Everything is bigger in Texas, and this includes offerings for retirees. If you’re looking for a new city to buy a home for retirement, you should be seriously considering Dallas. Dallas is ranked #9 on U.S. News’ list of top places to retire in the whole country - receiving especially positive marks in cost of living and crime rates. It is a sprawling city that offers equal parts urban hustle and bustle and quiet suburban lifestyle. Dallas and the Fort Worth metropolitan area are exciting, fun and have a rich history of arts and cowboy culture.
Read on to learn some great house hunting tips to help streamline your search for the perfect house for retirement in Dallas:
Work Out Your Housing Budget Before You Search
One of the major things that could sabotage your house hunting journey is not having a full grasp of your finances and budget prior to beginning your search. You don’t want to fall in love with a house just to find out you can’t actually afford it. Crunching numbers ahead of time can help you avoid this situation and give you a clearer picture of what makes sense for you going forward. Review your 401k or other retirement savings account, check on your eligibility for federal assistance with health care, and review your spending to identify areas where you can cut back.
Additionally, figuring out the tax situation in your preferred retirement state is an important part of your financial research. Luckily, the Dallas area is an affordable place to live for retirees. According to SmartAsset, Texas is very tax-friendly toward retirees. There’s no state income tax, so you can expect to keep more earnings in your pocket if you continue to work for a while in some capacity after leaving your career. Also, there’s no tax for any type of retirement income - including Social Security benefits or private or public pension income. These tax breaks can generate thousands of dollars annually in tax savings when compared with life in other states.
Find a Home That Suits Your Needs: Present and Future
Buying a home for retirement is a wonderful opportunity to start a fresh chapter in your life, but you need to keep in mind that the house hunting process now is different from what you’ve gone through during your earlier years. Factors like your health and ability to safely move through your own home need to be at the forefront of your decision making.
The find a good home for “aging in place,” you’ll want to leverage the expertise of your realtor. He or she can help you target "universal design" homes - which are homes that were built with the changing needs of seniors in mind. Amenities typically found in universal design homes include: no-step entryways; balancing bars in the shower or walk-in showers; wide hallways; single-story floor plans and low appliances.