Many people make significant investments in real estate expecting to get a huge return on their investment when it is time to sell. However, despite consistently rising real estate prices in Florida, many baby boomers are finding it difficult to cash out on their investments.
For decades, retirees have been purchasing homes in Sunbelt states, including Florida. By making a large real estate purchase, they are partially planning for a windfall when they decide to sell the home. Reports indicate that many older luxury homeowners in Florida and similar locales are not finding the right buyers who are willing to purchase their sprawling estates.
According to reports, about 32 million homes in the United States are owned by baby boomers. When boomers went to find the perfect retirement home, they often built or purchased large homes on huge plots of land to accommodate families and other visitors. These massive homes soon become too large for the homeowners, who want fewer steps and rooms, or who may need additional living or medical assistance.
In the past, retirees did not struggle to sell their multi-million dollar homes and make a profit to increase their overall estates. However, in recent years, the market for such large homes has stalled. Many people are choosing not to purchase real estate at all, or they are in the market for a smaller modern floor plan instead of the traditional mansion-style home. This problem is only expected to get worse as more and more baby boomers reach their 70s and 80s. These homeowners may need to significantly lower their prices or they may get stuck with a home they cannot live in and that their children do not want.
The Benefits of an Experienced Real Estate Lawyer
When it comes time to sell or purchase real estate, you want to ensure you are getting the best deal possible and that your interests are protected. Real estate can be a successful investment, though there is also a lot to lose if the transaction does not go well or if you make a poor decision.
Many people believe that a real estate agent and/or broker is sufficient to help them with the transaction. However, agents and brokers are often unfamiliar with complex laws and legal principles that are involved in real estate transaction. For this reason, it is important to seek assistance and advice from an experienced real estate attorney.
An attorney can help you in many ways, including:
- Performing due diligence
- Advising about the soundness of an investment
- Reviewing titles, easements, property descriptions, and more
- Reviewing all contracts and negotiating terms that are in your favor
- Knowing your rights should a transaction go wrong
Real estate attorneys can help from the beginning of your venture all the way to closing to ensure your interests are protected. Whether you are purchasing a condo, selling a large home, or investing in a major commercial development, you want the right attorney on your side.