Avoid These Retirement Home Buying Mistakes
Have You Done Your Home Buying Research?
Committing to a retirement home is not something to consider lightly. Without the proper financing, this commitment can lead to serious, long-term implications. Luxury Orlando Real Estate knows that there are some common mistakes people make when buying a retirement home, and we want to help you avoid them.
Jumping in Without a Plan
We urge you to do your research before purchasing your retirement home. Spend time in the city of your choice and vacation there. Talk to neighbors, visit the city during its peak season and also when it’s calmer.
Forgetting About Friends and Family
A common problem that occurs amongst people buying their retirement home is picking a location far away from friends, family, and their social life. For retirees, a lot revolves around social activities, families, friends, kids, and grandkids. We recommend retiring in a home near your friends and families, or finding a city that is a popular vacation spot, such as Orlando. Buying a home for sale in Disney is great for attracting visits from grandchildren, and with all the theme parks and attractions, there’s always plenty to do.
Choosing the Incorrect Financing Alternative
When retirees put too big of a down payment on their home for sale near Disney world they become house rich and cash poor. We recommend retirees look into a financial plan with an advisor to go over the appropriate amount to put down. In retirement, some people need a big mortgage, some need no mortgage, or some need a small manageable mortgage. Everyone is at a different point financially, which is why a financial advisor is beneficial.
Underestimating Home-Related Expenses
When buying a retirement home, sometimes people will just pull out a lump sum for a house without considering federal and state taxes. We suggest retirees allow for repair, improvement, and alteration costs when making their retirement home budget.
When buying homes for sale near Disney most people don’t consider a personal umbrella policy until it’s too late. It’s inexpensive for homeowners to shield themselves with a one or two million dollar policy.
For more information, please call us today at 407-705-7634 or submit our contact request form.