Friday, September 19, 2014
Factors in Choosing a Retirement Home
What do you want to have in your retirement home? Surely, you want a place that can meet your new needs and allow you to live a comfortable life even without much help. In short, you be on the lookout for features like those discussed below.
First, you would want to spend your golden years in a relaxed environment. Some cities and places are admittedly “work places”. As young adults, people move to cities like New York or Los Angeles for work reasons; then, when they’re close to retiring, they move to more laid-back, though culturally dynamic and accessible environments, where they can play golf or be entertained, and appreciate a slower pace of life.
Second, with pension annuities and retirement benefits more predictable and fixed, a more cost-effective standard of living is preferred. As a retiree, you’ll likely be living on a fixed pension and your savings. That isn’t going to stretch very far in places like New York City where entertainment and other amenities are comparatively more expensive.
Finally, for most retirees, buying a home is better than renting. You can enjoy deductions on your property taxes and mortgage interest fees. Additionally, if this is your second home, you can rent it out at a rate that helps pay for itself, and then eventually sell it at the right time to profit from your initial investment.