They have decided to move to Niagara-on-the-Lake and buy a bungalow for $850,000. 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? As a retiree you don't need a third or fourth bedroom. A mortgage is a big expense, and even if you do get approved for one, it isn't always the smartest financial move. Here are five reasons why you should buy now rather than wait until you retire. Buying a new home in retirement isn't always wise. Buying Pros and Cons. They sell the house and rent an apartment for $2,000 a month. Should I rent or buy a home in retirement? So, before you make your decision, consider the pros and cons of buying a house. 3. Whether to rent or own in retirement is a big decision that should not be taken lightly. ... running out and buying a new home will likely not make financial sense. Never buy a house based solely on the market. They should consider a ranch-style home or a house that has a master bedroom and bathroom on the main floor." Buy when you’re financially ready. Even better, rent the house out in high season and visit regularly in the offseason. Published: January 07, 2015 03:15 PM. As … This will give them approximately $600,000 (after costs) to live the retirement they have been dreaming of. Deciding whether to rent or buy a … Buying Pros. Buying a House Near Retirement Age: Should I Take Out Mortgage or Pay All Cash? 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. Say they did not have a mortgage and, after closing and moving costs, clear $480,000, which they invest in … Pros and cons of financing a home with debt when you're over 60. [See: 10 Tips for Finding a Great Place to Retire .] If you’re planning on buying a house soon after retirement, you may not have the time to spread withdrawals out over several years. 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. Even if you’re financially ready to buy a home, you should still be sure your heart is in the purchase. Consider expenses, taxes, and your peace of mind. For those who have the means, buying a second home during your working years can offer a pre-retirement trial period. For example, Mr. and Mrs. Smith have a house in Toronto they have just sold for $1.5 million. Sell the house and rent an apartment for $ 2,000 a month them approximately $ 600,000 ( after costs to... You do n't need a third or fourth bedroom a second home your... And Mrs. Smith have a house in Toronto they have just sold for $ 1.5 million to rent own! 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