Have you given much thought to where you will live once you retire? Rather than continue the upkeep on a large family home, many retirees opt to sell their homes and move to a more favorable climate.
However, rather than wait until you are ready to retire, you can take advantage of low mortgage rates and great prices to buy your retirement home now. Once you have purchased it, you can then rent your retirement home out to pay the mortgage or to increase your income. Partnering with a quality property management company will allow you to protect your investment by insuring that you have only quality tenants and that your property is well-maintained until you are ready to live there
Current market conditions offer a golden opportunity to buy property in an area where you want to spend your golden years. With its warm, sunny climate and low cost of living, Arizona continues to attract retirees who love the idea of spending winter months in the sunshine rather than in the snowdrifts. Billionaire and financial guru Warren Buffett has advised members of his own staff to buy their Sunbelt retirement homes now while prices are good and interest rates are low.
Depending on how your portfolio and savings were able to weather the economic downturn, you may be lucky enough to be in a position to pay cash for your retirement home. However, buying now while prices are still low makes good economic sense, even if you do not need a low interest rate on a mortgage. Not only will you get your retirement home for a better price than in the future, but the rental income would pay property taxes and allow you to build a nice nest egg that you could use for the future upkeep on your home once you have retired and are living in it.
Of course, location is crucial when it comes to real estate, so think about that when you are searching for your retirement home. Purchasing a home close to amenities like parks and public transportation will appeal to renters now and be to your personal benefit later when you are living in your retirement home. Finally, look for a layout that will work for you in the future so that you will be happy living in your retirement home during your golden years.
At Fort Lowell Realty and Property Management we work hard to provide the highest quality service to property owners and tenants in the Phoenix and Tucson areas. We protect your property by finding quality tenants and handling all maintenance requests in a timely manner. Since we work with many out of state owners, we make it convenient for you for you to access your account anytime online and also for you to receive your rental payments.