Retirement can be bittersweet and in order to make it more sweet than bitter, you should retire to somewhere beautiful to a home that you’ve only dreamed about. Maui is one of the best places in the U.S., even in the world, to settle down after retirement. The island is simply gorgeous.
Maui inspires many to pursue their creative instincts, such as painting and writing. Maui also has ample recreational opportunities to keep you in great shape, such as swimming, walking, hiking, surfing and boating. If you are planning to work after retirement, Maui is one of the best places to live, as the unemployment rate is the second lowest in the country. You may also live longer on Maui as their life expectancy is longer than any other place in the country.
The many great reasons to retire on Maui aside, here are six steps to finding the retirement home of your dreams on Maui.
1. Find a realtor on the island
Don’t think that you can use your mainland real estate professional to find you a home in Maui. Local realtors know the best neighborhoods to live in, the value of the housing and are always available on the island to work with you. Their services are invaluable when searching for a home on Maui.
2. Decide what you want
What are the most important factors for you? Is it:
- A water view
- Carefree living
- Access to the beach/boating
- Being close to or away from tourist areas
- Proximity to hiking
By knowing this, you can tailor your search to only homes that provide you these options.
3. Think about the future
While you may be young and able now, your health could turn at any point. You want to buy a home that is accessible and easy to navigate in case mobility issues pop up. You don’t want to have to sell and find another home as your lifestyle needs change over the years. Your retirement home should be a spot you can stay for the rest of your years. Consider homes with open floor plans, one story, wide doorways and easy to access entryways.
4. Consider your budget
You are striving to buy the home of your dreams, but don’t buy a home that leaves you with too little disposable funds for other expenses. Depending on the age, there is always the possibility that you could live another 30 years and that you might need intensive care, so don’t put all of your financial eggs in one basket. Ensure you have adequate savings and income to pay your mortgage and live the lifestyle you deserve. Or, get that part-time job on Maui that might help supplement your income and give you something to do.
5. Decide what sort of community is important to you
As a retiree, you may have no interest in social connections, but they may be important to increasing your longevity. If you are moving from somewhere else in the country, you may not know a soul on the island, so moving in to a community with others in the same situation might be a good idea. Developing a social network could be important and living in a retirement community is very possible in Maui.
6. Rent first
You may be gung ho to get started, but a great idea before buying a home in Maui is to rent first and decide if you like it (you will!) and what areas attract you the most. Whether you get into a long-term rental, vacation rental, or even a timeshare rental, it will give a better idea of exactly what you want before you make the move to buy.