Planning Ahead for Senior Living

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U.S. Census Bureau research supports this second home trend indicating that there are almost 7,000,000 second/vacation homes in the U.S. real estate marketplace. According to statistics from the National Association of Realtors®, only one in five surveyed say they want to stay in their present home, while 80 percent plan to sell their current home and purchase a home for Senior Living.

Purchasing a second home while still living in your primary home may be a sound investment during the years preceding retirement. If your primary home is paid for or has a lot of equity, it can provide a comfortable nest egg for additional financial security when it is sold and you retire to your second home.

Meanwhile, owning a second home in a desirable location offers recreational getaways and potential rental benefits. Rental income can help cover the expenses of maintaining your second home. Rental property offers tax deductions, but be sure and consult a tax professional for tax advice on the advantages/drawbacks of owning rental property.

Finally, over the years your second home is rented, the mortgage decreases and property value appreciates adding to your retirement nest egg.

Learn More About Senior Living and Real Estate
To learn more about other Senior Living and Real Estate, please review the other articles in this section.

To find a GMAC Real Estate agent with certifications as a Senior Residential Marketing Master or as a Seniors Real Estate Specialist, please click here.