5 Home Elements Retiree Buyers Almost Always Regret, According to Real Estate Agents
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Retirement is often the time people finally buy their “dream home,” but for many, that dream doesn’t age as gracefully as they hoped. Real estate experts said retirees frequently discover that certain design and location choices end up adding stress, not comfort.
Here are five home elements not to take with you into retirement.
1. High-Maintenance Luxury Features
Many retirees discover that “dream” home amenities, like whirlpool tubs, pools or high ceilings end up being expensive burdens in retirement. While they look impressive, the upkeep, cleaning and higher utility costs can quickly become overwhelming, according to Aaron Perez, CEO of Sell Your San Antonio House. “These regular costs take a big bite out of a set retirement income and can cause more stress.”
Nick Manfredi, CEO of As-Is Housebuyers, added that backyard pools are such a disappointment, nearly 40% of buyers ages 60 to 74 remove them within five years because they cost thousands to maintain each month.
2. Two-Story Homes and Accessibility Challenges
Many retirees later regret buying homes with stairs, long hallways or inaccessible bathrooms. While mobility may not seem like an issue now, it can quickly become one — and retrofitting can be costly.
“Retired buyers have purchased two-story homes thinking that it will be fine for them but then in a few years want to sell and purchase a single-story home and have to move again which they regret,” said Danny Margagliano, a Realtor with Destin Property Expert.
Moreover, Manfredi shared that older buyers who put in stair lifts and other alterations spend an average of $9,700 to make the home more accessible.
3. Expensive Trendy Designs
Many retirees “get lured into doing what is trending in the market at the moment,” said Chase Baxter, Realtor and owner of Spokane Cash Home Buyers. Trends are short lived and can cost money to update when it’s time to sell.
“Make the large, costly aspects of your home timeless and unadventurous, and apply the trends more cost-efficiently with small things, like wall paint, decor or throw pillows, which are easily changed,” Baxter said.
4. Oversized Homes and Hidden Costs
The appeal of large spaces often fades once retirees face the higher bills that come with them. Bigger homes mean higher energy use, insurance premiums and property taxes, all expenses that can erode a fixed retirement income.
“Retirees who choose to live in larger homes face two major financial challenges, according to Ben Kruse, South Jersey Realtor and founder of Choose Kruse. “Their property taxes rise and their utility costs increase, while they experience problems with their home layout because [of] issues with long hallways, recessed living areas and/or awkward bathroom accessibility.”
Bigger homes also have bigger insurance bills, among other costs, according to Perez. “These additional expenses can be difficult to manage, especially if you are accustomed to a smaller home.”
5. Poor Accessibility and Proximity
Even when a home checks every box, location oversights, like distance from healthcare, family or amenities, often lead to regret. Retirees who test the lifestyle before buying tend to be happiest long term.
“Many retiree homebuyers focus on the home or neighborhood so much that they don’t realize that the location may be further than they want from the doctors,” Margagliano said. “I’ve seen this make for frustration and a desire to have a home closer to the doctors and specialists.”
Manfredi’s advice is to walk the neighborhood when traffic is light and check to see how far medical services are before you sign anything.
Kruse agreed that testing the lifestyle in a neighborhood before purchase can reduce buyer’s remorse. “[C]heck the neighborhood during winter months, perform daily tasks, review utility records and picture how the house will function in the future.”
In retirement, your focus at home shouldn’t be on luxury or size but ease, safety and sustainability for the years ahead.
More From GOBankingRates
