Wednesday, September 26, 2007

Redefining Retirment and Housing Options

As many boomers, such as my husband, are approaching retirement, so many choices need to be made! How many of us really prepare for retirement? How many husbands and wives have had the discussion about what they expect in retirement? I think you would find that husbands and wives, (or life partners) have totally different expectations of what they want retirment to look like! I know that my husband and I haven't talked a lot about it. I think guys just don't talk a lot to start with because it is their nature to do something where it's a woman's nature to talk about it, a lot, make plans, etc!

A few things we have discovered over the past two years, in preparing for this day: 1. You really need to have your financial plan in order. We have worked very hard to put as much in our retirement funds as possible, have sought professional advice on the decision to take early retirement and what we will do to make up for the loss of income. 2. We have a plan, although pretty sketchy, on what his new role will be (yes, he is very brave as he is joining my team!) 3. We have bought two retirement properties that are also income producing - so we have fun places to go that aren't too far away and yet because we are both still working, they are in areas that rent well.

As a REALTOR, I know that listening to my client as they approach home buying and retirement at the same time is crucial. Helping guide them on buying the home of their dreams, or downsizing here in our area so that they have adequate funds to buy a retirement property in a different area.

AND speaking of buying in a different area - if you are thinking of buying retirement property in a different area here are some more suggestions: 1. Rent a property there during the worst time of the year - how about Florida in July and August, or Canada in January and February!!! 2. If you are considering purchasing real estate in a foreign country, you need to truly understand the laws on home ownership and your money. In some countries the only way to purchase is to give your money to an attorney who then purchases the property for you....and you had better know this person VERY well and have total TRUST!! 3. Is the community an open one who will welcome newcomers - or is it a place where people have lived all their lives and you will be an outsider 4. Will your friends and family want to visit you in this new location or will you have to travel to see them. 5. Will this new property appreciate in value so that when it's time for a move to a retirement facility you will have the money you need.

Retirement can be exciting! As much as I first rejected the idea of my husband taking early retirement, now I can see the benefits! Life is too short! If we like to go hiking and traveling, then we need to do that now while we are physically able to do so! If you like spending time with the grandchildren as an active adult and bond with them while they are small, then now is the time!

Make your plans and live your dreams today!


Edmund Foster said...

It is very good article you gave the tremendous information about the real estate. But most of us don’t know better lease negotiations. So they may lose money when they are negotiating with others. You did good job keep it up.

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Tiffany said...

I have a house on the market for along time now and it is an older home but a big one. I have an agent but hardly anyone is coming to see the house. I need it sold even in a down market. Come and See. this home needs a family not me. It has a large workshop also. I need help in selling this home. Please help in any way that you can, thanks