Contact Us For A Consultation
302-644-7181 Lewes
302-697-4900 Camden

Read these tips before buying a retirement home in Delaware

Delaware is a retirement hot-spot. Our sandy beaches, proximity to urban cities and generally low property tax rates make it an ideal spot to retire. If you are planning to purchase a retirement home in Delaware, consider the following tips:

If you are taking out a loan, consider buying your retirement home five to ten years before you retire

Unless you are buying your retirement home with cash, you will need to qualify for a mortgage. If your current home has a mortgage, the bank will consider that debt when determining whether to give you a second mortgage. Most people's incomes fall after retirement, making it harder to qualify for a second mortgage.

If you are financing, classify the property as a second home, not an investment property

It can be harder to get loans for investment properties. Loans for investment properties also often have higher interest rates and require larger down payments. For example, many investment loans require a 20 or 25 percent down payment.

Look at the property like an investment

While it's true that your retirement home should meet all your retirement dreams, you still need to be smart about the decision. Homes in certain areas - such as beachfront properties - tend to retain their value and appreciate faster. Properties in walkable neighborhoods with shopping and restaurants nearby and other amenities also tend to be good investments.

Real estate can be a great investment, especially if you are hoping to leave a legacy for your children. Make sure you choose a home that will hold its value, not be too costly to maintain and will increase in value over the years.

Choose a low-maintenance home

If your retirement plans involve travel, or living in more than one location, consider a condo or other low-maintenance property. Being able to lock the door and take off for six months without worrying about - or paying for - lawn service and other exterior upkeep is invaluable.

Think about the future

People are living today longer than ever before. Your needs and abilities as a 55 or 65- year-old will be greatly different in 15 or 20 years. Consider buying a one-level home so you won't be required to walk up and down flights of stairs as you age. Also consider proximity to doctors and other health care professionals, as well as family.

No Comments

Leave a comment
Comment Information

What Our Clients Say About Us…

My wife and I would like to take this opportunity to highly recommend the legal practice of Bonnie Benson and her very professional staff… Bonnie and her staff are organized, engaged in the client's case and they communicate effectively.

Read More
Latest Blogs
Get The Help Now

Need Answers Now? Contact Us Immediately

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

your success. our commitment. elder counsel excellence in elder law  and special needs state bar delaware association

Camden Office
306 East Camden Wyoming Avenue
Camden, DE 19934

Phone: 302-697-4900
Fax: 302-697-4901
Camden Law Office Map

Lewes Office
33718 B Wescoats Road
Lewes, DE 19958

Phone: 302-644-7181
Fax: 302-644-7182
Lewes Law Office Map

We Accept visa mastercard discover network
Review Us