Reaching the age of retirement is an exciting time as you will finally be able to do as you please without worrying about your job. You might be able to travel or move to a location that you have always loved. The truth is that the places that would make us most happy do not always have the professional opportunities desired. As you reach retirement age you need to take time to consider how you will make some income to supplement your social security payments. An investment property can provide income monthly and the property itself can increase in value. The following are types of second homes you should consider purchasing as an investment property.
Home in the Mountains
Finding a home in the mountains where you can truly relax can provide peace to someone that is stressed. This means it will be easy to rent this out as long as there are entertainment options close to the home. Looking at Sapphire real estate can allow you to see some of the best options for homes in the North Carolina mountains. Nothing can match the peace of mind you will have on a cool morning with a mountain view with a cup of coffee while sitting on your deck.
Condo on the Beach
A condo on the beach is something that plenty of couples dream about after they hit retirement age. There are so many options in the US for a beach house but you likely want to stay in a climate that stays warm all year. These climates are available in Florida but you also have to keep storms like that of hurricanes in mind. Flood insurance is also something to keep in mind as this can be hundreds of dollars per month depending on the area you move to. Renting out a condo on the beach is quite easy as many condo communities will handle the property management aspects of renting out the condo for a fee.
Downtown Penthouse in a Lively City
Being able to leave your door and walk to a plethora of entertainment is a dream of many retirees. The one aspect to keep in mind is cost as the cost of living in larger cities downtown can be tough on a retiree’s budget. There are cities throughout the world that offer a great lifestyle at an affordable price. Budapest in Hungary is a great example of a city where you can buy a penthouse for a reasonable amount in the city center. The ability to rent this out will be quite easy as it is a lively city and considered one of the hidden gems of Europe.
A hunting cabin can be the perfect place to unwind from city life or to make income renting out to other hunters. Picking a home in a great area to hunt will be difficult but there are areas throughout the country. Pennsylvania is known for its giant deer population while the Everglades in Florida has deer, boar, and alligator along with decent fishing. Duck hunting is also possible here but the one drawback is that the deer are far smaller than those in the northeastern United States. People like to make annual hunting trips so a cabin in the right area can lead to repeat renters year after year.
You can easily buy a second house as you near retirement for an investment property. The income that this produces can be money you use to supplement your lifestyle!