Retiring opens up a whole host of opportunities for you. One of the ones that you may be looking forward to the most is getting to live wherever you want. Many people opt to buy a second home. Finding the perfect spot to do so is the tricky thing.
Near Your Kids
If you live further away from your children, buying a home closer to them is a great option, especially if you have grandchildren. Moving closer to your children will allow you to see your family more often without always having to travel or feeling like you are imposing upon your family members.
Living near your family also gives you a strong support system as you continue to age, and it allows you to support your children in raising their families. If you are choosing to travel, having a home base near your family is also a good option so they can watch over your home while you are gone.
In Your Favorite Vacation Spot
Frequent travelers tend to have their favorite spots they go to over and over, and having the opportunity to live there is a great option. It will make it easier and more comfortable to visit. As you age, having more of your creature comforts nearby will make it more convenient. You can also host other family members and enjoy time together.
When you aren’t living there, you could also rent it out for additional income. Just make sure you have your financials all in line if you plan to use it as a vacation home. You need to account for all the taxes, insurance, and fees when owning a vacation home.
A New Country
Many retirees chose to move to a new country when they retire and to just keep a smaller home base in their home country. Retiring abroad is often a financial choice, as people can make more from their savings in a cheaper place. Other people may choose to move to a place they have family ties to experience more of their cultural heritage. The most important thing is to do proper research to figure out whether or not your chosen country is an optimal choice. It can be harder to learn a new language when you are older, so make sure you aren’t going to end up with a communication issue.
Choosing where to live after retiring can be a hard choice, but that doesn’t mean it can’t be a fun one. Consider the lifestyle you want to live and where it will be easiest to accomplish it. A pros and cons list is also a great way to see what will work best for you.
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