1. Value: Buy low – Sell high! Sounds easy, right? So, why not take advantage of today's lower property values? Real estate values have dropped significantly making it more affordable for buyers. With the market being flourished with homes for sale, it is a great time to make offers to homes with great values. The same applies to vacation properties. The choice is yours.
2. Income: Buying a vacation property will give you the opportunity to generate cash flow which is something most retirees are looking for when they no longer have salaries.
3. Equity: While collecting rental income from your vacation property, your equity over time (historically proven) will continue to grow. That is of course, if you pay the right purchase price. Be careful not to over pay for your property. With today's prices, you may be able to get a real bargain.
4. Pleasure: Would not it be fun to own a condo on a golf course so you could play golf every day? Or how about on your favorite beach so you and your friends can hang out at the pool all day? Maybe you like to fish in fresh water lakes and would like to own your very own cabin. Whatever your hobbies are, make sure you choose the location that's right for you! Imagine, having someone else pay your expenses while you get to use it whenever you choose.
5. Age: Now is the time to reflect and a time for planning. When can I retire? What can I do to create a cash flow to supplement my income when I retire? How do I maintain the life style I have become accustom? This could be a great time to purchase a vacation home, use it for several years and when the time is right, sell it for a profit. Thus, giving you a nice lump sum to add to your retirement fund. As with any financial matter, always talk to your financial advisor and / or tax consultant before making major decisions.
We all talk about what we would like to do when we retire. It can happen if you plan for it. Design your plan today and make your dream a reality.