If you're thinking about retirement, you may be wondering if it is wise to invest in Beverly Hills real estate later in life. The fact of the matter is if you've always dreamed of owning a home or if you currently own a home, buying real estate later in life may be a great investment for you. Read on to find out some of the most commonly asked questions about buying a home during your golden years.
Can You Get a Home Loan If You're Retired?
Banks won't care whether you are retired or not when it comes to approving you for a home loan. What they do care about is that you have a steady stream of income to pay off the loan. This can come in the form of pensions, Social Security, stocks, and other investments. As long as you can prove that you have the means to make loan payments, you should be able to secure a loan.
Are Some Loans Better Than Others?
If you are old enough to be on the verge of retirement, it is wise to get the shortest loan that you can possibly afford. One distinct advantage to getting a 10-year or a 15-year loan is that you can also secure the best interest rate that home loans have to offer.
Before you get your loan, make sure to shop around to get the best rate possible. Many times, credit unions can offer loans at a lower rate. You only need to have a small account with the credit union to qualify for member benefits. Whatever bank you choose, try to keep your upfront costs as low as possible while securing the best interest rate.
Will a Home Change My Lifestyle?
You have to think about what you want to do in your later years. Are you content having a place to call your own? Do you imagine yourself spending your golden years relaxing close to home? If you do, then a home might be the perfect choice for you.
On the other hand, if you picture long, adventurous trips as part of your retirement, you may find that a condo or apartment might free you from all of the maintenance costs of home ownership.
Are Homes Considered an Investment?
Home ownership is one of the greatest investments of your portfolio. You have the power to increase the value of your home by adding upgrades inside and out. You are constantly paying off your home, and if you can do it quickly, you will be spending your retirement years living in a fabulous investment. Just make sure to work closely with your realtor to make sure that you are getting into a home that will increase in value over time.
There are a lot of beautiful homes and neighborhoods in Beverly Hills. It is a great place for anyone to live. If you are in the market for Beverly Hills real estate, call you realtor so that you can see all of the great homes on the market.
