You save, scrimp, pinch, and plan. When you are not busy juggling your bills during the middle of your life, you are trying to plan your future. Retirement comes quicker than you think (even though it feels like it never will!). If you decide to relocate to someplace warm, such as Florida, Texas, or Arizona, there is a good chance you are looking at luxury condos. Are they the right fit for you? Here is how you can be sure.

Rent One for a Week

Talk to a realtor or a real estate agent. Ask him/her to find you a luxury condo on one of those travel websites. Rent a luxury condo in each state where you think you would like to spend your retirement. You probably have wanted to travel anyway, and this is a good way to find out just where you would like to live next. It also means that you do not have to commit to a purchase, nor do you have to pay for a timeshare.

Ask about Perks

Whether you rent, or you have decided to buy, ask either the owner of the rental or the real estate agent about "perks." Different luxury condos in different cities and states have different ideas about what makes luxury, well, luxury. Is it the location, plus a pool and onsite gym? Or maybe there is transportation to take you shopping a couple of times a week so that you do not have to drive?

Sometimes the perks are tons of space, spectacular views, access to the mountains or the ocean, and/or a completely furnished abode with all appliances included. A lot of these perks can help reduce the costs of buying a condo and moving into it. Others are just bonuses that may sway you to buy because you like the idea of this or that. If you rent a condo as a vacation home for a week, ask the owner what they got as part of their purchase price.

Buying Outright vs. Monthly Payments

After spending a large portion of your life paying off the family home, you might be unwilling to spend the rest of your life paying off a luxury condo. If you can afford to buy the condo outright, that may be your best option. Otherwise, you will have to keep making payments (just like a mortgage) until you sell the condo or pass away.