Consider expenses, taxes, and your peace of mind. If you’re planning on buying a house soon after retirement, you may not have the time to spread withdrawals out over several years. Never buy a house based solely on the market. For example, Mr. and Mrs. Smith have a house in Toronto they have just sold for $1.5 million. Buying Pros and Cons. Buying Pros. Buying a new home in retirement isn't always wise. 3. 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. Buy when you’re financially ready. They have decided to move to Niagara-on-the-Lake and buy a bungalow for $850,000. Buying a House Near Retirement Age: Should I Take Out Mortgage or Pay All Cash? As a retiree you don't need a third or fourth bedroom. Even if you’re financially ready to buy a home, you should still be sure your heart is in the purchase. A mortgage is a big expense, and even if you do get approved for one, it isn't always the smartest financial move. Here are five reasons why you should buy now rather than wait until you retire. They should consider a ranch-style home or a house that has a master bedroom and bathroom on the main floor." 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. 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. Pros and cons of financing a home with debt when you're over 60. Whether to rent or own in retirement is a big decision that should not be taken lightly. This will give them approximately $600,000 (after costs) to live the retirement they have been dreaming of. 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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