We’ve had a recent influx of people reaching out to us with plans to move to Colorado Springs when they retire. Our team has noticed many folks leaving California for a lower cost of living. Outdoor enthusiasts want to spend their retirement close to the mountains and all of the adventures they offer. Either way it doesn’t surprise us: Colorado is ranked the #2 best state to retire. We’ve made a list of things to consider as you consider moving for retirement.
1. Cost of living changes
There will most likely be cost of living changes for retirees considering a relocation. This is a hidden cost that needs to be explored before a retirement location is selected. There are many online calculators (we like this cost of living calculator) that allow you to compare your current location’s cost of living with a new city’s. You can also connect with resident groups on Facebook to get information from folks who currently live in the cities you are interested in.
2. Real Estate
The current real estate market has an important impact on the cost of living. Here are some insights to consider:
- Have you researched housing costs in the new location? How much does it cost to rent? What’s the real estate market like? When we speak with retirees hoping to relocate to Colorado Springs they are often surprised by homes prices in Colorado Springs. It’s helpful to have realistic knowledge about the current market in the cities you are considering. We recommend paying attention to the average home price and the average days on the market. This will give you an idea of how much homes might cost and how fast (and competitive) the market is.
- Curious about the Colorado Springs market? Click here for a full Colorado Springs real estate report. Or give us a call 719-321-0800.
- Research your current city’s real estate market if you have a home to sell. Ask a real estate professional provide a home value estimate and help you get an idea of what your net proceeds could be after you sell. Need an agent in your area? Contact us and we can match you with an excellent agent to help you with this (email@example.com).
- Budget for additional costs for any home adaptions you might need in your new house. Disabled veterans can apply for certain grants for these modifications. In Colorado, you may make minor adaptions to a rental property as long as they can be removed. Always check with the property manager before any changes are made.
- Is your health changing? The altitude in Colorado can become an issue.
- Will you have the health care you need nearby in your new city? Sometimes we have clients who want to retire in smaller mountain towns. But keep in mind that these areas can be hours away from major medical facilities.
- Will you still receive all the benefits that are provided in your current location?
Related Reading: Colorado Springs Relocation Guide
4. Local Tax Benefits
- It’s possible you could gain or lose a tax benefit depending on where you are moving from and which state you plan to move to.
- We have a Senior Tax Exemption and a Disabled Veteran Exemption in Colorado Springs.
5. Ease of travel for visitors
- We can guarantee that you will have lots of people wanting to visit if you move to Colorado. Is it important to be close to an airport? You might want to be closer to the airport so it’s easier for the grand kids to come visit.
- Colorado Springs provides easy access to two airports: our regional airport right here in Colorado Springs and Denver International Airport just north of us
Related Reading: 10 Reasons to Move to Colorado Springs
Relocating is one of life’s most stressful events. Consider how a move will impact your overall health, well-being and finances.
7. How Do You Want to Spend Your Time?
If spending time outside will maintain a good quality of life for you, Colorado Springs might be a good choice. Our proximity to the mountains, extensive trail systems, and abundance of local, city and state parks means there are endless opportunities to enjoy the great outdoors.
Related Reading: Things to Do in Colorado Springs
There are many factors to consider when choosing a retirement location. If Colorado Springs is on your short list, we’d be happy to chat with you about your relocation plans. Our real estate team specializes in relocation and we’re always here to help and answer questions: 719-219-9739 or firstname.lastname@example.org.