I read about a woman in her fifties who said, “I am single and I’m saving to buy a house. But prices and rates keep rising! I’m worried about where I will stay when I get old. I don’t want to be kicked out of a rental when I’m an old lady.”
That’s a scary thought, right? Yet it’s a situation faced by thousands of elderly people every year. It’s one reason I advise people to buy a home or condo when they’re as young as possible, and then hang onto it. Rent it out if you don’t want to live there. Just keep it so that you have a place to go or sell in the future. Even if you currently own a home, consider buying an extra unit on the side. Properly purchased and managed, that unit is an invaluable asset for the future. Call to discuss your situation. (718) 399-3320