For most folks, retirement means a chance to lay back and enjoy a life free of stress or a 9-5 job. You mostly imagine yourself vacationing on a foreign beach or golfing to your heart’s desire. Some dream of finally getting that one book finished they started in college, while others dream of building a retirement house by the beach. Whatever your plans are, you need to be careful with your retirement funds. Financial trouble is hard to handle when you are retired and have no steady source of income. Building or buying a retirement home in an exquisite location is a goal on everyone’s bucket list. However, it can be financially risky especially if you haven’t already planned for it.
Read further tips and follow these when you are planning to buy/build your retirement home:
After you retire, most of your taxes are deferred. Due to that, countless retirees don’t hesitate in withdrawing money from their retirement funds. This is a huge mistake, as although their taxes have been deferred, this does not mean they have been eliminated. Taxes are applicable to all money you withdraw from any pre-tax accounts. It means if you make the mistake of drawing out money from your 401 (k) account for the down payment or the full payment, you will also have to pay taxes on that money.
Choose a Place Closer to Loved Ones:
Although the idea of a dream house in a different state by the beach seems incredible, you probably should not choose to live too far away from your friends and family. You might get happy with the fresh air and the poetic view but the truth is you’ll end up feeling lonely. As your grandkids or your friends will be miles away from you. You would have to travel a lot as well on holidays or occasions. Therefore ensure you build/buy your house near enough that frequent trips to your grandkids stay within your retirement budget.
Pay Attention to the Facilities Near Your Location:
Getting old often comes with a plethora of health problems. You might not be able to drive properly because of your eyes or walk properly and end up in a wheelchair. It is imperative to choose a location where you have a hospital, grocery store, and all such necessities close by. A country house might seem inviting when you think of it, however, it is harder to avail any medical facilities in such a remote area. A city provides you with the best health-care as well as chances to socialize more.
Have a Strong Design Plan:
When it comes to building a dream retirement home, you must ensure your design plans are strong and sturdy. You are investing a lot of money into the house, so it is necessary that it can withstand forces of nature and look stylish at the same time. Streamline Design Ltd. is an award-winning firm that designs the best home plans according to all your custom needs. Maybe, you are wheelchair bound and need more accessibility around the house, then building and designing your custom house comes in handy.
They offer a variety of designs for your customhouse like timber frame house designs. Their timber frames come in all sizes and designs from 600 sq. ft. to 13,000 sq. ft. their design portfolio is available at their website where you can tweak these designs according to your needs. Their designs are also sustainable and environmentally friendly. These designs will ensure your dream retirement home is sturdy and stylish while meeting all your needs.