REAL ESTATE PLANNING

How to use your home to financially assist you
and your family through your Golden Years

With your home or investment property you have 3 options to get income:

1)    Sell it               2) Rent it              3) Borrow from it


With each option, there are some things to consider and professionals to talk to:

1)    Sell it

·        Preparing to sell – Professional Full-Time Realtor

·        Downsizing, cleaning and de-cluttering

·        Tax consequences 1) Personal residence or 2) Investment property –Accountant or CPA

·        If only one living spouse – was an appraisal done at the time of deathof spouse?

·        If home is in a trust – Estate Planning Attorney

·        Do a CPR – divide the land and sell part of it.

·        Do a 1031 Exchange: ie: 1) vacant land – buy a condo or home, rent it out and get cash flow, 2) apartment building – do a CPR and sell units individually or give units to heirs, 3) single family home – sell and buy smaller condos

2)    Rent it out

·        Property manager or manage it yourself?

·        Is your home large enough to create a separate living area which will allow you to stay in the home and rent out a part of the home?

·        If it’s your own home: Preparing to move out of it to rent. De-clutter and any repairs.

                                             

3)    Borrow from it

·        Reverse mortgage

·        Refinance


If you have any questions or other concerns and would like to discuss this further
please call me at 228-4916.
I would be more than happy to get together with you.