As more and more baby boomers enter retirement age, the question of whether they should sell their homes and move has become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”
Would moving to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $9,700 in equity last year.
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”
As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?
“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
As scary as that thought may be, any additional security is helpful. An extra set of eyes looking out for you always adds to peace of mind.
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
Consider all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, contact a local real estate professional who can evaluate your ability to sell your house in today’s market and get you into your dream retirement home!
There are a variety of ways to get around Camarillo and the surrounding areas if you don’t have a car.
The Camarillo Area Transit (CAT) has a fixed route right from inside Leisure Village that will take you to the grocery store, library, hospital, post office, community center and strip malls with shops & restaurants.
Dial-a-Ride service is available for door-to-door service and offers a discount to seniors. It is run by the same company as Camarillo Area Transit (CAT).
Camarillo also has a freetrolley that takes you all over town on a fixed route. It is available Sunday through Thursday from 10 a.m. to 6 p.m., and Friday and Saturday until 10 p.m. The service provides convenient, air-conditioned, nostalgic transportation to Camarillo retail and dining destinations. Accommodations for persons with disabilities are provided. The trolley bus route starts at the Metrolink train station, runs west on Daily Drive, south down Las Posas Road, and then east on Ventura Boulevard back to the Metrolink station. The trolley stops at shopping centers all along the route on a 30 minute schedule. Riders can also flag down the trolley to board anywhere along the route.
Camarillo Health Care District offers their Care-A-Van transportation service with door-to-door transportation for non-emergency medical appointments throughout Ventura County and Kaiser in Woodland Hills. Their vehicles have hydraulic lifts that can accommodate wheelchairs, oxygen canisters, and other assistive mobility devices. Drivers are trained in CPR and First Aid, and have additional training in transporting frail, elderly and mobility-challenged riders. If you require wheelchair transport, a standard wheelchair can be provided during your ride. Please inform the scheduling office of your needs when you make your reservation. Their vehicles are not equipped to carry electric wheelchairs, scooters, or other similarly heavy chairs.
The Camarillo Train Station is served by both Amtrak’s Pacific Surfliner from San Luis Obispo to San Diego and Metrolink’s Ventura County Line from Los Angeles Union Station to east Ventura.
Camarillo Airport is a small airport for private planes. There is a popular restaurant called Waypoint Cafe that you can eat at and watch airplanes take off and land.
Many homeowners believe that rising interest rates and home prices have scared away buyers and therefore have not listed their houses for sale. However, the truth is that buyers who were unable to find a home last year are out in force, and there are even more coming!
“Approximately one-third (32%) of Americans plan to purchase a home in the next five years. Millennials are most likely to have such a purchase in their five-year plan (49%), versus 35% of Generation X and 17% of baby boomers.”
As we can see, buyers are optimistic! According to the report, here are the top reasons Americans plan to buy:
The most common reason Americans prioritize buying is that they believe it’s a good investment!
If you’re a homeowner looking to sell, 2019 is the perfect year to put your house on the market. But why?
Buyers want to buy
At least 3 of the renowned organizations that report on real estate market trends predict that homeowners are going to wait until 2020 to list their homes, leading to a nice increase in sales (as shown in the graph below).
Don’t wait for a competitive market; be ahead of the curve and sell your house at the best possible price!
There are more and more buyers entering the market every day! Whether you’re a first-time homebuyer or a current homeowner looking to move-up to your next home, sit with a real estate professional who can help you with your real estate needs!