafayette, Indiana and will assist you throughout the whole process including designing, building and financing. Reach out at (765) 742-0300 or visit our website to know more!