If you’re looking to retire overseas and you’re choosing between different destinations, it’s a good idea to build up a checklist of questions that you would like answers to. This will help you compare the different locations in an objective manner and guide you with your decision making. In this article we’ve highlighted 7 factors that we think are important when it comes to choosing a location.
- How much does it cost to live there. If you would like a full time maid or gardener, factor that in. Check on costs of water, electricity, dining out, cable, internet – everything you think you’ll need when you retire.
- What’s the climate like? Too hot and humid and you’ll feel depressed. But too cold and you’ll end up staying inside all the time. Remember that altitude can have a big effect on climate.
- How good is the local medical care? Many countries will have a good hospital in the capital city. But what about in more remote areas? Is there a decent hospital close to where you may decide to live?
- How much does real estate cost both for ownership and rental? Is there a Multiple Listing Service? If not how do you go about understanding value? If you’re looking at Central American countries, check online resources like Reveal Real Estate where you’ll be able to compare asking prices for Panama apartments with condos in Belize for example.
- What is the local language. If you are an American and the answer is anything apart from English, you’ve got to decide whether you’re prepared to put in the time to learn a new language. You’re life abroad will be richer for it.
- Are there any special perks you can get if you apply for retirement residency? Some countries offer attractive tax breaks and incentives to retirees.
- How safe if the country? Read the US embassy reports and try and get a feel from local foreign residents.