It is not rare that Lakeland 55+ Communities real estate brokers see retirees dive into decisions of renovating, relocating, or downsizing without careful planning. These can make them prone to committing mistakes that are costly and soon affects their later years. Here are the mistakes retirees should definitely avoid:
- Keeping more than one homes
The thought of being able to save money from buying another home because of its value now can get into people, even if they already have one home. The trouble with this is that maintaining two homes can be quite costly. Add to this the stress they get when they encounter problems associated to maintenance of the homes. Sooner or later, it may be obvious that the supposed savings may not actually be worth the succeeding costs. Elderly people would do well keeping a single home in their bucket of responsibilities.
- Lack of proper knowledge about the community
A retiree must settle in an area where their lifestyle can be satisfied and their needs, especially medical ones, can be addressed. Sometimes a retiree’s considerations are focused too much on the home and less about the community. A Lakeland FL real estate broker can help them in this area.
- Getting involved with mortgage
Most probably because it’s inviting to have a mortgage with very low rates that is why some retirees tend to lean towards this. The problem is, when one is fully retired, social security and other insurance take the place of a huge regular income. Paying for a mortgage might not be easy. So experts advise against getting a mortgage when you are old so you can enjoy your social security distributions more.
- Delaying downsizing and move
Saving up as early as now for those who are almost at their retirement age is crucial. The biggest step one could make is to move to a home where they can save up until retirement knocks at the door. Some however tend to delay this downsizing initiative and wait until the last years before moving. To be sure, consult your Lakeland FL Sandpiper Golf homes agent.
- Failure to invest
Spending money from downsizing can be really tempting. But in order to completely make the most out of it, planning ahead and proper accounting is needed. Some people find it wise to live on home equity funds first. This would cause you to stay away from the retirement funds for now so you can reap a bigger benefit later on.
Always talk to your trusted Lakeland FL real estate broker so you can get insights and feedback on your real estate retirement plans. For addition tips, you can check out http://LakelandFL-HomesForSale.com/. Make your retirement free from worries by avoiding these costly mistakes.
Call me, Petra Norris, at (863) 619-6918 or send me an email at petra@petranorris.com if you’re looking for a Lakeland Florida real estate agent with superior local knowledge, experience, professionalism, integrity, and personal service to help you sell or buy Lakeland 55+ Community homes for sale or Sandpiper Golf homes for sale.
Petra Norris, REALTOR®…
Going The Extra Mile For You!