A real estate market is the most important factor in whether you can retire in a good state of mind, says real estate broker Richard Reno.
“Real estate is the first thing that goes out of your mind when you start thinking about retirement,” Reno said.
“It’s your retirement.
If you’re not getting that first shot, you’re going to have trouble.”
But not all retirement plans are created equal.
If your goal is to retire comfortably and afford a nice home, you may be better off looking for a market where there are no high interest rates or no income requirements, Reno says.
“You have to do your homework,” Renow said.
You may also want to consider the local area you’re looking at.
Some cities have relatively high unemployment rates and are more likely to offer low-cost home loans.
You can also try to locate a city where there is a low amount of home prices.
“It doesn’t matter how many homes you want to buy in the area,” Renose said.
If you’re a young investor looking to save for retirement, Renow suggests looking for investments that have a higher rate of return.
He also recommends taking a look at your credit score to make sure you’re paying off your credit card debt.
“Most people think of credit scores as a sign of creditworthiness, but it’s more of a sign that you’re borrowing,” Renoit said.
He also suggests looking into a portfolio that you think you’ll be able to retire in.
“There’s no one perfect portfolio,” Renore said.
“But I think if you’re investing in a portfolio of a number of different assets that have good performance, you’ll probably find you can save a lot of money.”