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Should You Make A Move Before or After Your Retire?

shannonjones Buying a Home , Featured Articles , Real Estate , Relocation , Selling a Home Leave a Comment

For many people, retirement represents carefree living, financial freedom, and a slower, more relaxed day-to-day pace. For all of these dreams to become a reality, some well thought-out planning is required before you retire.  This is especially true if you’re thinking about making a move around the time you transition out of the work force.

If you’re still working, but plan to retire in the near future, now’s a good time to weigh out the difference between having more time, but less disposable income.

But is now the time to move? Your timing depends on where you are financially and where your goals lie. If you move while you’re still working, you’ll still be collecting your salary, which will help with paying for a property, moving costs, and unexpected expenditures. If you’re not working, you’ll have more time to invest in a move, but less money available to help with the process.

Why You Might Want To Move Before You Retire

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Financial reasons can rank at the top of reasons to move before retiring. If your current financial situation is tight, especially due to high mortgage payments or regional taxes, transitioning into retirement in your current home may not be a great option. Once you have a set income, the challenges you currently face could grow. Finding a new, less expensive community might be at the top of your list.

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Location is another consideration. Your motivation may be to move closer to your children or other loved ones. Or perhaps your end goal is to move to a community that will be more conducive to your eventual retirement lifestyle, allowing a stroll along the beach or a round of golf. A change of climate or lifestyle might be just what you’re looking for. Making a move while you have extra income could be a plus.

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It can also make sense to make a move while you’re younger, as you’ll have more energy to pack, make renovations to your new home, and explore your new surroundings. Having a steady income can  give you more freedom to attend local events, be active socially, and make all of the house renovations you want to make your new community feel like home.

Why You Might Want To Wait

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There can also be some significant drawbacks to moving before you retire. Will you be able to continue working and earning money in a new location? If not, a potential relocation would involve finding not only a new place to live, but also finding new employment later in life.

Buying a home, planning, and executing a move also involves a lot of time that you may not have if you’re currently working. Selling your current home is another consideration if it needs renovations prior to selling.

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The time to plan and move at your own pace is its own form of freedom . While you may face greater financial constraints after you retire, if you’ve planned accordingly, you’ll be able to navigate your move by your own design. You may be looking a downsizing, and  if done right, this can lead to fewer financial concerns long-term and more time to enjoy all the things you’ve worked hard for over the years.

Find The Option That Fits You

No matter which choice you make, working with an experienced Realtor can make meeting your retirement moving goals an easier accomplishment. We can help you sell your current home fast and get the most out of your sale. We also work with a team of agents nationwide that can help you find the retirement home of your dreams if it’s in another location. Contact us today to review your plans, whether you decide it’s going to be sooner or later.

Tip For Those Who Are Downsizing Within California

Under Proposition 60, homeowners 55 and older get a one-time chance to sell their primary residence and transfer its tax base to a new one. The market value of the new home generally must be equal or less than the market value of the old home.

Proposition 90 allows individuals in participating counties to transfer the tax base to another participating county. Currently Alameda, El Dorado, Los Angeles, Orange, Riverside, Santa Clara, San Bernardino, San Diego, San Mateo, and Ventura permit such transfers.

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