Relocating After Retirement | Tampa Home Specialist

Posted by Jeff Launiere on Sep 13, 2011 in Blog, Real Estate | 0 comments

Unlike earlier generations of retirees who paid off their mortgages and retired in their family home, today?s Baby Boomers are looking to capitalize on home equity to enhance their retirement savings.

If you?re considering a ?relocation retirement,? below are a few points that may inform your decision. Here are some discussions you should have before making any decisions about relocating, downsizing, or trading up:

1. Speak with your spouse or partner first, even if you think you?re both of the same mind. Don?t just assume that you?re in agreement.
2. Consider the cost-of-living in a different part of the country. There?s a pretty big swing between Tampa, Florida and San Francisco, CA for example.
3. Consider whether your plans are realistic. For example, could you really live in a 2-bedroom after spreading out for years in your present 4-bed/3-bath?
4. How much will the ease and pleasure of retirement depend on family and friends? What are the pros/cons of moving nearer/farther away?
5. Consider the potential impact of capital gains if you have substantial equity in your home and speak with a tax professional.

Relocating to a more affordable area as well as to a smaller home is a strong strategy. But real estate values and property taxes can vary immensely by locale, even within the same state. Research thoroughly. Also, you want to spend significant time in the location to make sure its compatible with your lifestyle, pace, and interests.

I enjoy helping retirees navigate these decisions and would welcome the opportunity to help you if you?re thinking about relocation.

Contact me: 813-469-3163 or email me at Jeff@TampaHomeSpecialist.com.

Source: http://www.tampahomespecialist.com/2011/09/relocating-after-retirement/