Given the favorable prices on real estate these days, it’s no wonder that there’s a growing trend of folks buying their retirement dream home long before retirement time. You probably have an idea of where you’d like to retire to – maybe it’s somewhere you currently vacation or a place closer to your kids and grandchildren. Wherever it might be that you’re headed for your non-working years, here are some tips to keep in mind if you decide to shop for that retirement home in advance:

• Know the market: Just because you vacation somewhere doesn’t know you know what’s reasonable and what’s not. Establish a relationship with a local Realtor who can keep an eye on things and alert you to properties that offer you the most bang for your buck.
• Have a plan B: If you’re buying in advance, we all know life can change. Make sure you establish a plan for what you might do should your retirement goals change.
• Know your financial threshold: Buying early means potentially two mortgages. Work with your financial planner, CPA or hash the numbers yourself to make sure you’re covered in case your financial picture changes.