Never buy a house based solely on the market. [See: 10 Tips for Finding a Great Place to Retire .] Whether to rent or own in retirement is a big decision that should not be taken lightly. If you’re planning on buying a house soon after retirement, you may not have the time to spread withdrawals out over several years. Should I rent or buy a home in retirement? For example, Mr. and Mrs. Smith have a house in Toronto they have just sold for $1.5 million. So, before you make your decision, consider the pros and cons of buying a house. 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? For those who have the means, buying a second home during your working years can offer a pre-retirement trial period. Buy when you’re financially ready. They sell the house and rent an apartment for $2,000 a month. Published: January 07, 2015 03:15 PM. A mortgage is a big expense, and even if you do get approved for one, it isn't always the smartest financial move. Even better, rent the house out in high season and visit regularly in the offseason. Pros and cons of financing a home with debt when you're over 60. 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. Here are five reasons why you should buy now rather than wait until you retire. Buying a House Near Retirement Age: Should I Take Out Mortgage or Pay All Cash? Buying Pros. They should consider a ranch-style home or a house that has a master bedroom and bathroom on the main floor." ... running out and buying a new home will likely not make financial sense. Buying Pros and Cons. As a retiree you don't need a third or fourth bedroom. 3. Consider expenses, taxes, and your peace of mind. 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