Buying any home for your retirement is a major commitment, one that requires planning, strategy and research; however, if you're interested in buying a luxury property for your golden years, you really have your work cut out for you. Don't let that stop you, though, as there's no time like the present, especially when it comes to your retirement.
1. Don't Fret The Double Mortgage, As There Are Ways Around It
If you're thinking that having two mortgages now simply isn't worth it, think again. Purchasing a home after you retire is usually much more difficult, since your income will decrease or, at least, become stagnant.
While you're living in your first home, you could always rent the luxury property out, either through an annual contract or seasonally, depending on where the home is situated and how much of the mortgage you'd like to cover via the rental. As you're searching, inform the real estate agent of your intentions, so they can look specifically based on that criteria.
2. Expect To Fully Know What Your Luxury Home Will Cost To Operate After You Retire
Owning and operating your retirement home long before you actually stop working gives you the added benefit of knowing exactly what it's going to cost you in the future, which is very helpful for budgeting purposes. You'll know, for example, the approximate amount of taxes and utilities you can expect to be responsible for, along with other important figures.
If your luxury retirement home needs any kind of work done, too, you should have an easier time managing that now, while you're gainfully employed. You can even take your time making the changes that will turn the house into your dream home, if your retirement is still a few years off.
3. Rely On The Personal Contacts Of A Professional Realtor
Not all homes are listed publicly; in fact, many luxury homes are withheld from common lists, making it essential that you have an agent or two working to find your perfect retirement home. They'll have private lists from which to browse, opening up more opportunities for you. Especially if you're pre-approved or prequalified, an agent may have many gorgeous and unique properties few buyers know about.
4. Don't Depend On Photographs To Give You The Full Picture
As you look for your ideal home, don't put too much weight on how prospective houses look in photographs. You might not appreciate an image, but really love the place when you see it in person and vice-versa. Especially with homes that have distinct architecture, pictures do not usually do justice; thus, you really need to see them in-person to fully appreciate the work involved.
Buying a luxury home for your retirement is a dream that can come true, if you approach the situation with a well thought out plan. Have a good idea about the area you're interested in living in, a good strategy for managing your current income, and have a great real estate agent lined up, to introduce you to the exclusive, one-of-a-kind luxury properties that will really get your heart racing.