Hey there,
I'm thinking of investing in a retirement home unit. I think I've thought it through, but I was also thinking it would be good to get some experts opinions on my thoughts - and perhaps share any similar experiences?
As a pro towards the idea:
+ its cheaper - $140k for a livingroom/bedroom/bathroom combo, which makes it easier to get into IPs and have ones money earning growth + some rent
+ tenants likely to pay rent on time and not cause trouble )
+ large generation of baby boomers about getting older, so I imagine finding tenants not a problem
Cons:
- it IS a retirement complex, so tenants must come from a specific demographic
- This will tie me up for a few years in repayments, and I've been told by a real estate broker friend-of-the-family that there is a pricing trough coming at the end of this year. Perhaps I should hold on and buy something more to my needs (ie, a townhouse.)
I appreciate any advice from those who've been around the traps a couple of times - I'm keen to avoid the "first homeowner mistakes" I hear are made alot..
Cheers
Richard
I'm thinking of investing in a retirement home unit. I think I've thought it through, but I was also thinking it would be good to get some experts opinions on my thoughts - and perhaps share any similar experiences?
As a pro towards the idea:
+ its cheaper - $140k for a livingroom/bedroom/bathroom combo, which makes it easier to get into IPs and have ones money earning growth + some rent
+ tenants likely to pay rent on time and not cause trouble )
+ large generation of baby boomers about getting older, so I imagine finding tenants not a problem
Cons:
- it IS a retirement complex, so tenants must come from a specific demographic
- This will tie me up for a few years in repayments, and I've been told by a real estate broker friend-of-the-family that there is a pricing trough coming at the end of this year. Perhaps I should hold on and buy something more to my needs (ie, a townhouse.)
I appreciate any advice from those who've been around the traps a couple of times - I'm keen to avoid the "first homeowner mistakes" I hear are made alot..
Cheers
Richard