Are you thinking about moving to retirement? 5 factors to consider when choosing your new home

Careers can keep people in a particular city for a long time, and that’s not always a bad thing. But sometimes you reach retirement and you just want a change. Maybe you’re sick of all the snow and want to move somewhere warmer. Or you’re thinking about getting closer to friends and family.

These are all valid reasons for wanting to move in retirement, but they may not be the most important factors to focus on. Here are five factors Americans 55 and older ranked as most important when choosing a new home, according to The Motley Fool’s Best States to Retire Research.

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1. Quality of life

Quality of life can seem a little hazy at first. Here, it refers to what types of resources and activities an area has. In our survey, quality of life included the following factors:

• Prevalence of retail and dining options.
• Outdoor activities.
• Cultural activities.
• Spiritual communities.
• Organized activities for pensioners.
• Civic organizations.

Think about which of these are most important to you and then look at the options available in the area where you plan to move. It might help to do a dry run where you visit the city for a week or two and try some of the activities yourself.

2. Housing cost

Housing remains the largest recurring expense for most people, even in retirement. If you’re new to the area, you’ll either need to buy a new home or rent a place. If you rent, this will be a regular part of your monthly budget, and the costs could add up over time, so you need to plan accordingly.

If you’re buying a home and already have substantial equity in your existing home, you may not need to worry about a mortgage in retirement. Or maybe you just need to borrow a little. However, housing costs will still affect the size and build of property you can afford.

Check out homes for sale in the city you’re planning to move to to get an idea of ​​their current prices. Keep in mind that costs can rise faster in some cities than others, so you may need to repeat this process as you get closer to retirement.

3. Quality of medical care

Quality health care is especially important for seniors, who generally face more health problems than younger adults. This can be difficult to assess on your own, so you probably want to rely on online hospital ratings and state health care quality ratings in general to see how your new home fits.

You may also want to check with nearby hospitals and doctor’s offices to see what types of insurance they will accept. Most should take Medicare, but if you have a Medicare Advantage or Medigap plan, your options may be a little more limited.

4. Crime rate

High crime rates are not ideal for obvious reasons. They can present significant dangers to residents and, if stolen, can cost you a lot of money. Do some digging online to learn more about crime rates in the area.

Consider ways to mitigate certain types of crime if possible. For example, if car theft is common in the area, install an alarm on your vehicle and consider purchasing a property with a garage so you can better hide your vehicle from thieves.

5. Cost of medical care

Healthcare costs will eat up a significant amount of your total retirement savings. Even with insurance, you will need to save money on your own. It’s hard to estimate how much you’ll need because you don’t know what your health will be like. However, learning more about healthcare costs in your area can help you get a baseline.

For example, if healthcare costs are very high in that area, you may want to build a bigger cushion in your retirement savings to cover those expenses. Keep in mind that if you only have Original Medicare, you’ll have to cover some bills completely out of pocket.

These are not the only factors to consider when choosing where you want to retire. But it’s definitely worth weighing them up, as they will have a significant effect on your budget and lifestyle. If you’re far from retirement, be sure to review some of this information as you get closer to your move to make sure nothing important has changed.