Never buy a house based solely on the market. They have decided to move to Niagara-on-the-Lake and buy a bungalow for $850,000. If you are age 60 or above, and have decided that it’s time to buy a home—whether to downsize, retire, or for some other purpose—you’ll have to think carefully about the best way to finance it. ... running out and buying a new home will likely not make financial sense. Buying Pros and Cons. Even if you’re financially ready to buy a home, you should still be sure your heart is in the purchase. Should I rent or buy a home in retirement? Consider expenses, taxes, and your peace of mind. So why would you buy a 2,000 or 3,000-square-foot house with a big lawn when it's just one or two of you? If you’re planning on buying a house soon after retirement, you may not have the time to spread withdrawals out over several years. Published: January 07, 2015 03:15 PM. A mortgage is a big expense, and even if you do get approved for one, it isn't always the smartest financial move. This will give them approximately $600,000 (after costs) to live the retirement they have been dreaming of. Buy when you’re financially ready. For those who have the means, buying a second home during your working years can offer a pre-retirement trial period. Deciding whether to rent or buy a … They sell the house and rent an apartment for $2,000 a month. Whether to rent or own in retirement is a big decision that should not be taken lightly. They should consider a ranch-style home or a house that has a master bedroom and bathroom on the main floor." As a retiree you don't need a third or fourth bedroom. 3. [See: 10 Tips for Finding a Great Place to Retire .] Even better, rent the house out in high season and visit regularly in the offseason. Some pre-retirees opt to try a new location on a part-time basis, with a condo in the city and a house in the country. 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