Its an issue we see often…clients who think they are getting too old to take care of their property want to cash in on the equity in their homes. They’ll take the money and move to a smaller house or condo where property maintenance will be less of an issue.
Are You Too Old To Take Care of Your Property?
Its a fact of life. The older we get the less we are able to do physically. I’m sorry, but its true. In my younger days I was a carpenter. From the time I was 12 all the way through college (and I spent 10 years in college) and even for a short while after college I was a carpenter. I can’t do it anymore, even though I don’t consider myself old.
Its a situation that I see often in my clients. “We’re thinking about downsizing,” or, “We’re going to be retiring soon.” One reason we started this blog is to share what we’ve learned from our clients so that others may benefit. The following is a true story from one of the clients we worked with recently.
When I met him, Randy (not his real name) had lived in his house for 31 years. Built in the 1930s, his house was a beautiful example of the period with high ceilings and plaster covered, tongue and grove lath walls. Randy had been a remodeling contractor who worked in some of Portland’s nicest old neighborhoods. He knows this style of construction like the back of his hand.
Like many tradesmen he actually did very little work on his own house. There was always another job that needed to be done and it paid money. So work around his own place took second fiddle. Years of construction work, though, took a physical toll on Randy. Eventually his back gave out and he had to go on disability.
Randy was too old to take care of his property. Now he’s living by himself in a 2174 square foot 80-year old house that he’s not physically able to update. He knows what his house could be worth but he lacks the funds and ability to make it happen. He knows that time slipped away from him and now he’s too old to take care of the property, even though he would love to.
What Can You Do?
Randy was willing to discount his house to us because he knew how much it was going to cost to make it beautiful again. He owned the house outright so all he needed was enough money to buy a smaller place. He even knew the neighborhood he wanted to live in. A Craigslist user, he saw an ad by Appletreebuyshouses.com and thought he’d give a professional investor a try. Dealing with a cash investor and a quick close was attractive to him.
A professional investor might not be right for you
or for all situations, but it’s another option available for
people who are getting too old to care for their property. With the baby boomers retiring many are dealing with these issues.
Consider giving us a call.
Fruit From the AppleTree.