Deciding whether to rent or buy a … 3. This will give them approximately $600,000 (after costs) to live the retirement they have been dreaming of. They sell the house and rent an apartment for $2,000 a month. Buying a new home in retirement isn't always wise. For those who have the means, buying a second home during your working years can offer a pre-retirement trial period. Even if you’re financially ready to buy a home, you should still be sure your heart is in the purchase. Even better, rent the house out in high season and visit regularly in the offseason. 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. 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? Buying a House Near Retirement Age: Should I Take Out Mortgage or Pay All Cash? For example, Mr. and Mrs. Smith have a house in Toronto they have just sold for $1.5 million. 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. Buying Pros and Cons. Pros and cons of financing a home with debt when you're over 60. Should I rent or buy a home in retirement? [See: 10 Tips for Finding a Great Place to Retire .] Published: January 07, 2015 03:15 PM. ... running out and buying a new home will likely not make financial sense. Here are five reasons why you should buy now rather than wait until you retire. Consider expenses, taxes, and your peace of mind. As … So, before you make your decision, consider the pros and cons of buying a house. Whether to rent or own in retirement is a big decision that should not be taken lightly. 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. Buying Pros. 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. A mortgage is a big expense, and even if you do get approved for one, it isn't always the smartest financial move. If you’re planning on buying a house soon after retirement, you may not have the time to spread withdrawals out over several years. Say they did not have a mortgage and, after closing and moving costs, clear $480,000, which they invest in … Buy when you’re financially ready. Age: should I rent or buy a bungalow for $ 1.5.... In high season and visit regularly in the purchase new home in is! Make financial sense a retiree you do n't need a third or fourth bedroom taken lightly is n't wise... Visit regularly in the offseason high season and visit regularly in the offseason peace of.... 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