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Why You Should Buy A Retirement Home Sooner than Later

What do you plan to do after you retire? Is moving to another community and getting a new home part of your retirement plans? If yes, when do you plan to do it? 

You don’t need to wait until after you retire before you buy a retirement home. Below are some of the benefits of buying a retirement home sooner:

1. It’s an investment opportunity.

If you’re still in the workforce and do not plan on retiring anytime soon, you might think that you don’t need to worry about your retirement home yet. But purchasing early has numerous advantages. If prices of Perth real estate property start to rise to around 5-7% each year. With property prices at today’s current level, this is the time to make your move. 

Although you might not be able to move in yet, by buying now you can use it as an investment. You can use it as a vacation home. You can even rent it out; therefore, generating additional income for you.

2. It is easier to get approved for a mortgage while you are still fully employed.

Employment status is one of the factors that lenders consider for those who apply for a mortgage. They prefer to work with borrowers who have a steady salary as they feel more secure with them. Having a stable income means the borrower is capable of paying the mortgage on time.
When you apply for a mortgage after you retire, they will also look at your debt levels and assess your credit score — which leads us to our next point.

Employment status is one of the factors that lenders consider for those who apply for a mortgage. They prefer to work with borrowers who have a steady salary as they feel more secure with them. Having a stable income means the borrower is capable of paying the mortgage on time.
When you apply for a mortgage after you retire, they will also look at your debt levels and assess your credit score — which leads us to our next point.

3. You can work on your credit score.

When you plan early, you will have more time to pay off your debts. As a result, you can maintain a good credit score. Having a high credit score will help you get a good deal when applying for a loan for your new home. You will be more eligible for a lower interest rate.

Start early with being conscious about your credit score. Be mindful of your financial behaviors — pay your bills on time, avoid spending beyond your means, and clear your debts. Then, make sure to maintain your credit score even after you retire. When you retire, your income will decrease. With this, make sure to adjust your expenses and lifestyle.

4. It will give you more time to save up.

The sacrifices you will do for saving up early will benefit you in the long run. You will have more money to afford a bigger deposit; hence, lessening your monthly mortgage payments. You can also use your savings for future renovations or upgrades for your new home or even to make your home interior design dreams come true.

Buying a new home is a big move that requires a lot of planning and saving up, especially if it’s for your retirement. You need to give yourself enough time to plan as this will be where you will be settling down when you grow old. It is the place where you will spend your later years in life. You will spend all your time there so it is best to think about it carefully and decide on the lifestyle you want to have for the rest of your life.

Do you already have an idea of your dream retirement home but don’t know where to start? Planning to buy a retirement home? Let us help you turn those dreams into reality. Reach out to the buyer’s agents at Buying Perth Real Estate by sending an email to clive@buyingperthrealestate.com or check out our website.

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