Your priorities can change as you get older. Along with your priorities, housing needs will change as you age.

Buying a home at any age, and in retirement is always a possibility. 

The following are some factors our brokers recommend considering as you look at Las Vegas homes for sale during your retirement.

Your New Cost of Living

If you're buying a home, your cost of living may change. For example, an older home may need more repairs. A condo or home in a community with a homeowners' association will come with HOA fees. And if you're from another state or community, you'll need to investigate the cost of living where your home is located. For example, Nevada has one of the lowest tax rates in the country since it has a very low property tax rate and no personal income tax.

Whether you Want a Mortgage

You might assume that you want to pay cash for your home, if possible, so you can avoid mortgage debt. But that's not necessarily the best decision. Mortgage rates are still low, and if you put all or most of your cash in your home, you may be tying up a large percentage of your wealth so that it's not very liquid (easily able to be converted to cash). Consider other options, such as a 10 or 15-year mortgage or paying half the purchase price down and taking out a reverse mortgage for the other half.

Impact on Your Lifestyle

You'll want to consider your home's suitability not only for the present but also for the future. For example, you may not have a problem climbing stairs now, but you may have more difficulty as you age. You may not find a relatively long drive to visit family and friends difficult now, but it might be problematic as you get older. A main-floor master bedroom, wider doorways, and step-free entrances are advantages, even if you don't yet need them. 

Maintenance Costs

Although you may be accustomed to taking care of most of your home's maintenance, you could need more help in the future. This can hurt your retirement budget if you need to pay for professional services more often in the future. As a result, you may want to choose a smaller home, so it's easier to keep clean and in good repair. A relatively newer home may require less maintenance, and a community with an HOA may take care of outside upkeep. This comes with a cost, so if you choose this type of home, make sure the dues – as well as potential increases – fit your budget.

Contact us if you're buying a home during your retirement years. We'll help you determine what's most important to you – now and in the future – so you can buy the home that suits you.