Yes, I too am part of the Baby Boomers generation and proud of it! For all of you who are planning on retiring within the next ten years and trying to get all of your ducks in a row, listen up!
With the real estate market in such a crisis, and values are low, I would like to think of it as a “bargaining tool” that many of us can use at this time. While houses are “on sale” at low prices, you may want to think about buying your “retirement” home now, renting it out as a Vacation Home Rental and let the renters pay your mortgage and household expenses.
Then, when you are ready to retire, you can sell your residential house and move into your vacation home permanently! Or, you can keep your current home and continue to use your vacation home as a rental for the added income it will provide.
You can schedule yourself in your rental calendar for time you would like to spend there and only rent it out on the time you will not be utilizing it.
This serves as a win-win service to you. As history has proven in the past, your new rental property will eventually grow equity since you are buying it at a discount rate now, and it will provide you with income later for your retirement. Best of all, you will be able to use it now and later for your own personal enjoyment.
In some cases, it will help you on your tax return as well. Of course, you should always consult your tax accountant to determine whether this is a good investment for you and your situation.
Happy Renting!
Tags: baby boomers generation, ducks in a row, household expenses, mortgage, personal enjoyment, rental property, retirement home, tax accountant, tax return, vacation home rental