Before You Sell the House for Retirement, Try This Lower-Risk Step First
Selling your home and moving after retirement is a big decision. If you’re moving to a new location and aren't sure it's a good fit, it can be especially difficult.
In a Reddit thread in the r/retirement community, a 59-year-old woman shared her concerns about moving again after retirement. Her husband wanted to relocate to a more affordable beach community, preferably in Florida, but she was hesitant to leave their current home without knowing whether they’d enjoy living somewhere new. Redditors recommended a lower-risk approach before deciding.
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Try Renting Before Making a Move
You don’t have to make the permanent move right away. Another option is to rent in the area for a few months or longer.
Several Reddit users recommended taking this avenue. One suggested a six-month trial in a few different communities while keeping their current home. Another suggested renting a vacation home for a few months to get a better feel for the local area.
Others shared personal experiences. One Redditor wrote that they'd rented for five years before deciding where to settle and were thankful they waited, as their first choice wasn’t a good match.
AARP also recommends spending an extended period in a potential retirement destination rather than relying on a short vacation. This gives you the chance to experience life there without committing to buying a home.
Why a Trial Stay May Be Worth It
A trial stay requires an investment, but it costs less than buying a home in a new location, only to find out it isn’t the right fit and have to move again.
A trial stay also lets you experience the area like a local. You can explore neighborhoods, meet new people, learn about the community and find out what you like and don’t like.
For instance, a beach town may seem like a great place to retire, but living there could reveal things you hadn’t considered, such as the busy tourist season, extreme weather or poor access to healthcare services.
AARP also said that retirees who move to a more affordable area may run into unexpected expenses, including higher insurance premiums, property taxes and healthcare costs.
What To Consider During Your Stay
During your trial stay, keep an eye out for a few things before making a permanent move.
1. Cost of Living
This includes housing costs, property taxes, homeowners insurance and utilities. Several Redditors warned that places like Florida can be more expensive than expected, especially for insurance and home maintenance.
2. Healthcare Access
Some commenters mentioned considering access to healthcare providers. Look into nearby hospitals, doctors and specialists.
3. Weather
Temperatures and weather may be great during some months but not others. One Redditor who has lived in Florida for 50 years recommended renting for a month in August and another in February to experience the summer heat and the busier winter season.
4. Lifestyle and Amenities
Look into the local lifestyle and nearby amenities to see whether the area offers what you want.
5. Family and Friends
Consider how far you’ll be from children, grandchildren and friends. Redditors stressed the importance of staying close to family, with some mentioning retirees who moved back to be near grandchildren.
6. Community
Spend time in different neighborhoods and talk to residents. One Redditor wrote that finding the right community is an important part of retirement.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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