Real Estate and Senior Citizens
“You may not control life’s circumstances, but getting to be the author of your life means getting to control what you do with them.”
― Atul Gawande, Being Mortal: Medicine and What Matters in the End
I am inspired to write this after reading Being Mortal by Dr Atul Gawande , which is an extremely well written book on the subject of mortality, ageing and the joys and challenges that go with it.
It is by now well known that life expectancy is at an all time high. Nowadays when our elders bless us by saying “ May you live to the age of 100”, we all know it can very well come true. Medical advances, our own awareness and ability to take good care of our mind and bodies means that we can all expect to live longer than our forefathers.
The flip side of this is that we need to provide for the period of our life beyond the age of retirement, which is a challenging task.
There are quite a few of us who are deeply invested in real estate, by virtue of the following
2. Our own inclination. Investments made through amounts earned during the working years.
Like any other asset class, real estate has it’s shares of ups and downs. The other major drawback of real estate is it’s illiquidity. I routinely advise my Senior Citizen Clients to exit Real Estate and deploy the money in more liquid avenues. Also as the options in the real estate market widen, it is often seen that in spite of dropping prices, we are unable to sell our property. There is also the challenge of understanding and complying with the laws, the most important of which is taxation. It is often wise for many of us to sell, pay our taxes and be free to deploy the proceeds in a manner which will be appropriate for our needs as we age. If our Children are not able to or are not willing to assist us in doing the transaction, then we are vulnerable . The selling process has also moved to online portals and most senior citizens struggle with the internet.
At Realtygyan, we bring to the table, a huge network across the city of Mumbai and Navi Mumbai, which will enable us to assist you in reselling your apartment. We have , in our core group, professionals who will guide in completing the transaction very smoothly.
The most difficult decision is of course to take a decision. We are very often emotionally attached to the property we buy. However, time is a very bad task master and punishes individuals who sacrifice money to the “pull” of emotions. The best way to deal with this dilemma is to refer it to a ‘ third ‘party. At Realtygyan, we will be glad to be your sounding board. You can have a no obligations chat with our team and this might well help you in making up your mind.
We are creating a separate section on our website to highlight properties offered by Senior Citizens so that we can prioritize your needs.
Call us or write to us:
Satyawan: 9699260779 / Satyawan@realtygyan.com
Prakash Natarajan: 9820606187 / firstname.lastname@example.org