509.682.7777 Info@cbchelan.com Facebook Twitter Instagram

Main Content

What you need to know about buying or moving to a retirement home

Why you need to know

It’s never too early to plan for your retirement. In fact, having a concrete plan 20 or so years before you officially retire can help you manage your retirement budget more efficiently.

One way you can prepare for your retirement is to consider your housing options. Here are some things you need to know about buying or moving into retirement homes in Lake Chelan, WA:

Location

Location is an extremely important factor to consider when you’re looking for a retirement property or community. Ultimately, you’re looking for a place you like where the climate, people, and lifestyle fit your wants and needs. Before settling on a specific location, it’s a good idea to visit the area go on a vacation there so you can see how you like the environment and the people.

It’s also important to take into account the location’s accessibility and your mobility. It’s not ideal to assume that you’ll always be able to drive, so you need to make sure that stores, healthcare services, and basic community amenities are easily accessible.

Type of accommodation

Another one of the main considerations you need to think about when planning your retirement is the type of property and retirement accommodations. Think about what type of property best suits your desired future lifestyle. If you plan on living independently, you might want to consider an apartment, townhouse, or a condominium.

There are also various retirement communities, land lease communities, serviced apartments, home care retirement villages, and rental villages to choose from. If you’re still on the fence about which type of accommodation to choose, you can ask an experienced local real estate professional for their recommendations.

Renting vs. buying

Ask yourself if you want to own, rent, or have a life lease on the retirement property you want. All of these options have their own pros and cons. Purchasing a retirement residence is a good investment because you can rent it out until you’re ready to retire. This can help you save you money in the long run.

On the other hand, renting a retirement property or taking a life lease may offer you the ability to move easily from one place to another, but it may limit your control over the property.

Interests and hobbies

Considering your hobbies and interests is also important when choosing a retirement home. You need to choose a retirement location where you can freely enjoy your hobbies and the lifestyle that you want to lead.

Health and wellness

You also have to factor in your health when purchasing or moving to a retirement residence. What illnesses do you have and what medications do you take for them? Where do your healthcare providers practice? Will they be able to treat you at the retirement community or do you have to go to their clinic or health facility?

In relation to this, you also have to consider your mobility and the community’s accessibility. Does your retirement residence have built-in features for accessibility, such as wide entryways and wheelchair-friendly spaces and ramps?

Finances

Lastly, it’s vital that you have your finances in order when you’re purchasing a retirement residence or moving to a retirement community. One of the things you have to consider about finances is if there are tax breaks or exemptions for retirees in the area. This will help you calculate your retirement income.

Talk with a financial advisor so you can work on drafting up a realistic budget for both the property and your post-retirement. It’s important to note that you need to purchase a home based on your future income, not on your current income. It’s also a good idea to have an alternative source of passive income for your retirement.

Check out our related blog on retirement communities in Chelan County. Need more information on homes in Lake Chelan, WA? Our team at Coldwell Banker Chelan will be happy to help you explore the area’s beautiful communities and help you find your ideal retirement home. Call 509.682.7777 or get in touch with us here.