The process of looking for a home in your golden years could be a bit different from when you were looking for a home to build a family in. Now, you can focus on what will make YOU happy. Your children have found homes of their own, and you're now free to choose a new home to create new memories in.
For retirees and senior citizens, location is no longer just about finding a nice house in a pretty neighborhood. It is more about being closer to your family, being just a stone's throw away from important amenities, and finding a peaceful place where you can comfortably relax. It’s a personal choice that will depend on your lifestyle and what you want to prioritize the most as you age.
Here a list of things to keep in mind when looking for the perfect retirement home for you:
The house itself
The following items on this list focus on location -- but before we discuss those, it’s important to keep the obvious one out of the way. When buying a house to retire in, you should start with the basic questions about what type of house you’re looking for. Most retirees choose to downsize, but this entails the same questions: How many rooms? Bathrooms? One-storey or two-storey?
Remember that you’re buying a house that can serve you well as you age. This means that living in it must be convenient for you as you enter your golden years. With this in mind, choose a home with very minimal upkeep, and one that wouldn’t require you to climb up and down the stairs every time you need something from your room. Find an adequately-sized property that will make it easy for you to get from one part of the house to the other--but make sure that it’s still spacious enough for you to move around comfortably.
Proximity to family
To most retirees and empty nesters, family is still what matters most when choosing the location of a retirement home. If you want to be closer to your children and grandkids, choose a location where they can easily visit you, or one that is near the airport and other public transportation options so that it’ll be easy for you to visit them. Being able to spend time with family during the holidays becomes increasingly important as you age, and you wouldn’t want to miss any opportunity to see them more often.
However, pre-retirees must also think long and hard whether moving to a different city, or even to a different state, is really necessary. There is nothing wrong with looking for a new house within your hometown, especially if it allows you to stay close to friends and family, and near the places you most enjoy spending your time.
Weather and climate
If you’ve made your decision to retire in a place that is relatively far from your current residence, do consider whether you can easily adapt to certain lifestyle changes the move might entail.
A drastic change in weather and climate may take a toll on your health, so make sure that you’re moving to an area with a temperature you can enjoy and not just tolerate. Decide whether warmer areas suit you better than cooler ones, or if you’d rather find a house where the breeze is always cool.
Accessibility of important amenities
Making sure that you won’t have a hard time going to places you need to go to is the most important part of finding the right location for your retirement home.
Identify all the important facilities that you will need to visit on a regular basis, and make sure that these places wouldn’t take more than a 20-minute drive. If you take frequent trips to the doctor for check-ups and other medical appointments, ensure that the house you’re buying is near a hospital or clinic. If you like eating out at healthy places, find a house that is near organic or vegetarian restaurants.
Community
One can only truly enjoy a place if the existing community is a good match. To find a place you can truly enjoy, you’ll need to live amongst people you can see yourself interacting with. Check if there are recreational activities you can join nearby and meet like-minded individuals, or see if the Home Owners’ Association (HOA) conducts gatherings or recreational activities you may be interested in. If you’re looking to join exercise classes or educational courses for retirees, you can ask your agent to point you towards the direction of the perfect community where this is possible.
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Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs
- Understand the buyer’s budget and what will be needed financially
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist
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- Partner with the buyer to locate suitable properties for consideration
- Match the buyer’s needs with available property
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
- After ensuring the buyer understands what is done for them, how it is done,and the benefit to them, obtain signatures on the buyer representation agreement
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Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
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Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing
- Explain the local market and how it impacts the buyer
- Show statistics on what percentage of list price sellers in the area are currentlyreceiving
- Inform the buyer on what home features are popular
- Identify current average days on market
- Share the dangers of using the price per square foot to figure home values
- Explain the concept of absorption rate and how it impacts the buying process
- Indicate current listing months of market inventory
- Share estimated potential out-of-pocket costs to complete the transaction
- Assist the buyer in analyzing the loan estimates
- Qualify the buyer for financial ability to purchase
- Help the buyer account for the complete costs of homeownership
- Prepare lender for listing agent calls
- Assist in comparing different financing options
- Help the buyer select for viewing only those homes that fit their needs
- Proceed in showing homes that fit the buyer’s must-haves
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- Review the sample sales contract so the buyer is prepared when it comes time to make an offer
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
- Collaborate with the buyer on properties they may have learned about through their sphere contacts
- Research and assist on all unlisted properties the buyer wishes to see
- Preview properties prior to showing if needed
- Network with other agents to source properties not yet in their local MLS broker marketplaces
- Contact homeowners in focus areas to see if they are considering selling
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements
- Arrange a tour of areas, schools, and key points of interest
- Provide resources containing neighborhood information on municipal services,schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
- Check applicable zoning and building restrictions
- Help the buyer decipher public property and tax information
- Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
- Help the buyer narrow the search until the buyer identifies top choices
Negotiating Offers
- Assist the buyer in getting the best property at the best price
- Suggest that the buyer learn more about the neighborhood prior to makingan offer
- Prepare a comparative market analysis (CMA) in advance of making an offer
- Prepare the buyer to have the most attractive offer in the current marketplace
- Explain common contract contingencies and include approved protective clauses in the purchase offer
- Ensure that the buyer receives and understands all state and federally-required disclosure forms
- Prioritize contract negotiation goals with the buyer
- Help create a negotiating strategy
- Use strategies such as an escalation clause to maintain a competitive offer
- Prepare the buyer for a multiple offer situation and develop negotiation strategies
- Write an offer that has a reasonable chance of being accepted
- Recommend optional contingencies and explain the pros and cons of using them
- Provide information on purchasing incentives that may be available
- Discuss financing alternatives
- Negotiate the buyer’s offers to arrive at the best price and terms
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer
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