Why Not? It’s entirely possible that purchasing your retirement property early, even years ahead of your anticipated move to a retirement community might make sound financial sense. As always, investment decisions should be made with the trusted advice of Attorney’s, Accountants, Realtors and others that can adequately protect your earnings. In some retirement hotspots rentals are in demand. Snowbirds and seasonal travelers search out rentals in markets that they might anticipate purchasing for their own retirement. By renting a unit for months at a time they can test the market.
The owner of the unit, realizes a tax savings by using this future home as an investment property. The benefits in owning an investment property from a tax savings position depends on every individuals financial health. However, typically your tax liability might be eased with deductions such as interest expense, maintenance, and repairs. Furthermore, brokerage firms and Realtors in these market specialize in rentals. In Florida, the real estate industry has very strict guidelines that protect the renter and the owner. Many owners in Sun City Center Fl are absent for several months a year. For many, retirement is several years away. The benefits of a renter paying down your mortgage on your retirement home with tax savings just might make sound financial sense.
Historically property values traditional double every 10 years. Buy a retirement home in today’s market and realize the anticipated appreciation and equity years ahead. Let your renter help you acquire your dream retirement home by buying down your mortgage, with the added benefit of tax savings, and a place to call home now or whenever you retire. As always seek the advice of legal, tax, and professionals.