Neptune statue in VA Beach
Retirement should be one of the best times of your life, and it could be even better if you plan to settle down in Virginia Beach. While the beautiful, historic city has much to offer, there are some areas to navigate before deciding which retirement plan is best for you. Below are three tips to help you do that.
Consider a Retirement Home
Not everyone will want to live in a retirement home due to feelings of embarrassment or other forms of stigma. However, certain homes, such as Atlantic Shores, are making that possibility look very enticing. They offer beachfront resort-style living that feels luxurious, such as providing fitness and recreational activities, facilitating social gatherings like cocktail hours and movie nights, and even taking their residents on field trips to local art galleries and other cultural events. While the thought of living in a retirement home could make you uncomfortable, places like Atlantic Shores could make your actual experience there as comfortable as possible.
Find the Right House for You
If you plan on moving to a Virginia beach instead, first decide if you want to buy a home or rent it. The median home costs about $228,900, which is slightly above the state’s average. If you have enough to buy a home, you could pass it down to your family. But renting would be cheaper while still allowing you to live in your own space. Houses are at extortionately high prices in Virginia Beach, so you should find a trustworthy agent to help you find the best house for you. You could also buy a house and rent it out to others while you live in it, or buy a house specifically to rent it elsewhere in Virginia Beach.
Setting Up Long-Term Investments
While buy-to-rent is certainly a useful investment strategy many people have found success in, there are other long-term investments you can create before or during retirement. You could buy CDs or bonds when the market is right and get good at playing the stock market. Of course, property investments are a more tangible investment in your money, and since Virginia Beach is such a popular vacation destination, you’re bound to get people interested in renting your property for several months at a time.
by contributing writer Jennifer Dawson
writing.jennifer.dawson@gmail.com
Photos by Carrie Wall