According to a new article from U.S. News & World Report, retirement is a good time to reassess your real estate requirements, highlighting seven issues to consider as you contemplate where you will live in retirement.
You may no longer need a large home with several bedrooms, and downsizing can add cash to your nest egg. But you also need to think carefully about the new needs that will arise as you age.
If you envision relocating to a warm sunny clime, you need to do a lot more than just dream about it. Do your research on towns and neighborhoods, including crime rates, access to public transportation and the taxes, insurance and other expenses of carrying your new home. Be especially aware of health care options. Find out if there is a medical facility nearby with doctors who are accepting new patients and covered by your insurance network. If you intend to relocate near your children, make sure it’s a place where you’d be happy even if your children weren’t there, because a new job offer may come along, and then they won’t be.