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Thinking of Moving In Retirement? Be Sure To Do Your Research

Thinking of Moving In Retirement? Be Sure To Do Your Research

By Susan Williams

Are you thinking about moving in retirement?

Whether it’s to downsize, reduce your costs, cash in on your home equity or move closer to family – making a move can be both a challenging and exciting time.

However, before you make the leap be sure to do your research.

The following video from CNBC provides some good tips for you to consider before you pack up your home and lives and head for another location.

Here are some of the highlights;

Research, research, research

Moving homes can be a stressful and exhausting activity and the last thing you want to do is find out at the end of it that you didn’t make the right decision.

What’s the crime rate? What is the weather like? Is transportation readily available – to support you now and also as you get older? What is the economic situation like? Is healthcare available? How close will you be to family and friends?

These are just some of the questions that you need to research before deciding on your new place to live.

Location and Lifestyle

Many retirement communities have great amenities within their complexes. Pools, tennis courts, social clubs can be great however if this doesn’t actually interest you then you could be paying monthly association fees for something you may not use.

Try Before You Buy

Moving can be very expensive so you want to avoid any unnecessary moves. When you have decided where you would like to live in retirement, it is suggested that you take a month first and actually live there to make sure that it actually is where you want to be. Be sure you test and move around the area to see how close you are to the services that you need. Also, if you’re moving away from family (for example to a warmer climate) be sure that you will be able to actually live that distance from them.

Consider the Cost

When selling one home and getting the equity from it, you may be tempted to overspend on your new home. Be sure that you set your budget and stick to it. Also make sure that you check out the cost of living and taxes of the new area that you are moving in to make sure that it’s not going to eat away at your savings faster then you can afford.

Moving in retirement can be exciting – you just want to make sure that it’s the type of excitement you want!

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Susan Williams is the Founder of Booming Encore. Being a Boomer herself, Susan loves to discover and share ways to live life to the fullest. She shares her experiences, observations and opinions on living life after 50 and tries to embrace Booming Encore's philosophy of making sure every day matters.