There are many people who plan to retire earlier and start a vacation lifestyle while having a steady income as well. One of the most popular scenarios for that is re-structuring of assets. For example, you can sell your house and buy an investment property in a resort area that can provide sufficient cash flow and enough room for yourself to live in.
Usually a retirement strategy involves relocation - and the options are limitless. You can move to a small town in one of the recreational spots around Toronto. Or you can relocate overseas where you can enjoy a warm climate and safe environment, for a fraction of what you would spend living in Toronto.
This is where I can offer my unique services. I can help you develop a retirement strategy that would include restructuring of your real estate assets and selecting places to move to, with a detailed financial analysis and recommendations. Of course I can also provide my professional services throughout the entire process, from selling your property to relocating and buying an income-generating property in the selected region.
Step 1: Assets evaluation
The first step is evaluation of your assets, including real estate. This will help me understand your options and what you can afford. For example, if you own a house, we can estimate and compare the cash flow from renting it out versus selling it and buying an investment property elsewhere.
Step 2: Restructuring strategy
The next step would be to develop a restructuring strategy based on our analysis of the different options. One of these options could be selling your existing house in Toronto for a high price and using the profits to buy two or more properties. One property could be a smaller house for yourself in one of the beautiful resort areas around the GTA where the prices are still much lower. Another could be a rental property that would generate a steady cash flow for you. You can consider a different scenario as well, such as selling your house and relocating to a different region in Canada, the United States, or other countries.
Step 3: Relocation plan
Based on the available budget and your needs and wants, I can develop recommendations on relocation for you. There are plenty of choices, starting with regions around the GTA and the rest of Ontario, as well as other regions in Canada and the US, or even moving to another country, such as somewhere in Southern/Eastern Europe, Southeast Asia, Central America, or the Caribbean.
I've picked out certain countries that I recommend to my clients, most of which I've visited and thoroughly explored myself. When selecting a region for relocation, I take many factors into consideration, such as climate, immigration rules, living expenses, quality of life, safety, healthcare quality and costs, favourable business environment, taxes, and so on.
Step 4: Investment strategy
I help my clients develop an investment strategy that would bring maximum cash flow and peace of mind at the same time. For example, it could be the purchase of a rental property or a mini-hotel or B&B in the country that was selected for relocation, so you can generate a steady income from running it as a hospitality business.
Step 5: Practical Steps
The final part of any strategy is its implementation. I help my clients with every step along the way. In addition to developing a strategy, selling your current property, and buying an investment property in a different region, I can help you with any other related issue that arises.
Also, because preparation and implementation of your retirement strategy can take a long time, even years, it's better to start as early as possible. This will allow you to be better prepared, take some steps in advance, and put everything in order.
Please contact me to schedule an appointment so we can meet to discuss your plans and options.