Retire in place or move somewhere new?
When we retire, we get the freedom to stay in our current home or move somewhere else. Both choices come with their own advantages and challenges. Staying in the same home means your mortgage may already be paid off, you’ll be close to your existing community, and you will not have to deal with the cost and stress of moving. Moving somewhere new may give you the opportunity to downsize or move into a home that better suits your changing needs, connect with a new community, and gain a new experience. MarketWatch contributor, Erin Rook, interviewed retirees around the country to find out what factors they considered when choosing to retire in place or move somewhere new.
Retire in Place
People choose to retire in place for many reasons. In some cases, they want to stay close to family and friends. Other times, they may still be working part-time for their former employers to supplement retirement income. When you wish to retire in place, you may need to adapt your home as you age, from widening doorways to fit wheelchairs to adding a bathroom to the ground floor to adding an extra room for your or your spouse’s parents that may end up moving in. Homeowners can finance home renovations or remodeling through a cash-out refinance or a renovation loan. Adapting your home now can allow you to age in place more comfortably.
Move Somewhere New
Others choose to move somewhere new to retire, whether it’s a smaller home, townhome or condo or to a new location altogether. Florida and Arizona continue to be some of the most popular places for retirees to relocate, other retirees may choose busier city centers or cultural hubs. College towns are becoming an increasingly popular choice for retirees because of inexpensive housing, access to healthcare, and community elements like museums, bookstores, and theaters. Whether you are looking to move down the street or cross state lines, it’s a good idea to talk with a mortgage professional. Planning your financing ahead of time can ease the transition.
If you are looking to move somewhere new or renovate your current home to fit your needs, I would be happy to help you. Let me know if you’d like to talk about home financing and plan for a comfortable retirement.