You've thought about every part of your retirement from where you want to travel to, to how you're going to make extra money to supplement your already growing retirement fund. Now, it's time to make the decision between buying and building your retirement home. Read the few pros and cons to each to help you make an informed decision.
Pros and Cons of Building
Pro: Trained Professionals
One of the most significant advantages of having a home designed and built for your retirement years is you get to choose the trained professionals that do the job for you. From the most reputable builder to hiring a master of construction management to design your home, you are in control of who works on every aspect of the house you choose to have built.
Con: Licenses and Regulations
There are more steps to building a home than buying one. First, you have to find the land, then make sure it's on top of sewer and water systems. After that, environmental checks must be done, as well as securing permits and licenses. These are things that your builder can help you with, but they can still be a hassle.
Pro: It's Greener
When you buy an existing home, you inherit that home’s problems. There could be hidden problems, such as mold in the basement or rotting wood that isn't discovered until after the paperwork is signed. Building your own home allows you to move into a clean house, one that is environmentally friendly as well
Con: More Money is Needed Now
There are more costs associated with building a home, one of them being that you are going to have to find a way to pay for another place to live while your home is being built.
Pros and Cons of Buying
Pro: It's a Streamlined Process
Local agents are amazing helpers. For example, if you want to retire to San Diego County, having a reputable Carlsbad real estate agent in your corner can streamline the process of buying your home exponentially. All you have to do is search for the right home, make an offer, and you'll be moved into your dream home and enjoying your retirement before you know it.
Con: Repairs and Maintenance
When you buy your dream home instead of building it, you aren't going to get precisely what you want. Repairs, remodeling, and reshaping the house can run into the thousands of dollars. And that’s on top of what you already paid in closing costs, down payments, mortgage fees, etc.!
Retirement is a time that many people dream about as they get older and grow tired of the everyday rat race that is a traditional nine to five job. One of the things that many retirees look forward to most is finding their dream home for retirement. This is the home that you want to stay in for the rest of your life, so it's essential to get it right. That's why weighing the pros and cons of each is so important.
Losing a loved one is one of life's most challenging experiences. Whether your loved one is a small child or a beloved grandparent, we are never ready to say goodbye to those closest to us. However, this process is even more devastating when you suspect that the death could have been prevented. If you believe that your loved one has been a victim of negligence, medical malpractice, or abuse at the hand of healthcare providers, keep the following information in mind.
Seek Professional Assistance
One of the most important steps you can take is finding professional legal assistance as soon as possible. If you've been researching wrongful death suits, you will likely find an overwhelming amount of information. Instead of trying to tackle everything yourself, contact a reputable wrongful death attorney to see if they’re willing to take the case.
Most quality firms provide one-hour consultations at no cost to you, so you can get answers to your basic questions without any risk. As you explain your case and your suspicions, the wrongful death attorney will let you know whether he believes your case is strong enough to proceed. You'll also discover helpful information about deadlines, statutes of limitation, and other vital legal guidelines in your specific state.
As soon as you suspect a loved one has died due to medical malpractice, we recommend that you write down everything you remember. Make notes of dates, times, and personnel, and include as many details as possible. You never know what information might prove to be the most helpful in your case, and you want to document everything while the information is still fresh in your mind. If possible, take photos to provide further support to your claim.
You will likely speak with numerous medical personnel before you get to the point of contacting an attorney, so we recommend that you document these conversations, too. Most private conversations cannot legally be recorded without consent, but you can make notes of who you talked to when the conversation took place, and what was discussed.
Your attorney is here to help you gather this documentation, interview witnesses, and perform other important tasks, so you'll be working as a team as your case is built. In many cases, proving claims can be time-consuming and complicated, so please feel free to ask your attorney questions at any time so that you feel comfortable about what is occurring.
Take Care of Yourself
Taking up the fight against a healthcare system or provider is not an easy task. It is even more draining when you are grieving a loss. Because of this, we want to encourage you to take care of yourself. When you have a professional attorney that you can trust, you should no longer feel like you are fighting the system alone.
You honor the memory of your loved one by doing everything possible to keep yourself physically, emotionally, and mentally healthy. When you get overwhelmed by the possible negligence or malpractice, don't forget to fill your heart with good memories of your loved one and the happy times that you spend together.
It's OK to take as many breaks as necessary as you are working through this process. Surround yourself with supportive, loving people, and treat yourself to whatever relieves your stress. On hard days, call a friend to meet for lunch, schedule a relaxing massage, or simply enjoy a calm walk outside in nature.
Finding a negligence or medical malpractice suit can be an emotional task, but you can find justice for your loved one by working with a professional who has your best interests in mind.
How prepared are you to retire? You may be putting money into a savings plan, paying down debt, and mapping out your retirement life, but there’s a bit more that needs to be done if you’re going to retire happily. For instance, kicking expensive and unhealthy habits to the curb. You see, once you retire, you don’t have the backup of a steady check nor the youthfulness and health from years prior.
If you made a bad money decision or participate in unhealthy habits when you were employed full-time or young and healthy, chances are you could wait until your next paycheck or bounce back from a health problem. Now, however, you’re getting older and your income is fixed meaning you have to develop good habits that will prolong your life and stretch your budget. Here is a look at some of the most expensive and unhealthy habits to start changing today.
Not Using a Budget
Do you have any idea where your money is going every pay cycle? Are you using your income to its fullest potential? Are there things you could do to cut back and save more? There are questions a budget can easily answer for you.
Neglecting to keep track of your finances in retirement, however, can cause you to fall deeper into debt and drain your savings faster. Start using a budget now to prepare you for the future. There are plenty of applications and software you can use to make budgeting easier.
Smoking and Drinking
If you’re nearing retirement and are still engaging in smoking cigarettes or drinking alcohol, you need to kick these habits - and fast. The longer you hold onto these vices the more damage it does to your body. Both increase your risk of developing diabetes, high blood pressure, heart disease, and cancer and reduce your lifespan by years. Not to mention, they’re both very expensive habits to keep up.
If you’ve been a smoker or drinker for years, beating these habits may be easier said than done. Fortunately, there are ways you can start the process of letting them go for good. For example, you could order a vape kit which doesn’t contain tobacco and begin there. Since vape liquids have varying levels of nicotine, you could wean yourself off of cigarettes. As for drinking, perhaps removing it from your house, steering clear of environments where drinking is involved, and going to addiction treatment if you’re suffering from addiction.
When you’re younger, not exercising isn’t necessarily a big deal. Your metabolisms are high, immune systems are strong, and, for the most part, your health is under control. As you get older, however, your mind and body don’t function the same. They require diet and exercise to remain in optimal health.
Start incorporating physical activities into your day. Whether you go to the gym, start walking around your neighborhood, dance while you’re cleaning the house, walking further from the parking lot to your job, using the stairs instead of an elevator, or walking the dog regularly, it all contributes to shedding pounds, strengthening your body, and enhancing your mind.
How many times have you walked into a store or searched a website and saw something you wanted but didn’t necessarily need? Though it’s nice to treat yourself to something you like on occasion, impulsive spending money can result in serious debt. If you keep this habit up in retirement, you’ll run through your monthly income very quickly.
To stop shopping impulsively you should first start by living with a budget. Having a designated amount to spend on miscellaneous things allows you to treat yourself within reason. Another way to cut down on your spending habits is to try the 24-hour rule. If you see something you want, wait 24 hours before deciding to purchase it. If in the 24 hours you don’t have that same intense urge to buy, then don’t.
Retirement is supposed to be one of the best times in your life. You’ve worked, raised a family, and navigated the ups and downs of life and as a result, made it to the other side. If you want to enjoy these years of your life, it is imperative to keep your health and finances first. Kicking the above-mentioned habits now will help with ensuring that you can live a retirement lifestyle you’ve always dreamed of.