Many people dream of buying their ideal retirement home after their career has come to an end. The fact is, it is usually wiser to not wait, but to purchase your retirement home before your career is over. Kay Carlson Realtor shares why you should buy a second home in Prescott before you retire.
- It leaves you with more spending money for when you retire. Purchasing a new home while you still have a substantial income is a big plus!
- It will provide you with more security for your mortgage payments. You will also be in a better position to get busy with planned upgrades or renovations. Buying a retirement home before you actually retire can mitigate financial stress should you run into any unexpected expenses after closing.
- It makes your mortgage easier to obtain. When you are employed it is obviously easier to get approved for a mortgage. If you wait until after you retire to buy your retirement home, you may not have the income required to qualify for the mortgage on the home you desire. Don’t limit yourself! Buying while you’re still employed keeps many options open.
- It can be an income property. If you decide to buy your retirement home before you retire, you can rent it out as an income property until you’re ready to settle in. This strategy will not only help cover mortgage payments but will also allow you to get a preview of what the monthly expenses are for the property. This will also allow you to take your time packing up your current home and moving into your new one.
If you’re thinking of purchasing a retirement home in Prescott, Kay Carlson Realtor recommends you consider the advantages of buying your second home before you retire. Kay Carlson specializes in vacation and second homes, and can help you find the home away from home you’re looking for. To schedule an appointment, call us at 928-710-4193.