There are various stages in people’s lives. For many it is reflecting back on their first home purchase and their business career starting and then building a life for their family.
As the year’s pass and the empty nester have children that either go off to college or have graduated from college and have moved out on their own,
Now this generation of Baby Boomers is now apart of a new sub-group called “Empty Nesters.” Their new life will often include a shift of life style and priorities. This often will affect their real estate properties.
Many of my clients have decided to retire and begin traveling and therefore a large home is no longer required or wanted and they choose other alternatives for their real estate holdings. They often sell their personal residence and many have purchased investment properties that provide an income stream.
Another scenario is that they would like to help out their children and believe investments in multi-family apartment buildings provides a good niche. They can rent one of the units to their children while renting the others to help pay the mortgage or property taxes.
For others they might be on a fixed income and want to sell their personal home and decide to buy a duplex that offers them a home with little up keep in a great area and they can rent the other unit for added income. Often when clients retire they might want to sell their business and possibly their commercial office or warehouse property. Leasing is also a great option if they do not want to sell their commercial property and they can get a favorable lease.
There are so many alternatives for the empty nesters shift of life style that will impact their need to purchase, sell, or lease their personal, investment and commercial properties.
As a professional Real Estate Broker it is extremely rewarding when clients ask for my assistance in finding them alternative properties so they can embark on this new journey in their life.