What Is Your Palm Springs Retirement Strategy?
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. Given that equity, they may begin a new lifestyle and a new life. Part of that decision may be to buy a Palm Springs Home.
Given that the prices are at their lowest and mortgage rates are still at historic lows as well, this is the time to make your move.
Part of the allure of Palm Springs and the surrounding desert cities lifestyle is all about our laid back living. With our mild winters and the warm spring and fall, we are a year round resort offering golf, tennis hiking, biking, walking and so much more.
Below are a few points you might like to share at home to start a discussion about relocating, downsizing, or trading up:
Discussions You Should Have:
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. Decide what lifestyle and climate you prefer. And also look at population density. Does Phoenix really appeal to you if you want a slower yet active outdoor life?
2. Consider the cost-of-living in a different part of the country. There’s a pretty big swing between rural Florida and urban San Francisco so a great first step to determine living costs in any given area is by talking to an experienced Realtor who’s been working in the market you are considering.
3. Consider whether your plans are realistic. For example, could you really live in a 1-bedroom condo after spreading out for years in your present 4-bed/3-bath? Do you want to keep up a home again or maybe its time to live in an association that does it for you?
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? This is an important consideration.
5. Consider the potential impact of capital gains if you have real equity in your home– speak with a tax professional to know what to expect and then plan accordingly.
Relocating to a more affordable Palm Springs 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 and know that with prices so low now, your tax bill may go down.
Also, you want to spend significant time in the area to make sure its compatible with your lifestyle, pace, and interests. We can help with arrangements to stay at local Inns and Hotels.
Want more information about Palm Springs and the Desert Cities ?
Need help on deciding What Is Your Palm Springs Retirement Strategy?
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