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.