As people reach retirement, their current house may simply be too big for their needs. Paying large utility bills, maintenance costs and property taxes for an older home on a large lot can often drain nest eggs and retirement funds. During times when you have a lower income and too much house, it becomes time to downsize to a custom built home that better fits into one’s lifestyle and budget.
Retiring to a Custom Home
When you hear about a retiree downsizing to a smaller place, most people first think the person will be packing up and moving into an apartment in a senior community or a mother-in-law suite in their adult children’s homes. Retirement should not be a prison term. Retirees still want their freedom to come and go as they please in their own place. This makes purchasing a smaller home the ideal option.
One interesting trend is retirees are looking to custom build a new home that is smaller in size. Many retirees have a unique advantage of having the financial independence to cover the costs of home construction without straining their retirement funds. At this point in their retirement years, most retirees have already paid off the mortgage for their other home as they now own the house outright. With the home value appreciated, the retiree can now ask for a higher sales price which covers the land purchase and all the home construction expenses.
Custom Home Tailored to Health Needs
Another advantage to having a custom home built is it can be designed to current medical conditions or physical restrictions. The retiree can work with builders and architects to design the home to make daily life easier as they grow older. The custom build design may have wider first-floor spaces and hallways to accommodate mobility devices. There can be outdoor ramps by front entrances for wheelchairs and walkers, as well as lower kitchen cabinets so you can get items without having to stretch to reach higher shelves. In addition, bathrooms can be designed for retirees with physical disabilities who may have problems using the shower, tub or toilet.
There is more flexibility with a smaller home built with adaptable features. The custom home can be later modified for different life stages without having to deal with costly renovations later on that can be a major disruption to your daily life.
Custom Homes Offer Fewers Maintenance Hassles
Retirees do not want to deal with major maintenance and repairs associated with larger, older homes. Even downsizing to a smaller can lead to stress as there may be significant issues with the existing house that will need to be dealt with before moving in.
By having a custom home built at a smaller size, buyers will know that everything in the house is new. They will have new wiring, plumbing, mechanical systems, appliances, a roof, a foundation and other aspects. Even if something should break during those first few months, builders normally provide a builder warranty that will cover defects and provide repairs.
Downsizing to Your Custom Dream Home
Downsizing to a custom home has many advantages. Buyers can have the custom home built at a chosen destination that offers everything they could possibly need during their retirement years.
It helps to perform comprehensive research regarding the real estate market when purchasing land at another location. Also, researching building plans and contractors can make the difference in purchasing a custom home built with superior craftsmanship. A real estate agent’s help can be just what buyers need to find a new place that is specifically designed for their golden years.
Contact FrankieZed Studios when it comes time to design your custom retirement home.