Life changes after retirement, and downsizing is a common decision for most people. After all, it makes sense when you no longer need a spacious home when your kids move out. You may want to do it to cut your maintenance workload and expenses. If you’re thinking about retiring to Texas, here are some tips to help you along your journey.
At times, seniors move to smaller homes, affordable cities, or quieter neighborhoods to embrace a minimalist lifestyle. Downsizing is not the only choice for retirees, although it seems feasible. You may even consider upgrading to a luxurious place if you retire rich.
Retiring to Texas (or Florida for that matter) is an opportunity or a fresh start. It’s a popular option for Kentucky retirees, for many reasons. Whether you want to downsize or upgrade, it makes a great place to live as a senior.
There’s a lot to consider. When should I sell my Louisville home? Timing can be tricky. Either way, relocating may seem like a challenge, and buying a new home in a different state is even tougher. There aren’t any shortcuts to home buying but it’s especially important to find a local real estate expert to guide you through all the decisions you’ll have before you. Reach out to your current Realtor for recommendations or even a referral to your new city or town in Texas.
Let us share some valuable home-buying insights for retirees in Kentucky looking to relocate to Texas.
What Makes Texas an Appropriate Location
If you are retiring to Texas from Kentucky you probably have many reasons for doing so. A recent survey by SmartAssets listed the top ten states for retirees, with Florida at number one and Texas at number ten. Nevada, Texas, and Florida are the favorites because they have a great climate and no-tax setup.
Texas is an even better option because it offers peaceful lake properties ideal for retirement living. Exploring homes for sale on Lake Austin is a great idea because Lake Austin is in the capital, yet far from the urban environment. A property in this location offers the best of both worlds for retirees.
According to the Lakefront Group, retirees planning relocation should consider Texas as a destination because it has several options in lake properties. With these options across different locations, sizes, and budgets, buyers can find one that works for them. Such properties make viable long-term investments besides offering a calm and relaxing lifestyle.
Understand the Local Real Estate Landscape
Once you are sure about moving to Texas, you must dig deep into the local real estate landscape to know the trends in demand, supply, and pricing. While Texas has no property tax, properties in some locations are more expensive than others. Austin and Dallas are the costliest, making them apt for high-net-worth retirees.
Alternatively, homes for sale in New Braunfels are likely far less expensive because of the difference in the real estate prices. According to 2023 housing statistics, the median home cost in New Braunfels is $377,900, while that in Austin is $577,400. Pricing can vary drastically in the same state, so retirees should check the facts and stats before diving in.
Consider your budget and objective to start with. You may want to save a certain amount by downsizing or investing the surplus for long-term inheritance. Once you know the number, use online resources to know the market trends and pick the best time to buy. Talking to experts is also a good idea.
Navigating the current real estate market is complex enough, but it is only the tip of the iceberg. As a retiree investing your lifetime savings in a house, you must think long-term.
Does the market offer a growth potential? What if you want to sell the property or bequeath it to your children? Can your heirs get a good deal if they want to dispose of the place? Will they want to relocate to the house at some point?
Considering Texas is a wise move in this context as well. The state has a robust real estate market, and predictions are favorable. The long-term growth potential boils down to choosing the right kind of property in a good location.
Lake Travis is another retirement-friendly location that might want to consider. It’s a lucrative option in terms of long-term growth. The residential market in the Lake Travis area is stable, so long-term investment here can be considered mostly risk-free.
Retiring to Texas Wrap Up
Retirement is a major transition for seniors, and moving to a new home may be a part of the deal. You may want to downsize or upgrade according to your lifestyle and financial circumstances. If you’re considering retiring to Texas, make sure to think through all the variables because it is a major decision that will affect your finances and lifestyle in the long run. We hope these actionable tips can show the way and help you choose a dream home for your golden years.