A growing number of baby boomers rent instead of own in their retirement, according to a recent report by the Chicago Tribune. Even though they rent, many boomers still gravitate to beautiful states such as Wyoming. By investing in real estate in the Bighorn Mountains of northern Wyoming, you profit from the housing trends. Most people are over-exposed to stocks in their retirement funds and want to find a property for sale in the Big Horns to use as a rental home. By using a self-directed IRA, you can buy a rental property as an alternative investment. The Chicago Tribune reports that older Americans have altered the American dream by renting. As a property owner in the Big Horns, you can take care of the headaches that baby boomers don’t want to deal with in retirement.
Cater to the downsizing trend
One thing to keep in mind when buying Wyoming real estate properties is the fact that baby boomers want to downsize to a smaller property. They don’t need to own a small home, but like the freedom of living in a smaller space. As an investor, consider buying a two or three bedroom home with two or three bathrooms. Most baby boomers don’t want to share bathrooms. Keep your potential tenants in mind when investing in a property for sale in the Big Horns.
Keeping your tenants
Experts say some baby boomers rent for a short time to test it out. They realize they could easily buy a home if they don’t like renting. As a property owner, you can use a property management company or real estate services company to keep your tenants happy so they don’t want to move. Reducing tenant turnover helps you get a better ROI or return on investment. When you rental home appreciates in value over time, you boost your ROI even more.
Transitioning to renting by choice is a major trend that makes real estate investing a great choice. Some people rent after foreclosures that happened during or after the housing crash. Most housing experts believe the current housing recovery will continue. Sheridan, Wyoming, is a desirable communitiy for a lot of older people who want to live in a vibrant city that is quiet and family oriented.
At Concept Z Home and Property, we help investors and everyday homebuyers in the Big Horns. For more information about real estate for sale in the Big Horns, please contact us.
