Last Updated on December 20, 2022 by Gardens Home Management Services
Have you been thinking about buying a second home for retirement? Do you want to invest in South Florida but are not sure if it’s the best area to buy a property? Before making any decisions about your life after full-time work, there are several factors to consider.
The primary consideration during retirement is having enough money to live a full and contented life, so before buying a second property, it is prudent to meet with a personal financial advisor if you are not already using this service. Also, enquire with a certified tax planner about any tax breaks available in the various retirement spots you are considering.
The American Association of Retired Persons (AARP) makes the following suggestions about buying a second home:
- Know your financial limitations
- Think about the annual budget
- Do your research
- Consider alternatives such as real estate mutual funds.
What are the benefits of owning a second home for retirement, and what issues should be considered?
Benefits of Buying a Second Home for Retirement
Do you have a big family and enjoy spending time together on vacation? A second home in a favorite location, whether the beach or mountains, is a wonderful retirement purchase. Maybe you look forward to the sense of community offered by other retirees, and plan to make the second property your primary residence in future. If you intend buying a second property in a desirable area for investment purposes and rent it out, it can be an additional retirement income.
Issues To Be Considered
Do you enjoy traveling to different destinations and having interesting experiences on vacation? Then a second home in one location might not be for you. A key consideration around a vacation home is that you will pay the same expenses on your second property as you do for your main house. Add to that the travel costs and the fact that mortgage rates on second homes are often higher than those for primary homes. And then, how long will you have the energy during retirement to manage two homes and travel between them?
Choosing the Location
Before choosing a final location for your second home, make a list of the places that interest you. Then visit the area to find out if they offer the kind of community life, facilities, and lifestyle you want in retirement. Speak to local residents about their experiences in the community and how it is expected to develop. Consider how often you will visit the vacation home and what the neighborhood is like in the high season and off-season.
Management and Maintenance of the Second Home
Are you able to manage the maintenance of your primary property? As you know, maintaining a home is costly and must be done regularly to preserve its value. With a second property, the time, effort and maintenance costs double. Then there is the risk of leaving a vacation home unoccupied for an extended period, which requires a home security system and possibly a person or company to maintain the property while you are away.
How GHMS Can Help
Gardens Home Management Services (GHMS) hope you make South Florida the location of your second home, as we enjoy living and working here very much. We will take the stress of maintaining your vacation home away with all our services. GHMS offers home watch, interior house cleaning, pool and garden maintenance, pest control and other services, as well as a comprehensive estate management service. We also provide hurricane preparation services throughout Florida’s hurricane season. GHMS has the expertise you can rely on.
Gardens Home Management Services is a full-service estate management company serving the communities of Palm Beach County, South Florida. We are committed to simplifying the life of our clients and will do everything we can to reply to client communications on the same working day. Our company has workers’ compensation for our fully trained employees and are licensed, bonded and insured. Are you buying a second home for retirement in Palm Beach County and need our services? Contact Gardens Home Management Services today.