Is Now the Right Time? Why Waiting Makes Sense for Your Retirement Home

A paid-off home is a big win for a stress-free retirement. But are you buying your dream retirement spot too soon? According to the Chas Everitt International Property Group in their Signpost Newsletter, it's smarter to wait until you're just a couple of years away from making the big purchase.

Staying Close to Home: The Social and Emotional Benefits

For those considering a coastal retirement, it's worth thinking twice before committing too early. Many upcountry residents find that when the time comes, they'd actually prefer to stay closer to family and long-time friends. Let's admit it: establishing a new social circle can be very challenging. At any phase in life. Hence, staying close to familiar faces can make this life transition fulfilling.

Read more: Retirement living choices in the 21st century

Retirement Doesn't Always Mean Full Stop

In addition to that, retirement no longer means stepping away from work completely. In fact, many retirees are opting to continue working or even start their own businesses. Doing so is often easier in a place they already know. Their familiar networks, local connections, and well-established routines can prove to be valuable for sustaining their businesses.

Want to avoid a headache?

Distance can also complicate the responsibilities of managing an investment property. Buying too soon and too far away will affect the ease of handling repairs, staying on top of inspections, and addressing tenant concerns. Even with a reliable tenant or letting agent, you can find yourself with a never-ending logistical headache.

As you plan for retirement, it might be smarter to build your property portfolio closer to home, where you can keep a close eye on market trends and address any changes as needed. That way, when the time comes, you'll have options - whether it's settling into one of your investment properties or selling a few to secure the perfect retirement home - you'll be ready.