Many new retiree’s don’t even think about if they are going to continue to live in the home they have or move to another area. Have you thought about what you and your family is going to do after retirement? Stay in your present home or try to find something cheaper, and in a different area?
You can purchase a home and rent it out until you retire or build a custom home and use it as a rental, or vacation home until you retire. Either way you can use the home for holidays and vacations and make gradual improvements to it.
This is something to think about now before real estate prices really start climbing. In many resort and second home markets the prices are already climbing and will continue for the foreseeable future. Don’t forget that if you need a mortgage for that other home, it will be more difficult to get once you are retired. In general, the standards for vacation homes are tougher than for a primary residence. If you plan to build, available and buildable lots are getting harder and harder to find. Also, it can take up to two years to acquire the needed permits. You also must deal with the environmental quirks; water and septic systems. The price for construction is also climbing fast and in some area’s construction can only take place during certain periods depending on weather conditions. Now is the time to think about where you are going to live after you retire.
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