Retirement is the time when you live your best life, with decades of work behind you, and only free time ahead. But it can also be a stressful time worrying about how your finances will last when you don’t have a steady paycheck.
Commercial Real Estate
There is a way to have your cake and eat it too in your time of retirement – by investing in commercial real estate in Vancouver. Investments will bring you the income you need to indulge in a luxurious lifestyle without having to dip too deep into your savings.
By investing in real estate, you have the freedom that one only gets from owning their own home. Not only do you no longer have to worry about paying rent every week or every month, what you do with your home – selling, downsizing, moving, renting it out – is your decision.
The major advantage of investing in commercial real estate in Vancouver is that the market is always getting better, so your investment will usually make you a tidy profit when you decide to sell it.
You can also choose to ‘flip’ an existing property – where you buy real estate with the intent to re-sell it, not live in it. The process of flipping a property will require you to make improvements to upscale the place, and to stage it to attract buyers, as is often seen on television shows. However, before making the decision to flip a property, you should consult with a Vancouver real estate agent to get the most out of your investment
Aside from the income, you can make by selling a property, real estate also has the potential to become a steady income source for you when you rent out your property, either for short or long-term tenants. There are benefits and disadvantages to each and you will want to speak to a realtor to decide which is best for you.
Renting out a property may seem like less of a hassle, but you will be liable to pay for home insurance, maintenance, taxes, and mortgages, if you have any. But the rental route, especially if you have consistent renters, has the potential to be a high-profit investment over a period of time. Plus, you have the added bonus of getting steady rental income akin to a paycheck, and you can avail of tax benefits for rental properties.
Another option for investing in commercial real estate in Vancouver is through Real Estate Investment Trusts or REITs. These trusts allow you to put your investment money into a portfolio of numerous properties, much like stocks. You can earn dividends over time and you don’t need to worry about the upkeep of an actual property. Whether this is the right fit for you or not is something you will want to discuss with your Vancouver real estate agent.
Investing in property can be exciting, but it also has its perils if done wrong. As an agent with years of experience helping people with their investments, I am well positioned to give you the guidance you need to make the best investment for your retirement. Contact me for more information about real estate investments today.