BrokerageIndustry News

Baby boomer retirement housing options

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Are you thinking about buying land now to build on when you retire? Are you considering purchasing a "fractional" rather than a second home? As the baby boomers near retirement age in droves, an increasing number are considering these options as important components in their retirement lifestyle. There's an old adage that says it's easier to get into a real estate deal than it is to get out of it. Before you or your clients enter into a contract for that retirement or second home, it's smart to look before you leap. Purchasing raw land and holding it several years until you retire can be a smart move or a financial disaster, depending upon not only the subdivision, but the people who purchase there as well. Many financial advisors suggest that you hold off on buying raw land until you are ready to build and occupy your retirement property. The reason for this is that there are a number of serious risks involved in purchasing land prior to the time that you are ready to b...