When people are younger, their goals and dreams often revolve around starting a family and having that dream home with the white picket fence, swimming pool and the whole nine yards. Of course everyone’s dreams are going to be different, but you get the idea. As people age, however, retirement is the goal, and many people don’t really want to keep up with an entire house.
You can sell the home and invest in a condo, or you can buy a condo and give the home to your children. However, what you might want to consider right now is that those condos are selling at just the right prices and with great interest rates right now. No matter where you are when it comes to your retirement goals, it’s worth giving condo properties a look right now to see if you can pick up one as an investment for your future.
You can rent the condo out as a vacation property when you’re not there, or if the property isn’t in a tourist hot spot, you can rent it out to people who need it for residential living purposes. I am telling you all of this too because I had a great investment opportunity almost fall right into my lap.
After selling the first house I had ever bought, I had an opportunity to buy a beachfront condo at the lowest price you could imagine for such a property. It’s going to be paid off in just a few years, well before my retirement. After living there for three years, I can’t tell you how much I enjoy not having to do the lawn and take care of all the maintenance. And so I’ve lived into the idea of never buying a house again and preparing my condo and my nest egg for retirement. Are you thinking that might sound like a plan for you too?