If you are getting close to retirement or have already made that step, you understand that your financial picture could be significantly different going forward. That is only one aspect of the changes ahead as you learn things you love about being retired and perhaps a few that you do not. A common change that many consider when retiring is downsizing the household. Whether you are doing this to reduce costs, to cut back on maintenance and upkeep, or to move to a different climate, a popular choice among retirees is buying a condo. As this may be a new experience for you, this article addresses some tips that can help you choose the right one and get through the process.
The first tip for buying a condo for retirement involves space planning. It can take longer than you might expect to go from a large home where you have had a lifetime to accumulate furnishings and belongings to a condo. Start the process as early as possible so you have time to give things to family, donate to charity, sell, or discard the excess you do not want to take to a condo. Once you have determined what items you want to keep, you’ll have a better idea of the size of condo that will best suit your needs.
When looking for a condo, consider how you’ll be spending your time in retirement. Everyone is different, so there isn’t one place that is ideal for everyone. Select an area where the things you want to do are nearby and accessible so you can make the most of your time. Just because you have much more free time now than when you were working doesn’t mean you want to waste any of it.
One last tip is to work with a real estate agent when buying a condo so they can walk you through the differences, such as HOAs, how insurance differs, whether a retirement community is a good fit for you, and how to stage your current home for sale so that you can get the highest price for it. When you contact us at The Chris Keleher Team, you’ll get the support you need, as our team understands condos very well and we have experience working with retirees and their unique objectives. We always use a custom approach so you can be confident we’ll get to know you and what is needed so you can enjoy the best possible retirement. Contact us today to learn more.