The next real estate boom
- They have all that extra…
- Become prime real estate…
- Another boom over the next 10 years
Real estate is going through a major shift. This is what we see as the next real estate boom.
It used to be people with larger homes wanted to downsize, maybe had even built on another self-contained wing to their house, or a guest house, or a mother in-law quarters. Maybe the mother in-law has passed on and now they have all that extra room to do something with. Selling the home in a declining market is not the answer.
Businesses will pop up that keep those extra areas of a large home rented. The add-ons were probably made when the children were growing up. Now that they’re gone there’s just two people living in a huge house with much extra space. Their own children went away to college and didn’t come back. Parents sometimes miss having kids around. These empty bedrooms where their children used to stay could be rented out to college students coming to that city for school. Guest houses and mother in-laws quarters and grandma’s wings be all become prime rental real estate.
With people suffering financially and not buying houses, the rental market will go through another boom over the next 10 years. Even if it’s just a young married couple putting of buying real estate until they’re sure, or former homeowners who ran into financial difficulties, were foreclosed on, or who lost their jobs and hit economic hard times. Rental companies, property management companies, and homeowners will look at new ways and new business opportunities to keep any bit of rentable property filled.
QUESTION: What should readers take away from this message today?
ANSWER: That if you lost your home or can’t afford to buy one there will be many opportunities to rent.
QUESTION: Why is this information timely?
ANSWER: This information is timely because even big McMansions can be rented as temporary housing for students, or people temporarily in town for a job, or even to a single reliable renters.
QUESTION: How can readers best apply this information to their lives right now?
ANSWER: That with many people struggling to make their mortgage payment on a large piece of property, there’s going to be creative new ways to subsidize the payments.
COMMENTARY: If you are one of these homeowners who are stuck in your real estate because you haven’t been able to sell it then this may be the best option for you. If you are someone looking for a cozy place to live this may also be your best option. In fact, this mutual arrangement could be perfect for all involved. You’re not alone and you can afford it. With many people living longer and the cost of in-home companionship costly, this type of arrangement could prove beneficial.