buying a home with little money in savings

Size-Related Factors To Consider When You Buy A Home That You'Ll Retire In

by Fernando Moore

When you're approaching retirement age and wish to downsize homes as a result, there are lots of things that you'll need to consider. Downsizing as you get older is a smart move for several reasons. With less disposable income, a smaller home can be easier to manage, and a smaller yard means less yard work as you get up in age. While the location of the home will be important, you should give ample thought to its size. You don't want to downsize too much, nor do you want to end up with a home that is only a fraction smaller than what you currently own. Here are some size-related factors that you should think about.

Entertaining Space

Many families have gatherings at the parents' home. For example, if you have a pair of grown children with children of their own, holidays, birthdays, and other special occasions may still be celebrated in your residence. As you begin to think about downsizing, you'll want to evaluate whether the homes you're considering have ample entertaining space for your large family. You don't want people to be cramped, for example. In some cases, this may be the time to turn over the hosting duties to one of your children who has a home of the appropriate size. If you still wish to host, you'll need to keep this in mind as you shop.

Hobby Space

Taking up a new hobby or rededicating time to an old one is something that can be enjoyable when you retire. Think about the hobbies that you and your spouse enjoy, and then keep this topic in mind as you look at different houses. Some hobbies take up more space than others, which means that you'll want your new home to ideally have adequate space. For example, your spouse may have always dreamed of having an art studio in a spare room in her home, while you want to set up your model trains in a dedicated room.

Overnight Space

For many retired people, the idea of having grandchildren come for sleepovers is highly appealing. This is another thing that has specific space requirements, so keep it in mind as you peruse real estate listings. You might be thinking about a two-bedroom home, for example, but if you have three grandchildren, evaluate how this might work. Can you set up a child on a pullout couch and put two single beds in the spare bedroom? This forethought will save you from encountering various space-related challenges later on. Discuss your size-related concerns with your real estate agent to ensure that he or she knows what to look for when reviewing listings for you.