Retirement is a reward for working hard for decades. You deserve to relax in a town that you love in a house that feels like home. During this time of new beginnings, perhaps you’re ready to find somewhere new to live. Here are the things you should know when buying your dream retirement home.
Establish a Realistic Budget
Property Taxes
Property taxes provide funding for local services such as education, infrastructure, and public safety. Taxes vary by location and can greatly impact your overall expenses.
In New Mexico, property taxes are relatively low compared to other states. The average effective property tax rate in the state is around 0.6 percent. This is just one of the reasons why New Mexico is an attractive option for retirees.
Mortgage
It’s essential to work with a financial advisor to understand the best mortgage options available for your situation. Fixed-rate mortgages can provide predictable monthly payments for easier budgeting.
Seniors may choose a Home Equity Conversion Mortgage (HECM) to purchase a new house because it allows them to tap into the equity of their current home while eliminating monthly mortgage payments. The government-insured loan program relieves homeowners aged 62 or older of the financial burden of a new mortgage so there’s more cash flow for other expenses.
Special note: With Turtleback Mountain Resort, you can currently lock down an extra low interest rate of 4.875 percent. Take advantage of this limited-time offer to buy a luxurious home at a very affordable price!
Income
Consider all potential income streams, including Social Security benefits, pensions, savings, and investments. Assessing your income helps you determine how much you can allocate toward your new home without compromising your lifestyle.
Choose a Property That Can Age with You
Homes Become Less Accessible
Over time, homes become less accessible because of mobility issues. Narrow hallways and steep staircases pose difficulties. When choosing a retirement home, consider features that enhance accessibility and ensure comfort for years to come.
Important Household Features
Wide hallways and entryways provide ease of movement, especially for those using mobility aids. Single-level homes or properties with minimal stairs reduce the risk of falls. Features like walk-in showers and ample lighting are also favorable components that increase safety and convenience.
Love the Location
Climate
New Mexico’s climate is one of its most appealing attributes. The state enjoys a pleasant, arid climate with plenty of sunshine throughout the year. Mild winters and warm summers create an inviting environment for outdoor activities and relaxation. The abundance of sunny days allows you to enjoy your favorite hobbies and stay active year-round.
Amenities
Retirement means you have more free time to explore new and old hobbies. Living in a location that’s full of activities is just what you need!
New Mexico is home to the championship Sierra Del Rio golf course. It features a clubhouse with delicious dining options and plenty of other amenities coming soon, including a pool, spa, fitness center, bocci ball and tennis court, and so much more!
Elephant Butte, NM is also a popular town for its beautiful scenery and recreational opportunities. Enjoy exciting activities like kayaking, fishing, or relaxing in the mineral hot springs at the world-famous Elephant Butte Lake. Or take advantage of the relaxing mineral water hot springs just a short drive away in Truth or Consequences, New Mexico.
A strong sense of community adds to the location’s appeal. When a town is full of peers with similar interests, it’s easier to build friendships. Plus, the amenities provide the perfect outlet to make new connections. Local events, clubs, and more will make you feel like you belong.
Family
Finding a home near your children and grandchildren offers comfort and support. It’s ideal for regular visits, spontaneous gatherings, and support in times of need.
Some retirees have a more adventurous spirit and are willing to make distance work for the sake of their dream retirement location. With our high-speed fiber optic Internet, staying connected to family and friends is simple and seamless. Whether you’re video-calling loved ones across the country, streaming movies together, or sharing life’s special moments, you’ll never miss a beat.
Access To Health Care
Senior adults should value proximity to medical facilities. That way, whenever you need care, a clinic or hospital will be nearby. It’s the best way to resolve concerns promptly and live a healthy lifestyle.
Buying an Older Property vs. a New Building
The Downsides of an Older House
Older homes exude charm and character, but they’re more likely to come with hefty expenses. Electrical and plumbing systems require costly updates due to a lack of energy efficiency, evolving safety standards, and natural wear and tear.
Another factor to consider is accessibility. Older designs are less likely to feature amenities that cater to mobility issues, such as wide doorways, step-free entrances, or level flooring. This would require you to embark on renovations down the road.
The Perks of Purchasing a New Building
When buying a new home at Turtleback Mountain Resort, you can add features that suit your preferences and needs. Imagine having large closets, a fireplace, and high ceilings, which all come standard, while being able to add custom features to make the home just the way you want it.
Energy efficiency is another benefit. Modern homes often include components like LED lighting, durable insulation, and tankless water heaters to reduce monthly utility bills.
You also won’t have to worry about moving into a construction zone. New homes are move-in ready. Everything from the roof to the foundation is structurally sound, so unexpected repairs or renovations aren’t a concern.
Bonus Tip: Visit the Location for More Insight
Browsing online for beautiful homes for sale in New Mexico is one way to picture your dream home, but you can bring the vision to life by visiting the town itself. Explore different neighborhoods to gauge the community vibe and amenities. Spend time in each area to understand the lifestyle you could enjoy there.
Engage with the residents to learn more about their experiences. Check out nearby shops, parks, and recreational facilities for daily convenience. Attend local events to immerse yourself in the culture and community spirit. This one-of-a-kind experience will tell you what you need to know before buying your retirement dream home.
Turtleback Mountain Resort is a vast and versatile community surrounded by nature. Each property is thoughtfully constructed to complement the scenery of the mountains and mesas. If you’re enamored by the tranquility of the location and the beauty of the homes, visit our website to learn how to turn one of these houses into a home.
