Real Estate Tips for Retirement Income

Wilma Pinstein has been selling real estate in Boca Raton for many years and her experience has taught her that every case is different. Some people may want to purchase a home after retiring, while others are far more content to retire and rent in South Florida. To decide which best suits you, Wilma Pinstein has the following real estate tips for retirement, based off of income.

Before deciding on anything, it is important to have your retirement finances in order. You can go to your banking institution and make an appointment with their loans department to see where you stand in terms of purchasing a retirement home or renting. Active adultcommunity realtors recommend discussing your options before embarking on the home buying or rental process with a realtor.

Purchasing a home on retirement income

First, consider how long you expect to stay in your new home and how much you can afford for a mortgage based off of your retirement income. If you have sold a home, and decide to retire and rent in South Florida, then be aware that renting is better for short term purposes. Long term, the benefits of purchasing a home on retirement income outweighs the cons and you will actually save money.

What do the statistics say?

CNN Money conducted a study to determine whether renting or purchasing in retirement made more sense. The study revealed that there are some places (cities and states) where it makes more sense to buy, and others where it makes more sense to rent. Boca Raton, Florida and other south Florida cities were among the areas in the U.S. where buying made more sense.

Real estate tips for retirement income in South Florida and around Boca Raton say that Delray Beach is considered the fourth best place to buy, and to speak with an active adult community specialist in Delray Beach in order to find the best deal based off of your retirement income. 

Should you rent in retirement?

This is a valid question and it is often brought up by retirees who are looking to move into adult active communities in Boca Raton – since many are rentals. The answer is heavily steeped in your financial situation and your plans for the future. If you do not want to purchase a home or cannot get approved to purchase a home, renting may be the best option. If you are not planning on staying in Boca Raton for the entire year or are going to travel, renting may also be a good option. There are many 55plus communities for rent in Boca Raton and all over South Florida, and they usually come with lower rental prices.

What are your reasons why?

Do you want to retire and rent in South Florida because you are interested in downsizing; less upkeep? You can still find a great house, save money long term, and build assets while downsizing. Are you looking for a temporary place to stay? If that is the case, then don’t jump on a long term mortgage when rent may be the best option. The number one real estate tip for retirement income is to understand why you want to retire and move to South Florida, because that will make a big difference in the option that works best for you.