Bads of Retirement Property – Illinois Broker School https://illinoisbrokeracademy.com Real Estate Classes Online in Illinois Tue, 16 Nov 2021 09:07:45 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://illinoisbrokeracademy.com/wp-content/uploads/2021/09/Real-Estate-Courses-Logo-7.png Bads of Retirement Property – Illinois Broker School https://illinoisbrokeracademy.com 32 32 BUYING RETIREMENT PROPERTY? | THE GOOD’S & THE BAD’S https://illinoisbrokeracademy.com/buying-a-retirement-home-the-goods-the-bads/ Tue, 16 Nov 2021 06:43:37 +0000 https://illinoisbrokeracademy.com/?p=13283 Read More »BUYING RETIREMENT PROPERTY? | THE GOOD’S & THE BAD’S]]> Retirement property is more popular than ever, and the choices available to those who intend to make retirement property investments are on the up. The dominant factor why the demand for retirement homes has enhanced over the last few decades is obvious: a rising population and enhanced life expectancy. Consequently, we are getting more and more inquiries about buying retirement properties, so we decided it is about time we created a guide to assist anyone who has questions about what they need to consider when buying a retirement property.

It’s a wise decision to do retirement property investment before it’s time to quit the workforce. Retirement property is not just a home to live in once the children have shifted out. It is also an investment with the potential to produce extra income over the decades up to my retirement period.

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THE GOODS OF BUYING

Choosing the correct place to live during retirement is a critical decision. Many elderly people have decided that a retirement property is exactly where they intend to be. If you’re considering a retirement property, here are a few of the top reasons why many people find them so appealing.

  1. Low maintenance expense.
  2. A convenient and reliable option .
  3. Its best for my social life.
  4. I’ll feel safe.
  5. The transitions are much easier down the road.
  6. It must be more affordable than I think.

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THE BADS OF BUYING

As with everything, there are cons to the idea of retirement property investment.

  1. It requires heavy investment.
  2. Aditional expenses such as service charges and ground rent.
  3. Frequently on leasehold.
  4. Retirement properties charge an exit fee.
  5. Resale value is often far lower.
  6. Not according to my needs.
  7. Its not my cup of tea.

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IS BUYING RETIREMENT PROPERTY YOUR CUP OF TEA??

As with any investment, and particularly one which involves parting with a significant amount of money, it is vital that I seek professional advice before I invest. I should not dive into doing anything I’m not 100% certain about, and if I do have any doubts, walk away from the situation.

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