Retirement Tips

Retirement Investing - Test Drive Your New Retirement Community - Part 2

October 26th, 2006 by Papabear

Yesterday we talked about renting out your house, storing your furniture and getting set up to test drive an area you’re thinking about moving to before you actually buy there. This can be one of the best retirement investments you can make. When it comes to retirement investing, it can pay you huge dividends on the money you will spend. Today we’ll talk about why you need to get to know the area better before you put spend money on a home in a new area.

One of the big benefits you get by renting in an area before you buy is you’ll get to know the various neighborhoods. This is especially important if you’re not buying in an age restricted retirement community. In a retirement community, at least you know what kind of development will be going on around you.

If you buy in a regular neighborhood in a town in, say, the Sun Belt, you could be in for a rude surprise. If you rent first in your new area, it will give you time to find out what the future development plans are for the area you’re considering. If you’ll start reading the newspaper and watching the local TV news, you can learn some very valuable information.

For example, when we moved to the town where we live now, we almost bought a particular house because it was close to the local high school and had beautiful open fields behind the house. It was only by a little research and a lot of luck that we found out that the city was about to build a huge community recreational park on that field.

Now behind the house we almost bought are youth baseball fields with stands full of screaming parents and tennis courts lighted to at least 10 o’clock every night with huge floodlights. And right next to that, they built a new football stadium for the high school last year.

The beautiful back yard of that house is now as bright as daylight at 10 pm, and the floodlights shine right into the back windows of the house. And of course, if we had bought that house and decided we wanted to sell it later because of these distractions, it would be worth a lot less than we would have paid for it.

Tomorrow we’ll talk about getting to know the realities of living in a new area.