The one thing we all look forward to once we hit a certain age is retiring, and finding the right place to retire to with the help of an estate agent can be a big undertaking, one that can take the shine off the whole process. But with the right advice and forward planning, you can make it much easier for yourself. There are big mistakes that people make when they look for the right place to retire to, and here are some things to bear in mind.
Have A Plan!
A lot of couples have an idealized notion of where they want to go without even testing out the waters there. If you want to go somewhere, get a feel for the place. Take a vacation there and see if it is really for you. Likewise, the type of home you want to live in, is it going to be suited to your lifestyle? For some, retiring means packing up some golf clubs and heading for a condo, but have you ever spent time in one? Is it a good investment for your own circumstances? http://www.skyfiveproperties.com/blog/is-a-condo-a-good-investment is a link to read to get more information on this. The amount of people who, amazingly, havent even discussed where they are going. The husband thinks they’re going to the mountains, while the wife thinks they are going to the beach! Many couples choose a location that is so far out of the way that they havent taken into account what will happen when they are too old to drive. Plan ahead.
Choosing The Right Financial Package
There are couples that go for a house where they may have a great home, but the repayments make them very poor without much of a life outside of their home. Being house rich but cash poor is a big mistake and will cost you more than your finances, it will cost you your livelihood. Discuss with a financial advisor the best amount of money to put on a down payment, so your mortgage repayments are affordable to you and your lifestyle.
Allow For Home Improvements
It is very easy to look at your swollen bank balance and see that you have enough money to take a lump sum out. But with interest and taxes, the cost may be a lot more than you assumed. If you are looking for a home somewhere, make sure that you take into account the upkeep of the home. Some couples look at retirement villages because there is a lack of upkeep, but these can incur hidden fees. Make sure that you do your research.
Not Using Your Current Income As A Benchmark
A lot of people will use their two income household as the example of their future planning. However, this doesnt take into account if a partner passes away or an unexpected situation arises, which can have financial implications, such as the loss of income as well as tax. Insurance policies are something to bear in mind when looking at your future.