TerryJ/Getty Images
Commitment to our readers
The GOBankingRates editorial team is committed to providing you with unbiased reviews and information. We use data-driven methods to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our review methodology for products and services.
20 years
help you get rich
trusted by
millions of readers
Retirement is often the time when people finally buy their “dream home,” but for many, that dream doesn’t pan out as beautifully as they hoped. Real estate experts said retirees often find that certain design and location choices add stress, not comfort.
Here are five household items that shouldn’t be taken with you into retirement.
1. High-Maintenance Luxury Features
Many retirees find that “dreamy” home features like whirlpool tubs, pools or high ceilings prove to be costly burdens in retirement. Although they look impressive, maintenance, cleaning and high utility costs can quickly become overwhelming, according to Aaron Perez, CEO of Sell Your San Antonio House. “These routine costs take a big hit to scheduled retirement income and can create more stress.”
Nick Manfredi, CEO As for home buyerssaid backyard pools are so frustrating, about 40% of buyers aged 60 to 74 remove them within five years because they cost thousands to maintain each month.
2. Two-storey house and accessibility challenges
Many retirees later regret purchasing homes with stairs, long hallways or inaccessible bathrooms. Although mobility may not seem to be an issue now, it could soon become a problem – and retrofitting can be expensive.
“Retirement buyers have bought a two-story home thinking it will be fine for them, but then in a few years they want to sell and buy a one-story home and have to move again, which they regret,” said Danny Margagliano, a Realtor. destin property experts.
Additionally, Manfredi shared that older buyers who make stair lifts and other changes spend an average of $9,700 to make the home more accessible.
3. Expensive trendy designs
Realtor and owner Chase Baxter said many retirees “get tempted to do what’s trending in the market at the moment.” Spokane Cash Home Buyers. Trends are short-lived and updating them when it comes time to sell can cost money.
“Make the big, expensive aspects of your home timeless and bold, and implement trends more cost-efficiently with smaller things like wall paint, decor or throw pillows that can be easily changed,” Baxter said.
4. Oversized homes and hidden costs
The allure of larger spaces often fades when retirees are faced with the higher bills that come with them. Larger homes mean higher energy use, insurance premiums and property taxes, all expenses that can deplete a fixed retirement income.
According to Ben Kruse, South Jersey Realtor and founder, “Retirees who choose to live in larger homes face two major financial challenges.” choose the cross. “Their property taxes increase and their utility costs increase, while they experience problems with the layout of their home due to long hallways, empty living areas and/or awkward bathroom access issues.”
According to Perez, larger homes also tend to have larger insurance bills, among other costs. “These extra expenses can be difficult to manage, especially if you’re used to a smaller home.”
5. Poor accessibility and proximity
Even when a home checks every box, location-related omissions like distance from health care, family or amenities often lead to regrets. Retirees who test out the lifestyle before purchasing are the happiest in the long term.
“Many retired home buyers are so focused on the home or neighborhood that they don’t realize that location may be further away from doctors than they expect,” Margagliano said. “I’ve seen it in desperation and the desire to have a home closer to doctors and specialists.”
Manfredi recommends taking a walk around the neighborhood when traffic is light and seeing how far away medical services are before signing anything.
Kruse agreed that testing out the lifestyle in a neighborhood before purchasing can reduce buyer’s remorse. “(c) Check out the neighborhood during the winter months, do daily chores, review utility records and imagine how the house will function in the future.”
In retirement, your focus on home should not be on luxury or size but on comfort, security and stability for years to come.