All Topics > Real Estate Resources > Lifestyle > Buzzworthy > Baby Boomers Buying Second Homes for Retirement >

Baby Boomers Buying Second Homes for Retirement California

The following contains housing information you should know about how Baby Boomers are buying second homes for retirement. Read this review if you or a loved one is interested in real estate in California.

Local Companies

American Express Financial Advisors
562- 981-6677
3760 Kilroy Airport Way
Long Beach, CA

B C Harmony Investments LLC
562- 435-2719
250 Pacific Ave
Long Beach, CA

First Command Financial Planning
916-567-9600
1401 El Camino Ave
Sacramento, CA

Bakersfield Retirement Group
(661) 398-9900
5901 Sundale Ave
Bakersfield, CA

Carl Engele
(661) 397-9074
110 S Montclair St
Bakersfield, CA

Almac Development LLC
310-406-1830
2030 E 4th St
Santa Ana, CA

Advanced Planning Insurance & Financial Group Inc
951-778-3803
4192 Brockton Ave
Riverside, CA

ICMA Retirement Corp
951-778-0749
3666 University Ave
Riverside, CA

112 Inc
951-784-1802
3403 10th St
Riverside, CA

Comprehensive Financial Services Inc
951-786-0347
3773 Tibbetts St
Riverside, CA

provided by:

According to the results of a newly released study of nearly 2,000 American baby boomers -- those born between 1946 and 1964 -- commissioned by the National Association of REALTORS® (NAR), ten percent of all boomers are considering buying real estate in the next 12 months and 15 percent of those respondents said they were considering buying vacation property. That’s in addition to the 25 percent of survey respondents who already own one or more kinds of real estate in addition to their primary residence.

Many baby boomers will likely be buying with an eye on retirement. (Four out of 10 surveyed who already own a vacation property said they eventually intend to retire to live there year-round.)

Baby boomers planning to retire in a few years may also be motivated to buy a second home now while interest rates are low, and before property values in their chosen location potentially increase. And by investing in a vacation property early on, they get a place where they can spend quality time with their children and grandchildren before they retire.

So what are boomers looking to buy? Some things boomers look for in a second home are:

• Recreational property. Boomers are living healthier and longer lives and desire vacation property where there is an abundance of leisure activities to enjoy such as hiking, golfing and skiing.

• Small town or rural location. Three out of five boomers surveyed said they’d prefer to retire to a small town or rural area. Only 12 percent said they’d prefer to retire in an urban or city setting.

• A home in a Sunbelt region. Florida and other traditional Sunbelt regions remain popular retirement locales.

• Property close to home. Boomers looking for a second home to enjoy for weekend escapes typically look for property within two hours’ driving distance of their current home.

• The option to rent. Vacation property that can be rented out to cover some of the expenses involved is considered desirable.

• A suitable place to retire. Access to quality health care and other amenities are important considerations in a second home that’s eventually intended to become a primary residence.

• A tax advantage. Those planning to eventually sell their primary residence and move into their vacation home can get a double tax advantage. They can claim a capital gains tax exemption on the profits from the sale of their first home of up to $250,000 if they’re a single home owner or up to $500,000 if they’re married. Then, if they purchase a second home which they subsequently convert into their new primary residence, and live in that home for at least two out of the five years before they put it on the market, that property will also become eligible for the same preferential tax treatment as their first home. (Consult an accountant or financial advisor for more information on the capital gains tax exemption and how it may impact your own personal tax situation.)

Baby boomers represent a large percentage of the population and have, for years, dominated the real estate market: Nearly four out of five already own homes. So it’s not surprising that now, having reached their peak earning years, many are regarding another investment in real estate as a way to achieve their retirement goals.

Published on June 14, 2007

Read full article at realestate.com

Featured Local Company

American Express Financial Advisors

562- 981-6677
3760 Kilroy Airport Way
Long Beach, CA

Read more about Baby Boomers Buying Second Homes for Retirement

- 21 Ways to Enjoy Your New Home California

Move-in day is the perfect time to create some very special memories.

- 1031 Exchange California
- 5 Useful Tips In Selling House California
- 7 tips to sell your home California
- 8 Reasons to Get Pre-Approved for a Home Loan California
- 5 Home Buying Mistakes California
- 5 Tips for an Easy Local Move California
- 5 tips to get your home ready for sale California
- 10 Easy Ways to Update Your Home California
- 5 Ways to Help Your REALTOR® California

Regional Articles

- 1031 Exchange California

A 1031 exchange allows people to exchange one property for another of like kind so they can avoid paying capital gains taxes. Find out how this property exchange works and if you qualify or it is something you want to consider.

- 5 Useful Tips In Selling House California
- 5 tips to get your home ready for sale California
- 21 Ways to Enjoy Your New Home California
- 5 Home Buying Mistakes California
- 5 Ways to Help Your REALTOR® California
- 7 tips to sell your home California
- 8 Reasons to Get Pre-Approved for a Home Loan California
- 5 Tips for an Easy Local Move California
- 10 Easy Ways to Update Your Home California

Related Local Events

Finance
Dates: 9/16/2009 - 9/16/2009
Location: Central Valley Community Bank
Oakhurst, CA
View Details

Finance
Dates: 7/15/2009 - 7/15/2009
Location: Central Valley Community Bank
Oakhurst, CA
View Details

Business Issues Committee Meeting
Dates: 6/26/2009 - 6/26/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Executive Board Meeting
Dates: 6/23/2009 - 6/23/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Economic Development
Dates: 6/19/2009 - 6/19/2009
Location: Yosemite Bank
Oakhurst, CA
View Details

Advertising	Food & Beverage	Nightlife
Business Services	Franchise	Online Database
Career	Health	Pets
Cars	Holidays	Real Estate Resources
Computer Hardware	Home Appliances	Retail & Consumer Services
Construction	Home Electronics	Software
Education	Home Services	Technology
Entertainment	Industrial Goods & Services	Telecommunications
Environmental	Insurance	Trade Shows
Family	Internet	Travel
Fashion	Legal	Weddings
Financial Services	Miscellaneous	World History

Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History