It’s often said we have to put off being young until we reach retirement. With work out of the way, when we reach this stage of our lives we finally have the opportunity to enjoy endless leisure time. And for many individuals, this means spending our days at home. A happy retirement isn’t just a matter of indulging in your favourite hobbies – it’s also about relaxing in your dream property.
Yet there’s no need to wait until retirement to purchase yours. Choosing a retirement home before you wrap up your career can be a shrewd investment, for several reasons.
It could bring you an extra income
It may be the prospect of retiring to a prestigious beach villa in the Mediterranean that’s spurring your decision to purchase a property, but there is a financial reason reinforcing your choice. Depending on the type of retirement homes you’re considering, there’s a chance yours could double up as a source of income.
Holiday homes generally achieve good returns, particularly during the height of the local tourist season. You may not be ready to hand in your resignation at work, but retirement apartments could still earn you an income while you wait.
It could save you cash
In most parts of the world, property prices trend in an upward direction. You don’t need to be buying as an investment for this to play a role in your decision. Put simply, the odds say it’s cheaper to buy today than to buy tomorrow. In financial terms, you simply can’t purchase retirement homes too early.
It could help you find the right property
Buying the right property first time around is always important, but it’s even more vital after retirement. This provides an extra incentive to start shopping around as early as possible. It also highlights the value of good advice; this recent blog on how to buy a property is a smart place to begin. Another article details the process of buying a new-build home, which can be a slightly different purchasing process, especially if you’ve got your eye on a show home.
It could give you time for renovations
Part of the joy of retirement homes – and retirement in general – is that there’s no longer any need to compromise. You’ve earned the right to have everything exactly as you like it. But while retirement gives you the freedom to create your dream home, ensuring it’s perfect can take time.
Purchasing a retirement property before you turn 60 allows you the scope to carry out necessary home improvements. Whether you’re jumping right in with structural alterations, or are simply eager to achieve the perfect décor, renovations are best completed before your move-in date. The ongoing income from letting retirement apartments could also help fund any changes you wish to make.
With offices spanning 33 countries worldwide, Engel & Völkers is an expert on the global real-estate market. For further advice on purchasing retirement homes, and to browse the latest luxury houses for sale, visit our property search site.