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Buying and Selling Commercial Real Estate: Tips for Beginners


About Me

Buying and Selling Commercial Real Estate: Tips for Beginners

Hi, my name is Maxine, and over the years, I have loved watching the property values in Australia rise. Through that time, I personally have bought and sold a number of properties and started to build up a savings account due to the money I have earned. In addition to earning money, I have learned a lot about real estate. I have picked up tips on everything from spotting a "diamond in the rough" to knowing when to be flexible on sales prices. If you want to learn about buying and selling commercial real estate, this blog is perfect for you. Please, take a look at these posts and enjoy reading!

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Two things to consider before you buy a retirement property

If you are nearing the age of retirement and are planning to purchase a retirement property, here are two things you will need to take into consideration before making this purchase.

Your future requirements

Before you begin the process of viewing retirement properties, it's important to consider what type of accommodation you may require in the future, when your health may not be quite as good as it is now.

For example, if you have recently been diagnosed with arthritis but are currently still completely mobile and able-bodied, you might be tempted to purchase a two or three-storey retirement house.

However, given that arthritis is a progressive disease which is likely to reduce your mobility as time goes on, it might be wiser to opt for a property that will still be suitable for you, even if your condition worsens to the point where it affects your ability to perform physical activities such as walking up and down several flights of stairs.

In this situation, you may be better off looking at single-storey houses and ground-floor apartments, that will be comfortable for you to live in, even if your mobility becomes somewhat limited.

The proximity of relatives and friends

As people age, they tend to require more support. It is important to take this fact into consideration when deciding which retirement property to buy.

If you have lots of supportive friends and relatives in the area where you intend to buy a property, then it might be perfectly fine to opt for a secluded, cheap-and-cheerful house that is not particularly close to amenities, as your family members and friends will be able to visit you, keep you safe and help you to get around when you need to run errands.

However, if you don't know many people in the area that you are planning to buy a place in, it would be sensible to select a retirement property that is located in a convenient location with other people living close by.

This is important, as living alone in an isolated area when you are elderly and increasingly vulnerable could be quite dangerous.

Retirement villas that are located within gated communities are ideal for individuals in these circumstances; they offer comfortable, spacious accommodation, as well as a high level of security and plenty of easy-to-access amenities. They also provide an inbuilt support network of other retired individuals.

Whilst a retirement villa in this type of location is likely to cost significantly more than a low-quality, isolated property, it could make your twilight years considerably more enjoyable and secure.

It could also help to ease the concerns of your family members who are living far away and are not able to visit as often as they would like, as they will know that you are living in a safe, comfortable environment and can access help if or when you need it.