Retirement May Be Changing What You Need in a Home

Retirement May Be Changing What You Need in a Home | MyKCM

The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. Recent data shows more people retired this year than anticipated. According to the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom:

“At least 1.7 million more older workers than expected retired due to the pandemic recession.”

If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogichomeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your evolving needs.

You Can Move Closer to the Ones You Love

The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.

If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.

You Can Find the Right Home for Your Needs

Not only can your equity power a move to a new location, but it can also help you purchase the right size home. Lawrence Yun, Chief Economist at NAR, says many homebuyers 55 and older choose to downsize – or buy a smaller home – when they make a purchase:

“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”

Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.

Bottom Line

If you’ve recently retired and your needs are changing, you’re not alone. Let’s connect so you can get a better sense of how to find a home that will match your situation.

An Accessible House-Hunting Adventure

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Congratulations! You’ve decided to embark on a new adventure: the search for an accessible home. Now that you’ve made this decision, The Arbor Move Team discusses some steps you can take to make the process as easy as possible.

Assess Your Situation

First, assess your situation. Determine how much you can spend on a new home (down payment and mortgage payments) by reviewing your budget, your savings, and your projected income. This will help narrow your search to homes in a particular price range. Don’t forget to budget for potential accessibility modifications as well.

Also, research some likely neighborhoods in Ann Arbor or in other cities where you might like to live, and pay close attention to the asking and sales prices of homes in those areas. This will help you narrow your search to locations that fit your budget.

List Your Needs

Take the next step in your house-hunting adventure by listing your accessibility needs. Consider the following:

  • Single-story floor plan
  • Ramps
  • Wide doorways with properly hinged doors
  • Reduced-height countertops and sinks
  • Reachable cabinets
  • Spacious rooms
  • Safe and accessible bathtubs, showers, and toilets
  • Hardwood floors
  • Handrails

Create a personal checklist, prioritizing your needs and indicating both immediate necessities and potential modifications.

Find Your Agent

Choosing the right real estate agent is essential to your house-hunting adventure. The Arbor Move Team understands and respects your needs and budget and will guide you through the intricacies of purchasing a home. 

Upon meeting an agent, stress your accessibility needs checklist, and ask if the agent has any experience with accessible homes. Also, make careful note of the agent’s fees and requirements.

Enjoy the Hunt

House hunting can actually be fun if you’re well prepared and stay within your budget. Bring a fresh copy of your checklist to every house you view, and fill it out with plenty of notes about necessary modifications (installing shower bars, adding ramps, or widening doorways, for instance). When you’ve seen several houses, compare your checklists, calculate the necessary modification costs, and see if anything suits your purposes. Before long, you may discover that you’ve found exactly the right house.

Embrace the Buying Process

Offers, home inspections, closing costs, mountains of paperwork, and mortgage commitments certainly seem daunting, but they’re all part of the buying process. Try to understand and embrace them as best you can under the guidance of your agent. Stress is normal at this point, but keep your eyes on the prize: that new house!

Make a Low-Stress Move

Finally, lower stress during your move by planning meticulously. Hire a reputable mover who can provide the packing, delivery, and unpacking services you need, and be sure to confirm costs ahead of time. Keep close track of your possessions by making lists and labels for your items, indicating which room they belong in and whether they’re fragile. Take pictures, too, both before and after packing, and monitor delivery and unpacking using your lists.

Off to Adventure!

While house hunting and moving will never be completely stress-free, these tips can help smooth out the adventure and get you quickly settled into your new accessible home. Contact The Arbor Move Team to get the process started! (734) 239-3796

Find accessible houses in the area with one click:

Nearly 40.7 million people in the United States live with a disability, and yet an overwhelming majority of single-family homes are not accessible. Luckily, there are ways to improve the accessibility and efficiency of a home while also improving its resilience and sustainability. After all, a green home is a healthy home, and everyone should have access to a healthy home.

That’s why our EcoWatch team put together a few ideas on how people can build or modify eco-friendly homes for those with disabilities:

Building and Designing Eco-Friendly Homes for People With Disabilities