Before we get into the topic at hand, we first need to be clear about one thing. It takes money to make money! If you are a regular working class person, you should know that investing in your future should start at a young age. By that, I mean, as a young adult. Waiting until you are in your mid 30’s to start planning for your retirement would mean loosing out on 10 good years of investing. If you are nearing the retirement age, I hope you have made the right investment choices to get you through your golden years. I only say that because I see what my parents are going through, as I am not sure if they had a retirement plan.
One option available, to subsidize the amount of income you are getting from social security, is real estate. The issue lies in the fact that if you haven’t made any type of investments through your working career, such as an IRA or 401K plan, you may not have enough savings to make a real estate investment profitable. If you had some type of investment account, when you turn 65 (or 66 for those born between 1943 and 1954) you have the option of pulling out your funds and rolling it into something more liquid. Depending on the amount you have available goes a long way in determining what you can do with your money.
If you decide to invest in some sort of real estate to increase your retirement income, why not take a look at Bergen County luxury buildings in New Jersey with available apartments or condos. One advantage is it is much easier to turn them into rental property than it is a single family home. For one thing, in a condo or co-op, you don’t have to worry about mowing the lawn or keeping up with the landscape.
The farther west you go from the Hudson River, the less you will pay for a 2 or 3 bedroom unit. Keep in mind, that the property you buy will probably not have the same luxury standards as those new luxury apartments NJ built in and around Fort Lee and Edgewater. Your building will probably not have the amenity package like the one at The Modern. Check out this link and you’ll see what I mean. On the upside, you can still get $2,000 – $2500 a month in rent for your newly acquired rental property.