Got retiring clients? Help them avoid these mistakes
10/30/2014 | Author: Editorial Staff
Whether your retiree clients are looking for a small place in town or want to find a more relaxing locale, they need to make sure they’re protecting their assets in the process. Marketwatch explains five real estate mistakes retirees make, including these three:
Keeping the bigger house for too long. A large house requires a lot of upkeep, which means more expenses. Clients who have kids who just entered college or are about to may want to start thinking about downsizing now rather than waiting until graduation. Comb your client list and check in with those who may not realize scaling down now could help them save big.
Dreaming of a Big Bend retirement because of that trip 20 years ago. If your clients are interested in leaving town, make sure they research the practicality of a new location. For instance, ask if they will have access to the healthcare options they need most, or help them make sure there are places to take part in their favorite activities.
Owning two properties when they only need one. If the cost and maintenance associated with owning one too-large house is significant, owning two properties of any size can be a bigger financial burden. Even if your client intends to move into the second property in a certain time frame, the price tag in the meantime may not be worth it.
Read more about these mistakes, plus two more, in “5 real estate mistakes retirees make” from Marketwatch.
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