Buying your dream home is something that often happens later in life. Earlier in life, there are more compromises you have to make to get into the housing market for the first time, but as your income and net worth increase, you have more options to explore.
This tends to happen at the same time that retirement starts to come into view. While it may yet be some ways off when you’re in your 40s or your 50s, it’s never too early to plan.
Where to Go: Buying a Custom Home in Niagara on the Lake
Your plan for buying your dream home starts with location. You’re looking for a place that fits the lifestyle you want, lets you buy the kind of home you want within your budget, and that has all the amenities and services like healthcare that you will need, especially once you enter your senior years.
Niagara on the Lake has become one of Canada’s best places to live and a popular option with older adults who are empty nesters, pre-retirement, or ready to enjoy their golden years. It’s often called the prettiest town in Ontario, and a combination of climate, lifestyle, and amenities have turned it into a top destination for those seeking out their dream home.
That’s led to Niagara on the Lake home builders focusing on adult living communities that are perfect for those who are looking for that lifelong dream home. One of the defining features of communities like these are bungalows and bungalow townhomes that minimize staircases and prioritize long-term convenience. It’s the right design fit in the right location for many homebuyers.
When to Buy: Pre-retirement Homebuying
Timing your purchase is crucial for making your finances work well with your retirement plans. Even if you’re looking for the home where you want to enjoy your retirement, there are good reasons to buy earlier:
- It will be easier to qualify for a mortgage when you’re still working.
- You will have more time to adjust your financial plan and prepare for your long-term retirement.
- You have more income to deal with surprise expenses.
- Any changes you want will be easier to afford.
However, you should consider certain factors that may not be relevant right now, but will be post-retirement, such as reducing staircases in your home and making sure your community is well-serviced by healthcare facilities.
How to Finance: Capitalize on Real Estate
Home prices in Canada have been rising rapidly, and metropolitan areas have seen the highest increases. As buyers in pre-retirement, moving out of the city can be a great way to capitalize on recent gains and putting them toward more space in a rural setting.
With an ongoing shift toward work-from-home that looks set to outlast the pandemic, it’s increasingly feasible to find a home outside the city but close enough for when you have to go into the office.
Your plan for buying your dream home should involve finding the right home in the right place, with the right financial plan.