Looking to find a new home for your Golden Years? You’re right on trend! According to the National Association of Realtors’s recent Home Buyer and Seller Generational Trends Report people between the ages of 52 to 61 made up 16% of home purchases, while older adults between 62 and 70 made up 14% of recent homebuyers. The next question is, where do you want to buy?
If Miami isn’t on your list, you definitely need to add it. The city is arguably one of the most diverse and dynamic cities in the entire United States. U.S. News lists Miami as #21 on its “Best Places to Retire in America” list, which is based on a variety of important factors including quality of life, crime rates, cost of living, and weather. In Miami you’ll find fun, sun and a great vibe – what more could you be looking for?
Here are a few tips to keep in mind if you are ready to downsize for your Golden Years and find a new home:
Establish Your Budget
Figuring out your budget (and sticking to it) should be the first thing on your list when it comes to house hunting for retirement. Getting a handle on your finances isn’t as easy as some might think. You’ll have to have a solid sense of what you can actually afford during the years after leaving your career job. This takes a lot of digging, planning, adding and subtracting. It’s a lot of work, but it is so incredibly important.
Luckily, Miami is located in Florida – which receives top marks across the board when it comes to affordability for older adults. As one of the most tax-friendly environments you’ll find anywhere in the US, SmartAsset names Florida as the “ultimate destination” for retirees who want to keep as much of their income in their pockets as possible. The state is one of a handful in the US that does not have an income tax, which means all forms of retirement income, including Social Security, public and private pensions, are also tax-free. Also, Florida’s sales and property taxes are about even with the U.S. average. This separates the state from other income-tax-free states, who generally make up for the lost revenue with high taxes on property or sales.
Target Homes Friendly for “Aging in Place”
Purchasing a house for your retirement years is a totally different experience when compared with buying a house as a young adult. Your health needs and mobility limitations could end up affecting the way you live in a home – and this is something you’ll need to keep in mind throughout your house hunting journey.
Working with an experienced real estate agent can help you find the best homes for your needs and preferences for the years to come. Examples of home amenities that are key for healthy and safe senior living conditions include:
- No step entryways
- One story floor plans
- Wider doorways
- Open floor plans with extra floor space
- Bathrooms with safety features, such as shower rails
Consider Your Other Living Options in Miami
It’s possible that while house hunting you could decide that buying a home isn’t the best choice for your Golden Years. That’s perfectly normal – and luckily, there are plenty of other options for you to choose from in Miami. The best one for you will depend mostly on your needs and preferences.
One option you can consider when deciding which living option in Miami is best for you is a retirement community. A retirement community – also known as a “55-plus community,” is a planned neighborhood designed especially for older adults who want to remain independent but would rather avoid the worst parts of homeownership. Plus, many retirement communities offer luxury amenities to help keep you happy and healthy – such as swimming pools, fitness centers and happy hours. These sorts of amenities can help you relax and enjoy the sun all throughout your Golden Years.
If you think you may need assistance with activities of daily living as you continue to age, you should know there are still great options in Miami. If you have health concerns that go beyond what you think you can easily manage on your own, there are a host of assisted living facilities and other senior care options in the Miami metropolitan area.
Ready to House Hunt in Miami?
If you have any other questions or would like more information about living in Miami, contact Lauren Hershey, Realtor today! We are constantly thinking “outside the box” – which helps position our clients to find their perfect home. We look forward to working with you.