Thinking of where you’d like to retire? Look no further than Memphis, Tennessee. Memphis is included on the list of best places to retire in America, according to U.S. News – and it’s easy to see why. With its abundant fresh air, lively music scene and southern charm – Memphis is an ideal place for retirees looking to kick back, relax and enjoy themselves.
Ready to buy in Memphis? Here are a few tips to keep in mind during the house hunting process:
1. Determine Your Budget
If you’re set on Memphis, the good news is that the city is an affordable place to live. Just about every factor in cost of living calculations, including utilities and groceries, fall either far below or just in line with the national average.
Real estate in the city is very cost-effective – with the average cost of a home being far below the national average ($82,000 versus nearly $230,000). Nevertheless, you need to keep in mind that affording a house requires more than just accounting for the down payment and mortgage. You will need to review your financial situation as a whole to determine if you will be able to manage the cost of buying and owning a new home for the long haul. Some things you can do to get a clear picture of your long term finances include:
Evaluating your eligibility for Medicare or Medicaid for your present or future health expenses
Checking in on your 401k or other retirement plans to calculate your expected monthly income after you’ve stopped working
Review the property tax situation and other cost of living nuances applicable for Memphis
Seniors interested in Memphis will be happy to know the city boasts a very friendly tax environment. According to WalletHub’s 2018 tax burden rankings, the state of Tennessee is #3 on the list of states for the lowest overall tax burden. Tennessee is one of just a handful of states in the nation that does not have an income tax or a tax on public or private pensions, which means more of what you earn from these sources can stay in your pocket.
2. Choose a Home Where You Can Age in Place
For many seniors, their home in retirement will ideally be one in which they can stay for the long haul. The best way to ensure this can happen is to talk about the amenities you’ll need based on changing health or mobility needs. Focusing on one-story homes, for example, ensures that you will not have to climb stairs to get to your bedroom. Amenities like wide hallways, no-step entryways, and shower grab bars can also help ensure your home will remain appropriate for you in years to come.
3. Consider Other Senior Living Options in Memphis
Getting everything you want and fully enjoying your retirement are top of mind concerns for many seniors, but it’s important to remember that your housing and living needs will likely change as you continue to age. You may require different living arrangements to accommodate for changing health and mobility needs.
If you want to stay independent, but would rather not manage an entire house, an active adult living community could be the right option for you. These “55-plus” communities offer many amenities – including pools, fitness centers, and transportation options. Living in one of these communities typically requires payment of extra fees, so be sure to discuss these fees with your real estate agent prior to deciding on any given community.
If you currently have or anticipate having complex health needs or concerns with mobility, you may want to consider moving into an assisted living facility. Assisted living facilities have staff members that assist with activities of daily living such as managing medications, bathing or keeping up with general housework. There are many top-rated communties to choose from in the Memphis area.
4. Hire a Reliable Realtor in Memphis
As obvious as it may seem, it is worth mentioning – there is a huge difference between a realtor and a reliable realtor. A reliable realtor is especially critical if you are relocating to Memphis area from elsewhere. Ask any realtors you’re considering working about their experience in helping homebuyers in the 50-plus age range. Make sure you’re comfortable enough to have transparent, honest conversations about what you’re looking for in a new home, including budget and timeline.
If you have any questions about house hunting in Memphis, call Wallace Group | RE/MAX On Point today and we’ll get started. Providing “white glove” service to all clients is our mission. With our extensive local knowledge of the Greater Memphis area, we want to earn your business, help you reach your ultimate goal, be resourceful and your “go to” team for you, family and friends.