If you’re thinking of buying a home in San Antonio for retirement, you are right on trend. According to data from the U.S. Census, San Antonio is the second most popular city in the US for retirees in terms of migration, and it’s easy to understand why. San Antonio is a great place for retirees - especially those looking to escape the harsh winter and fast pace of the North. The city has year-round nice weather, even in December, the average low is only 44 degrees. It also offers culture, history, a renown dining scene, and a fun vibe.
Ready to start the house hunting process? Here are a few tips to keep in mind - they can help make the process as smooth and painless as possible:
1. Strategize Your Retirement Budget Ahead of Time
Before you get too excited about any home, you’ll want to make sure you have your budget in order so you know what you can and cannot comfortably afford. You’ll need to review your retirement savings, check your eligibility for government health programs to help offset the cost of healthcare, and create a monthly budget that accounts for all the things you need and want to enjoy in your Golden Years.
The good news is that San Antonio is an affordable option for retirees - especially when compared with the other metropolitan areas in Texas. According to Realtor.com, the median listing price in San Antonio is around $230,000, which is by far the lowest of the four major cities in Texas. Austin, Dallas and Houston are listed at $410,000, $380,000 and $290,000, respectively. Something to keep in mind is that Texas has some of the highest property taxes in the US. The average effective property tax rate in Texas is 1.86%. That means a typical homeowner in Texas can expect to spend about $1,860 in annual property taxes for every $100,000 in home value. Homestead exemptions are available for all Texas homeowners to reduce their property taxes, with a superior exemption available to those over 65 years of age. Your real estate agent can help you navigate this process.
Luckily, other cost of living benefits can also help offset the burden of high property taxes. Overall, the state is considered to be tax-friendly for retirees. The low tax income rates in the Lone Star State are great for seniors - there is no state income tax in Texas, which means Social Security retirement benefits and all other types of retirement income are tax-free. That can mean thousands of dollars a year in tax savings as compared with other states.
2. Target Homes with “Aging in Place” Amenities
As a retiree, there are a few important factors that you need to keep in mind when buying a new home. Your future health and mobility needs should be at the forefront of your decision making, even if you do not require housing adaptations right now. A new house is an investment, and you’ll want to make sure the house you choose will make sense for your circumstances for as many years as possible.
The best way to ensure your new home will be appropriate for you in years to come is to work with your real estate agent to ensure any home you look at was built with “Universal Design” principles in mind. Homes are considered to be universal design homes if the changing needs of seniors are apparent in the layout. Over time stairs could become difficult to manage, or maybe you could start having issues balancing in the shower. Examples of amenities found in universal design homes include no step entryways, one story floor plans, wider doorways, open floor plans with extra floor space, and bathrooms that are senior-friendly with balance rods and low sinks for people in wheelchairs.
3. Review Other Senior Living Options in San Antonio
Although San Antonio certainly has much to offer in terms of real estate, the city is also home to alternative senior living options. After looking at houses, seniors sometimes realize that their health and mobility needs in the future might prevent them from living comfortably in their own home.
If you are healthy, active and want to maintain your independence without having to take care of a big house, a retirement community in San Antonio could be an ideal option for you. A retirement community, also called a “55-plus” community, gives you the opportunity to live on your own without the hassle of property maintenance. There’s also a social benefit to living in a retirement community, which is especially great news for seniors who are relocating from elsewhere. Surveys conducted by Travel + Leisure find that San Antonio consistently ranks as one of the top five cities in the country to make friends. Arts and crafts classes, happy hours, and holiday celebrations are among the commonly-offered social perks offered in retirement communities.
If you aren’t sure you can live a fully independent lifestyle, you may want to consider an assisted living facility. There are many top-rated communities in San Antonio and its surrounding suburbs. The cost of these facilities includes room, board, and assistance with activities of daily living, such as bathing, general housekeeping, and managing medications. Your real estate agent can help you work through your financing options if needed.
Excited to begin your house hunting journey? Contact Michelle Plazek today to get started. Not many people can say they love what they do, but I can! I’m passionate about helping people find their dream home, and I can’t wait to help you next.
