How do you go about finding a cheap place to retire? It takes quite a bit of research and information gathering, and the best time to start is now – even if you haven’t retired yet.
Great sources include friends and relatives (particularly if they have found a cheap retirement place), a real estate agent you trust, chambers of commerce, government demographic websites and tourist bureaus.
If you are wondering about prices, there are some great websites that allow you to enter a location and see a map of home prices and sales. Three such sites are Realtor.com, Trulia.com and Zillow.com. These sites have mobile device apps as well. This process helps identify cheap places to live and retire.
If you want information about neighborhood demographics, both the US Census website and Bestplaces.net are great sources. You can find information about weather, housing, transportation, people, cost of living, school systems, water and air quality and much more.
Once you’ve narrowed your search to a small number of locations, go there and explore. You’ll want to know about health care facilities, shopping centers, food outlets, as well as arts and cultural activities. How are the prices for services and commodities?
To keep spending to a minimum, look for locations near discount stores. Save more by looking for a home near public transportation routes.
Lastly, research taxes and insurance in your prospective location(s). Real estate, sales and service taxes vary by state, even by locality. Some jurisdictions offer special tax breaks for retirees. Insurance is another important consideration. Home, car, health and dental insurance premiums vary greatly by location. For instance, home insurance is very expensive in places like Florida where natural disasters are more frequent.
When you finally are ready to purchase a home, be sure to enlist the aid of a real estate agent who understands and respects your financial objectives.
Happy hunting!
