Heritage Buzz

Timothy Cate 410-474-8662 Laura Litten 301-399-6638 Call Now

January 20th, 2014 Leave A Comment

How To Avoid The Top 3 Mistakes People Make When Choosing A Retirement Location

1.Do you really want to live there?  Couple enjoying their golden years on the beach

Many people move to a completely new area after only a brief visit to the new location or possibly having vacationed there for one or more years.  This is just not good enough.  You need to know if you will like living there year round:  Does the climate suit you?  Are your preferred recreational activities readily available?  How far away is your family and other support network?

Our advice:  Spend at least one year in your selected location in a rental property.  You will experience a full year of climate and other seasonal variables unique to the area.  While there for the first year, you will also have plenty of time to become familiar with preferred communities for a purchase.

2. Do you really need a house (payment) that big?

We think retirement is a time when you want to kick back a little, not have to work so hard or at all.  Additionally, you want to have funds for fun stuff like travel, new hobbies etc.  So think really hard about how much house you really need.  How much of your income do you want to spend on the house and how much of your time do you want to have to commit to house cleaning and maintenance?  Then stick with it-refuse to be persuaded to buy or spend more.

Our advice:  Lean toward the smaller side when it comes to buying a home so your aren’t paying for and spending time taking care of more house than you really need.  Also, look into alternatives for when you want to host a big crowd such as a community clubhouse with rentable space.

3. Can you really find employment there?

You may not be planning to work at all but these days many people make the retirement move with the idea of some part time employment or even starting or moving their own business.  If that is the plan, but employment in your field is not readily available or there is insufficient demand for the type of business you are planning things will not go well for you in that location.

Our advice:  Do your homework!  The last thing you want is to run into financial trouble and/or be forced to make a second more expensive move in order to survive financially.  If the location you are considering does not appear to have sound employment/business opportunities:  move on to plan B.

To discuss your real estate concerns please call or text Laura at 301-399-6638 or Tim at 410-474-8662 or email [email protected] or [email protected]. You can also fill out the form below and one of us will get back to you promptly.

Leave a Reply