This is a collaborative post.
Retirement is a time almost unlike any other. If you have financially planned correctly, you can likely enjoy a long and fulfilling retirement, less worried or intensely rushed regarding how your income will keep. However, as with anything in life, frugality can pay in the long term. It all depends on your perspective, and what choices you are willing to make.
Finding a place for retirement is one of the first things you might consider. Many people, while likely having had paid their mortgages off at this point, still prefer the idea of living elsewhere, especially if needing to spice things up. This might sound like an ideal circumstance, but it will take some work and some planning beforehand.
In order to adapt to this, you might consider the following:
The location means everything when you’re trying to find somewhere for retirement. It might be that you’re motivated by a certain climate. It’s not hard to see why living in warmer weather might be more comforting and healthy during the golden chapter of your life compared to a freezing winter. This isn’t to disparage cold places, as that might be your preference. However, your needs and wants should fall into alignment here when making that decision.
You might also choose to live in a new country. Not only can this help you absorb a new culture, or become familiar once more with one you love, but it can open up a whole range of opportunities. If you hope to eat authentic and wonderful cultural food for the rest of your retirement, somewhere in the artisan areas of Europe might be ideal. It might be that you hope to connect with your cultural roots once more. No matter your motivation, you can be sure to find something that will suit your taste across climates and borders, so be sure to throw everything into consideration.
Consider the population of your potential new place of living. Do you prefer intense urban environments, or more cool and relaxed villages with a strong sense of community? It’s likely you consider the latter to be more preferable in retirement, but of course you and only you can make that decision. This will dictate the kind of contingencies you have to put into place however, so that can be important to consider. For example, an old quaint Sicilian village might not have the most competitive internet speeds. It all depends on what you wish to prioritise.
Moving internationally is also not the most easy of circumstances. Remember you will need to learn plenty to do this, from new housing laws and regulatory bodies that help you make the purchase, to the general manner in which business contracts continue and are developed. The international perspective is intensely important to consider, because it will determine not only your move, but how well you settle in. Learning a new currency, a new language, a new mode of legal process and many other situations of novelty could be ideal, but only if you’re prepared for it and know what you’re getting into from the start.
Of course, as someone in retirement it’s likely you aren’t the most active and able to defend yourself from threats. This isn’t to suggest all retirees are weak, far from it. It’s just that they might consider their home security as a priority before moving in. It might be you simply wish to look for properties with high fencing around the perimeter, as installing that yourself is not something you wish for at this age. You might wish for a property in a safe area with a low crime rate, or with a connected sense of community.
If you are bringing valuables or setting this up as your home investment, you also hope to secure against asset lost or vandalism. For example, a lodge near a stadium might be open to graffiti or other forms of aggro. It’s not absolutely clear how you might consider your security to be prioritised, only you can determine what is most important to you. However, making sure this is high on your list can allow for a happier situation when you move in, and for a longer and more enjoyable time as a retiree.
Proximity To Family
Many retirees thrive on their connection to family. Moving abroad or far away might be ideal, but also take you away from frequent visits with your grandchildren. It might be that if a health issue arises, you are a little too far away from them to be supported in the manner you hope. It might also deprive you of much needed social contact for a time, as it takes time to develop friends in a new area. There are no right answers here, only the extent in which this affects you will likely mean you tailor your decision making accordingly.
It might be that you’re moving closer to your family to resolve these issues, in which case choosing areas can be relatively easy. Each family will be connected and have various strengths, so there’s no need to force this connection in your move if unneeded. Only those who consider this a priority might decide to factor it into their decision making process.
Properties take time to maintain and effort to upkeep. That means the ease of this might factor into your decision making when it comes to choosing a property. A large property might seem like a fantastic choice, but do you have the inclination and physical ability to clean it all to the correct extent week by week? Alternatively, do you have the funding for someone to clean once or twice a week, and maybe hire someone to clean up and maintain your garden? Properties often require a strong amount of maintenance, and sometimes we’re not all that equipped to take care of it. It might be that a smaller property in retirement is less effort to take care of, easier to defend, and is more than enough for your requirements. Of course, we’re not for a second suggesting that simply living as a retiree should deprive you from any and all forms of opulence. You simply have to make the correct decision for you and your potential future.
It might be that even if you consider upkeep possible today, tomorrow, and the next week, in five or ten years you might not be saying the same thing. Keep a long-term perspective in mind when it comes to this, and before long you’ll have the right answer in your mind.
Of course, a retirement investment can culminate in a fantastic living situation for you and your partner. However, if you have children, it might be that you consider their inheritance as another future investment. Is it worth spending thousands doing up an old property, completely reworking its interior, if you could simply find a more humble, purpose built home to save money? Conversely, might it be investing heavily in a redesign and property asset could ascertain secure property value that might even increase when it comes time to divide your estate?
Of course, this should never be the core of your decision. You have worked all your life for this time of rest, and now you should be able to enjoy it in any manner you choose. This can simply be an extra consideration that you might foresee long-term plans to develop in the manner of your choosing, and it might influence your property choice or not at all.
Your children might even consider investing in this to ensure their inheritance increases in value when the time comes, while also providing you a fantastic quality of life in the meantime. This can be a difficult conversation, but it’s certainly one worthy of having.
Cost Of Investment
Choosing a new property can be difficult. Not only must you find something to your taste as well as considering the previous tips listed in this article, but you must also consider the cost of investment in your new life. Considering where your money is coming from can help you tremendously. You might have saved all of your life, but now is the time where you might consider selling your home on top to pay for a much nicer place abroad. It might be you decide to back up your savings with a housing loan to find something to your tastes, and decide to accept those financial terms of repayment over the next years to gain something truly special.
Considering your cost of investment, how it might divide or add to your estate, and how much you’re willing to stretch that can be essential. Not only does this help you plan for the future, but helps you make more appropriate decisions for your current financial standing, either helping you optimize your purchase, helping you act more frugally, or allowing you the dream property you desire.
With these simple tips, you are sure that finding an ideal place for retirement is more than achievable.