Choosing a location for your retirement home or second home can be challenging as well as exciting. When purchasing your primary residence during your working years, you may be tied down to a certain geographic location due to where you work, where the kids go to school, and other such factors. However, these constraints are not in place when choosing a location for your second home or retirement home. You have far greater flexibility to choose a location, and you may even be considering a location that is a good distance away from your current home. There are some key factors you should consider when making this decision to ensure the best possible experience for your new investment. Consider these points:

Your Interests: Whether shopping for a retirement home or a second home, you want its location to offer plenty of enjoyable activities and perhaps some gorgeous scenery as well. Consider locations that may be located near family or that may be in close proximity to attractions you enjoy such as sporting venues, shopping destinations, beaches, golf courses, or other interests. Also keep your future travel plans in mind. Many new retirees fail to foresee the amount of travel they will be doing over the coming years, whether for vacations or family visiting. A new home with quick access to major highways, airports, or rail lines may save heavy travelers both time and money over the longrun.

Availability of Healthcare Services: You may have big dreams of living out in the country and miles from your nearest neighbor. However, you do want to consider searching for a location that is within close proximity to healthcare services. Accidents and illnesses do happen, and there may be times when you or your family need immediate medical attention. Don’t sacrifice health security for complete isolation.

Tax Benefits: Some states, such as Delaware, and municipalities will be far more affordable for homeowners during retirement because of tax certain tax benefits. For example, Delaware is a very popular retirement destination because it offers a low property tax rate, no city taxes except in Wilmington, no sales tax, no tax on Social Security income, and no inheritance tax in most cases. Take time to research taxes that you may face in certain states before making the decision where to move.

Rental Income: Financial experts many times will suggest purchasing the home before retiring, and this strategy has two clear advantages. First it allows for easier financing, as mortgages are easier to obtain pre-retirement when you can prove steady income. Second, purchasing a home before retirement allows you to rent the unit until retirement, easily building equity in your new purchase. In some high demand vacation locations, the rental income may be high enough to pay for the mortgage and then some, immediately providing a return on your investment. Choosing a home in a desirable location can help you to enjoy the benefits of easily renting out your home when you are not living in it.

Keep these points in mind as you search for a great location for your second home or retirement home.

23 thoughts on “Tips for Purchasing a Home for Retirement

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