Lakeland FL few Real Estate Brokers Advice: 5 Mistakes Retirees Must Avoid

Lakeland FL few Real Estate Brokers Advice: 5 Mistakes Retirees Must Avoid

When people are nearing retirement age, that’s usually the time when they prepare to make huge financial decisions that would hopefully lead them to living a comfortable life in a home they love. Too often though, Lakeland 55+ Communities real estate brokers see retirees dive into decisions of relocating, renovating, or downsizing fast without careful planning. Here is the list of these real estate mistakes retirees commonly make.

1.   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.

2.   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.

3.   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.

4.   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.

5.    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.

Keep in mind that whatever you wish to do at your retirement age, if it is about real estate, it is always best to consult a Lakeland FL real estate broker. Your needs will be carefully assessed so you are sure that your decision will be beneficial. Always visit http://LakelandFL-HomesForSale.com/ for more wonderful tips on real estate purchase.

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!