For those who don’t think to retire for decades, buying a retirement home has many advantages. For one thing, a retirement home can be used as a holiday and weekend home. And, as the kids get older, it’s a great way to attract them to visit. You can also explore best value senior housing Bellevue including personal care services.
Retirement Home Sales: Baby boomers, still 25 or so years from retirement, have serviced a boost in the retirement home and vacation home sales. According to the study reports it is recorded that about 1.07 million vacation homes sold. Retirement home and Vacation home sales were up 5 percent from the previous year. Below are some interesting statistics on second homes:
80 percent of these buyers will use the home for vacation.35 % said they were more interested in broadening investments. 20 % plan to rent their vacation or retirement homes. 20 % said they invested for tax benefits. 30 % of buyers see these homes as their primary retirement residence in the future.
The Cost: Retirement home buyers are not people drawing into their tax-deferred IRAs or plans, they are using funds they would have put into properties with no special tax benefits. Their important question is if you can afford to pay for your future homeownership needs today. When examining the cost, part of insurance, maintenance, and taxes, along with the price of the retirement home. If you can’t afford to live in two homes, examine investing in a retirement home and renting it out.
Keep in mind those unique properties, such as golf courses, those located on lakes, or in recreational settings, point to appreciate more than those located in subdivisions. A home is an asset as well as a beginning of enjoyment and satisfaction. If your finances allow, investing in a retirement home now could result in a great investment for your family in the future. To know more about retirement homes you can navigate here.
The Investment Decision: Many young home buyers view this as making a good decision with their personal finances. Instead of investing in the market, they are choosing to invest in their future real estate needs. Home buyers also look at these purchases as an investment in family. Investing in a retirement home early allows them to enjoy the asset prior to retirement. Second homes are a great way to spend quality time with family and friends. In addition, the location of the second home may not be as affordable in the future.