Thinking of relocating after retirement? Maybe you are considering moving somewhere for better weather, closer to family or simply looking for a change. All of these are valid reasons to choose a new place to call home, but before you make that move, do considerable research to make sure that your expectations line up with reality.
If you are ready to relocate to an area with warmer weather and to escape the cold winters, check the climate at your potential location. If they have brutally hot summers, you could wind up swapping unbearably freezing Januarys for stifling Julys, which may not be ideal for you.
Other things to consider are cost of living and taxes. Do they have a high sales tax? Are tangible items more expensive? Once a retiree, one of your top priorities should be to keep all expenses to a minimum, and one safe way to achieve just that is to move to a cheaper town or city. It is a well-known secret that some states are just cheaper to live in than others. As a rule of thumb, inland areas are likely to be less expensive than coastal areas as far as house prices and rents are concerned. Also, smaller communities and rural areas tend to be less expensive to live than in big cities.
Without a doubt, one of the biggest advantages of moving after retirement is the chance to move closer to your children and grandchildren. Now that you do not have a job to anchor you down, it makes the perfect sense to relocate closer to your family. Moving closer to your loved ones will give you a new sense of purpose in life because you will have the opportunity to help your own kids and their kids with whatever you can. Also, the family members will be there to give you their support too, whenever you may need it.
According to recent National Association of REALTORS® data, while many retirees are heading to cities in Southern California and Florida to enjoy their golden years, others are choosing to spend the next phase of their lives in cities on the East Coast and in the Midwest. REALTORS® can be a significant help to seniors looking to find the right place to spend the newfound time they have upon retirement.
There are pros and cons with relocating from the home you have always known. Living for years in one place creates a strong emotional attachment to the home and the neighborhood; a powerful psychological bond that should not be taken lightly when deciding whether to move after retirement. But on the other hand, relocating can be a great adventure and a chance to make new memories and meet new friends. Take your time, weigh all options.
Fall is upon us, and the weather is changing. Get those pumpkins ready and have a wonderful week. Remember to do good things!
Stephanie Lemley, 2021 MBOR President