What You Need To Consider If You Decide To Relocate After Retirement
What questions do you need to ask when you decide to sell your old home and buy a new home?
Where to live after retirement is a major decision. Perhaps you plan to relocate to be near family or a to be in a more favorable
climate, such as Colorado Springs. Research the consequences of such a move in terms of the basic cost of living, access to health
care, and state and federal tax obligations.
If you are considering the advantages and disadvantages of selling your home, whether or not you plan to relocate, these are some
questions to ask:
- Can we afford monthly payments for mortgage, taxes, utilities, and maintenance?
- Will one or both of us be able and willing to take care of the house?
- Is the house a suitable place to live as we grow older and less agile?
- Will we need to draw on our home equity as a source of income or credit, or would we have more options if we sold the home and
invested the proceeds?
In addition to owning a home or renting an apartment, a number of other housing options may be available in your community, many of
which offer savings on housing expenses. These are some alternatives to consider:
- House-sharing for help with chores or added retirement income;
- Group living in a private home or one sponsored by a social services agency;
- Accessory apartments, or mobile or manufactured homes, including ECHO (Elder Cottage Housing Opportunity) housing which, if
zoning laws permit, can be installed on the property of an adult child or other relative;
- Condominiums or cooperatives which have the advantages of home ownership without the burden of maintenance;
Retirement communities which may offer companionship, recreation, and sometimes medical and housekeeping services.
Source: Federal Citizen Information Center
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