Published: January 07, 2015 03:15 PM. Buy when you’re financially ready. Buying a new home in retirement isn't always wise. Even better, rent the house out in high season and visit regularly in the offseason. Should I rent or buy a home in retirement? Here are five reasons why you should buy now rather than wait until you retire. Buying Pros and Cons. If you’re planning on buying a house soon after retirement, you may not have the time to spread withdrawals out over several years. [See: 10 Tips for Finding a Great Place to Retire .] Buying Pros. Whether to rent or own in retirement is a big decision that should not be taken lightly. As a retiree you don't need a third or fourth bedroom. 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. This will give them approximately $600,000 (after costs) to live the retirement they have been dreaming of. ... running out and buying a new home will likely not make financial sense. A mortgage is a big expense, and even if you do get approved for one, it isn't always the smartest financial move. So, before you make your decision, consider the pros and cons of buying a house. For those who have the means, buying a second home during your working years can offer a pre-retirement trial period. 3. They have decided to move to Niagara-on-the-Lake and buy a bungalow for $850,000. They sell the house and rent an apartment for $2,000 a month. They should consider a ranch-style home or a house that has a master bedroom and bathroom on the main floor." Say they did not have a mortgage and, after closing and moving costs, clear $480,000, which they invest in … 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. 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? 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