If you are retiring, you probably own a home and are about to finally see the fruits of the 401(k) you’ve been diligently nurturing for decades. So, you will likely have plenty of money to put towards the luxury home of your dreams and live the retired life in style and comfort.
While it seems like you are going to afford it easily, retirement can be a long time, and there are important factors that will play into whether or not you can afford a luxury home in the long run.
It's also important to remember why you want to retire in Maryland in the first place. As we know, Maryland can get cold in the winter, and traffic and property prices are an issue in most places. Alternatively, travel from Maryland is relatively easy, not to mention the many things to see and do here already. On top of that, you probably have a lot of friends, families, and associations that you'd want to continue to see and attend.
So, it's a good thing that Maryland has many fantastic housing options for retirees, from large beautiful homes, were you can finally see your years of hard work paying off, to convenient lifestyle communities sure to fill your retirement years with fun and socializing.
But before we get there, there are some important things to consider...
The Right Mortgage For A Retirement Home
30-year mortgages are the most popular because they carry the lowest monthly payment. However, retirees should look to the 15-year loan. A lot can happen in 30 years, and as we age, we tend to have increased expenses for medical treatment and more.
In your 80s and 90s, the last thing you want to worry about is whether or not you can pay your mortgage. So, you should really only buy a lavish home in retirement, if you can afford the shorter loan.
Aging Into Your Retirement Home
Your dream home for retirement right now may include a gorgeous staircase, massive kitchen with rich, wooden cabinets, and a swimming pool, but over time, those same dream features might become severe hindrances to aging in place.
So, when determining whether or not you can afford a luxury dream home, make sure to factor in the costs of remodeling as you age. You may need to install an alternative way to travel upstairs, such as a chair lift or elevator.
You may also need to renovate the kitchen to lower cabinets and counters. And don’t forget the cost of services, in case the home cleaning and maintenance becomes too strenuous to continue to do yourself. This could include a landscaper, pool technician, and maid services.
These are just some of the reasons why retirees often opt for luxury communities, rather than luxury homes. A comfortable condo in a large, well-appointed lifestyle community can offer you all the enjoyment of your retirement years, with fewer hassles associated with home-maintenance and use.
55+ Condo Communities in Maryland
- The Woodlands at 3411 Angelica Way, Urbana
- Ellicott's Retreat at 8911 Carls Court, Ellicott City
- Cameron Grove off Cameron Grove Boulevard, Upper Marlboro
- Leasure World at 3701 Rossmoor Boulevard, Silver Spring
Calculating Your Mobility of Your Retirement Home
Lavish homes tend to be relegated to certain neighborhoods, many of which are out of the way, favoring privacy over convenience. As we age, we may not always be able to drive an automobile to the store, church, or to meet our friends for brunch.
So, when factoring in whether or not we can afford the lavish home in retirement, we must consider reduced mobility and transportation. Factor in the costs of a driver or public transportation when you think of your lavish home. If you can afford it, you can afford that dream home.
An important component of this calculation is the distance to places that you expect to go. So, when choosing a retirement home or community, consider its proximity to these locations:
- Hospitals and specialist medical centers
- Family and friends
- Clubs or community organizations
Luxury Retirement Communities In Maryland
In addition to the many luxury neighborhoods and homes that you can adapt to your needs, Maryland is also home to many communities specifically designed for older adults. These offer luxury, convenience, care, and a fantastic array of lifestyle amenities, along with a sense of community and sociability.
So, make sure to check out these prestigious 55+ communities in Maryland:
- Symphony Village in Centreville
- Emerald Pointe in Hagerstown
- Signature Club at Greenview in New Market
- Courts of Clarksburg in Clarksburg
- Villas at Cattail Creek in Glenwood
- The Courtyards at Waverly Woods in Marriottsville
- Village Crest in Ellicott City
- Scot's Glen in Columbia
- Walden Woods in Laurel
- Crawfords Ridge in Odenton
- Heritage Harbour in Annapolis
Learn More About Purchasing Your Luxury Retirement Home
Buying the home of your dreams in retirement is all about careful planning. If you can calculate the costs of your home evolving with you as you get older, and don’t foresee any financial troubles, then you are more than ready to enter the next phase of your life in a luxury home. Learn more from the expert real estate agents at the Northrop Team today.
Read More About Luxury Retirement In Maryland
- Which Maryland Towns Are Great For Retirees?
- Home Ownership For Retirement
- Montgomery County Named One Of The Best Places To Retire
Interested in purchasing a retirement home in Maryland? Then browse available properties in some of Marylands best 55+ communities here.
*Please consult your financial planner for more information about saving for retirement.