As retirement approaches, many seniors consider their living arrangements for their golden years. The tranquility of a brand-new home, tailored to personal tastes and needs, often outweighs the charm of an older house with potential maintenance issues. However, purchasing a custom home or unfinished plot isn’t a decision to be taken lightly. Here are the three most important factors to consider when buying new construction.
Your Timeline
Depending on the size and complexity of the project, construction may take anywhere from a few months to over a year before your new home is ready for occupancy. You must also factor in potential delays caused by weather conditions, supply chain issues, or unforeseen construction challenges. Therefore, you should explore your options now if you plan to retire within the next year or two. If your timeline is flexible, you can wait for the perfect property. But if you have a specific retirement timeline in mind, make sure it aligns with your new home’s projected completion date. Searching for new construction properties with the help of a qualified and experienced real estate agent ensures you have a clear idea of your potential timeline.
Your Long-Term Needs
While you might be healthy and active now, it’s essential to consider what you may require in the future. Will the home still be suitable if your mobility decreases? Are there provisions for installing accessibility features like handrails or ramps if necessary? Does the design of the house allow for single-floor living, or will climbing stairs be a part of your daily routine? Consider the home’s layout and whether it will remain functional as your needs change. Additionally, think about the location. Is it close to healthcare facilities, grocery stores, and other amenities? Many individuals purchase new construction properties within retirement communities to guarantee convenient healthcare and lifestyle services for the entirety of their golden years.
Your Budget
Of course, the most important thing to consider when buying new construction is your budget. More specifically, you must account for your available funds now and your future retirement funds for the next 15 years or more. Thankfully, purchasing a brand-new home often reduces property costs in the long run due to energy-efficient designs. If you’re considering a community designed for those 55 and over, your budget may also stretch to cover shared amenities like fitness centers, pools, and clubhouses. These can greatly enhance your lifestyle and provide opportunities for socialization without the added cost and upkeep of having these facilities in your own home.
It’s clear that purchasing new construction as you approach retirement is a decision that requires careful consideration of your timeline, long-term needs, and budget. Arista Realty Group is here for you during every step of the process! Contact our team today to learn how one of our Solivita real estate agents can help you locate your ideal retirement property.
