However, if you are thinking it is too late for a bargain in a prime retirement area, you could be wrong! Some areas are still booming, and even though we have been reading of a downturn in realty, some areas are holding steady. The question is why?
For instance, when buying real estate try to project what the future market will be and buy the type of home that will be in demand for a few years to come. This is where you have to take into account not only the economic climate but also the demographics of our society.
Condos are very popular. This means that a condo may be a good investment for now, as many of the ‘baby boomers’ will be thinking of buying one in about five years time, when they reach 65 – and retire. (Baby boomers were all born in the first year or two after World War II). They account for a very large part of the population. One theory is that they will be the last generation to have a generous pension, and can therefore afford to splash out on a retirement home. Beach front towns and resorts are already experiencing an increase in sales.
Prime retirement areas (including areas in USA) are experiencing above average sales. Buying a retirement home before retirement is the ideal situation. You can always rent it out, or just take your vacation there; it is easier to finance it before the salary must be given up and the pension kicks in. If you are a baby boomer it is good sense to get in now before the real rush happens in 2011.
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