Guide on finding your retirement paradise in Auckland
What are the key considerations before buying a retirement home
Retirement is the beginning of a new chapter in one’s life. It is time to relax, and a part of it is to find a perfect retirement home that truly reflects how you wish to live your golden years. Your retirement property is not just a piece of land you own, but it is about creating your paradise where you can enjoy your new phase of life.
Today, we have decided to share with you the key considerations for buying your retirement home.
Before we start with this, let’s understand the different housing options available for you:
Downsizing
If you live in a big countryside house and are finding it challenging to manage, or you simply want to live in town, downsizing might be a good option for you. While it can save you a lot of money that will add to your retirement income, it will also make it easier for you to live in a lively town.
Retirement villages
For some, purchasing a home can be too much. For them, there is the option of retirement villages. This option is perfect for those who wish to retire with a low maintenance burden and easy access to amenities and recreational activities.
Renovating current home
This is an excellent option for those who wish to stay where they are. You can easily modify your current place to meet your changing needs. However, one thing to note here is that it might become difficult to maintain the expenses like before after retirement.
Renting a home apartment
If you are scared to make a long-term commitment and do not wish to burden yourself with homeownership, renting an apartment is a wise choice for you. While it gives you the personal space to enjoy, it is also very light on the pocket.
You might also like to check why it is a good idea to invest in a new build, you can read our full article on the same here: https://kiefer.capital/why-invest-in-new-build/
Now that we have discussed the available options for you, let’s get to the key considerations while looking for your retirement property:
Your Goal
The very first thing that you need to understand before even beginning the search for your dream retirement home is to find out what exactly you want in your property.
For understanding this, you must consider whether location is the most important for you or whether it is size, amenities, or budget.
Once you are clear on this, you can then start looking for the properties.
So, before even beginning the hunt for your dream retirement property, it is wise to understand what your lifestyle preferences and long-term needs are. Only then, you will be able to find your dream home.
Get a Clear Picture of Your Financial Situation
Sit back and find out everything about your current financial situation by calculating your income, investments, if any, savings, expenses like amenities, utilities, groceries, healthcare, etc and debt you owe.
This process will help you understand how much budget you have to buy this retirement home.
While you are working on putting together the budget for this home, you must also consider ongoing maintenance costs, insurance premiums, and property rates.
What are your financing options?
There are several means of financing today, such as traditional mortgages, reverse mortgages, KiwiSaver savings, etc.
When you start thinking about buying a new retirement home for yourself, it is smart to start researching different home loan options that are available to you.
Before deciding on a financing option, make sure you have compared interest rates, terms, and fees from multiple lenders to ensure you get the best available deal possible.
Choosing location for your retirement property
After you are done understanding your budget and have figured out the financing option, now it is time that you start thinking about locations.
Remember, living in the correct location has a significant impact on your retirement journey.
While you are looking for the location, here are a few things that you should consider:
- Climate
- Proximity to healthcare facilities
- Local amenities like supermarkets, shopping centres and malls
- Access to recreational activities
- Community Vibe
For instance, living in Howick can be a good option as it checks all the boxes above. With a beach nearby, the climate remains soothing.
It is also close to Howick Village, a place that has everything one can think of and above all, this place is rich in history and is a well-knit community.
Luckily, we have recently launched one of our projects in Howick: Union Terraces. If you wish to explore good homes, you can check out this project.
