Planning for your future retirement will require you to look at your finances holistically. Not only do you have to ask yourself if you have enough money to live your daily life, but you also have to figure out what that daily life looks like once you are the captain of your own ship.

Will you accept a part-time job? Are you going to travel or start a business? All of these things need to be considered when planning your financial future. And since homeownership often accounts for up to half of a person’s living expenses, it’s also important to consider whether you’ll even own a home in retirement.

While I am a strong believer in the power of owning real estate, I recognize that it is not for everyone. So here are some reasons why you shouldn’t buy a house in retirement.

1. You want to travel

There are many concrete financial reasons not to buy a home in retirement, but perhaps the most important reason is that you don’t want to be stuck in one place. If your retirement plans include traveling, you need to have the freedom to live in Airbnbs or buy an RV and drive it across the planet or spend half your year on a cruise ship and the other half visit the grandchildren.

Even if you get a mortgage with one of the best mortgage rates, it’s still an added expense that could end up tying you up rather than freeing you up.

2. The cost of owning a home

Buying a house is one thing, but owning it is another. Depending on where your home is located and what type of home it is, you may find that owning a home comes with considerable costs.

For example, right now in places like Florida and the Texas Gulf Coast, the cost of home insurance is absolutely high. Even here in Missouri, home insurance rates have skyrocketed and we’re not even in a hurricane zone.

And that’s not all. There are also maintenance costs and emergency expenses, which Angi estimated to be around $2,458 and $1,667 in 2023, respectively. If you’re not even home for much of the year, it becomes increasingly difficult to justify spending money on your home. This is doubly true when you’re on a budget and have to make a lot of tough choices about money in general.

3. The amount of time and energy consumed by a house

But owning a home takes more than just money. It also takes time, which you may not have much of if you have a long to-do list in retirement. Although you can do your own maintenance and repairs, you may not want to do so. And cleaning a house way bigger than you actually need? Forget it.

According to a 2022 Angi survey, homeowners spend about 44 hours per month – the equivalent of an entire week of paid work – maintaining their homes. If you don’t find joy in owning a home, you certainly won’t enjoy maintaining it all the time.

It also refers to things like traveling or just doing whatever you want. A home you own is your problem and your commitment, and you will need to balance its needs with yours.

Owning a Home in Retirement Isn’t for Everyone

Owning a home is not the guaranteed solution to everyone’s financial problems in retirement. For many people, a house can be an added hassle that they don’t want or need. If you are of an opposing opinion, go ahead and check out our list of the best mortgage lenders to help you buy the home you will retire in.

Whether you’re renting or buying in retirement, you should look at all your options to make sure you’re making a decision that’s right for you now and later.