Retirement is not a thing to take lightly, choosing the perfect place is not an easy task and you need to have the proper information in order to make a good decision.
Given the rising popularity of movements like FIRE (Financial Independence and Retire Early), lots of millennials are becoming aware that retirement is something that you prepare for. Planning is the first step to achieve success and regardless of your age or how close to retirement you really are, this article will help you navigate through the parameters that you should look for when researching for a retirement paradise. What better way to explain this principle, than by talking about one of the top retirement places in the US?
Now, without further ado, here are 5 top tips we recommend taking into consideration when buying a retirement property.
Location, Location, Location…
Yes, we know this is a little bit of a real estate cliché phrase, but nevertheless, it is of paramount importance that you chose your destination carefully. Now, it is said that “Perfection is in the eyes of the beholder”, and what might look good for someone is not necessarily the same for the rest, but it’s hard to think about Miami’s weather and not think anything but perfection. Sunny beaches, clear blue skies, dazzling skyline, all on top of a 75°F (24°C) weather (yearly average) and very few rainy days. If you live in rainy Seattle and you’d like to remember what sunshine feels like, Miami is the place for you.
The lifestyle that you want!
Your needs are the most important factor to take into account, so before making any decisions you should take the time to fast-forward in your mind and think about what you want and what you really need. Are you the peaceful and quiet retirement kind of person, that prefers the panoramic view of sandy beaches and crystal-clear water? Or, do you envision yourself in an active lifestyle, enjoying the nightlife experience, high-end restaurants and luxurious views of the skyline? Why not both? Miami is home to all of the above and more, you can take it slow and enjoy the beach or you can feel the roar of downtown Miami and all it has to offer, so it’s a matter of choice.
Taxes and money…
No clever title here, because to be honest, no one likes to talk about bills and taxes! But this is a very important topic and we’ll try to make it short and easy, so you won’t get bored. You should look for a place that offers the best conditions in order to put your mind at ease and stop thinking about money. That being said, Florida is one of the few states that offer NO INCOME TAX, but not just that, there’s also no state tax and no inheritance tax either, so these exemptions will make your money go further. Before making any decisions, you should always consult your financial advisor on these matters.
Easy access for travelling
Retirement is a time to enjoy life, and therefore creating quality moments is essential to achieve this goal. If you want to pack your bags and go travelling, experience new cultures and fill the pages on your passport, then, you should pick a place that offers a state-of-the-art airport with lots of connections (both national and international). If you wish to host your loved ones, it’s important to choose a well-connected location. Imagine taking a cruise around the Caribbean or flying to Rome for a month of fine Italian cuisine. At the Miami International Airport, you’ll find everything that you need to make it happen. You can almost picture your family coming in to visit you for the holidays, imagine taking them shopping downtown or taking your grandkids on a road trip to Walt Disney World in Orlando which is only a few hours away. Now, if that doesn’t win you the “favourite grandparent” title, maybe a trip to Universal Studios will!
Nowadays people are able to live active, healthy lifestyles well into their retirement. In fact, with even more time on their hands to dedicate to their health and wellbeing. Nevertheless, it can’t hurt to have top of the line medical care at the tip of your fingers. Miami offers several health care facilities around the city, giving excellent options and solutions for your needs, with institutions like the Jackson Memorial Hospital that is the major teaching facility for the University of Miami. On top of that, the excellent weather and low pollution is a perfect combination for people who suffer from respiratory problems, allergies and joint pain.
To summarize, choosing to buy a real estate for your retirement, needs time and shouldn’t be rushed, your needs are the most important thing here, but you should be smart and use the parameters that we gave you to make the best decision and remember to have fun in the process.