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Best Places to Buy a Home for Your Retirement

Posted by: Lisa Nichols | Apr 14,2008

The best places to buy a home for your retirement might surprise you. While many retirees look in their own neighborhoods to buy retirement properties or migrate to the southern states, a number of areas outside of the U.S. are gaining popularity as retirement destinations. Some of the best places to buy a home for your overseas retirement include towns and cities in Panama and Mexico.

 

Overseas Retirement Options and Retiring Abroad: Panama

 

There are a number of overseas retirement options and choices if you’re thinking about retiring abroad. Panama has become one of the best places to retire with beautiful weather, low cost living and generous discounts for retirees. There have been a number of low cost retirement developments going up in Panama in recent years, but they don’t sacrifice quality. Overseas retirement is a lot less expensive when you don’t have to pay property taxes on a new home for 20 years. If you retire abroad to Panama, you also won’t pay taxes on income earned in other countries.   

 

Mexico Makes Low Cost Retirement Abroad Easier

 

Mexico makes low cost retirement abroad easier and less expensive. More than 1.5 million Americans have bought second homes or retirement properties in Mexico. In fact, Mexico is now the favorite place for Americans to retire abroad, according to the 2007 Global Retirement Index. The country offers inexpensive retirement properties for people looking to buy a home, mild climates and a low cost of living.

 

Shore Up Credit Scores before Buying Retirement Properties

 

Before you buy retirement properties, make sure that your credit is in order. You’ll get the best rates on home loans when you have a good credit score. Reduce personal debt and lower monthly credit card payments by transferring high interest balances to balance transfer credit cards and low interest credit cards. Your credit score and credit report information is updated frequently. If you’re planning to retire abroad, start working on improving your credit score today.  

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