Buying Pros and Cons. Buy when you’re financially ready. Even if you’re financially ready to buy a home, you should still be sure your heart is in the purchase. Never buy a house based solely on the market. Deciding whether to rent or buy a … 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. 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? Whether to rent or own in retirement is a big decision that should not be taken lightly. 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. For example, Mr. and Mrs. Smith have a house in Toronto they have just sold for $1.5 million. As a retiree you don't need a third or fourth bedroom. 3. So, before you make your decision, consider the pros and cons of buying a house. They have decided to move to Niagara-on-the-Lake and buy a bungalow for $850,000. A mortgage is a big expense, and even if you do get approved for one, it isn't always the smartest financial move. [See: 10 Tips for Finding a Great Place to Retire .] Buying Pros. ... running out and buying a new home will likely not make financial sense. Published: January 07, 2015 03:15 PM. Should I rent or buy a home in retirement? They sell the house and rent an apartment for $2,000 a month. Even better, rent the house out in high season and visit regularly in the offseason. If you’re planning on buying a house soon after retirement, you may not have the time to spread withdrawals out over several years. Buying a House Near Retirement Age: Should I Take Out Mortgage or Pay All Cash? Here are five reasons why you should buy now rather than wait until you retire. 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