Buying a home in Middle Tennessee after retirement? Avoid these 4 Mistakes

2015/02/Paul-Gaustad-buys-house-Nashville-TN3-300x199.jpgSeveral national-level surveys have ranked Tennessee among one of the top retirement destinations based on parameters like low cost of living, good quality of health care, comparatively lesser tax burden, favorable weather conditions and fewer cases of violent crimes. Needless to say, the state is considered a great destination for people to live their life to the fullest after retirement.
To meet the growing demand from retirees, many communities are being developed across the state including some in Middle Tennessee counties. Whether you are planning to move to Tennessee or thinking of some kind of real estate investment here after retirement, there are certain things you need to be aware of. Careful planning before making a move is very essential, particularly for retirees because of fewer income sources. Considering the fact that buying a property involves a huge investment, a wrong move can prove very costly.
Here are a few mistakes that retirees should avoid while purchasing a property in Middle Tennessee or anywhere else in America for that matter:
Not knowing how much home you actually need
Everyone wants to live in big, sprawling homes, but downsizing is probably a smart move after retirement. Smaller homes are always easier to maintain. Various homeownerships cost including energy bills, real estate taxes and insurance premiums also come down substantially. So when income sources are limited, you will find costs associated with a smaller home easier to bear.
Choosing a wrong place to relocate
You need to give careful attention to various aspects of the city or area where you are relocating. You need to make sure that the place has good medical facilities. Easy convenience to shopping centers and public transportation is also equally important. Taxes on property and other home ownership costs vary from one state to another, so determine whether you will be able to bear these expenses at your new place.
Owning two homes at a time
Buying a vacation home looks like a great idea after retirement, but can you bear the expenses that come with owning two homes at a time? If the idea is too tempting to resist, then you should buy a property that you can rent from time to time, so that you don’t have to worry about expenses on maintenance, utility bills etc.
Taking a mortgage after retirement
You need to be very careful if you have to take a mortgage to finance your home deal. The burden of paying monthly installments toward a mortgage may become a big financial burden. It’s always a better idea to buy a property and pay down the mortgage before retirement—either in one lump sum or as a gradual process over time.
Taking each step carefully while investing in a property after retirement is very important. You obviously don’t want ruin the peace of your mind during this phase of your life.