It’s 2020, and more and more Baby Boomers who own buildings are fast approaching retirement. This generation of investors has invested a significant part of their lives, a great deal of time and considerable sums of money in their buildings. Today, these building owners are dreaming of passing on the torch and retiring with peace of mind. But there’s a catch: not all these Baby Boomers who own buildings are lucky enough to have a successor ready to take over and look after their properties.
When there’s no one to pick up the slack
In fact, these baby-boomers want to move on to another stage in their lives. They want their children to continue looking after their buildings. In reality, however, when these building owners retire, it doesn’t happen very often. There are many reasons for this. Either because they don’t have children, or the children live too far away from the buildings, or they’re already very busy in their own lives, or simply because of a lack of interest in real estate. Baby boomers who own buildings must therefore consider selling their properties as an alternative solution, and this is not always an easy decision.
This situation is becoming increasingly common, according to Jean-Guy Ayotte and Michel Limoges, associate chartered real estate brokers specializing in commercial, industrial and multi-residential (apartment blocks) real estate.
A rather tricky situation. Some of these Baby Boomers will want to keep their building for the good times, but in the majority of cases, the stress of unstable tenants and the list of repairs and maintenance to be carried out are often aspects they don’t want to have to deal with any more. Indeed, when retirement arrives for our Baby Boomers who own buildings, peace of mind weighs far more heavily than the headaches of maintaining a real estate income. So they decide to sell. So how do they go about it? Who can they turn to? Who can they trust? Should they sell in whole or in part, and what about the tax implications?
How can we dispose of our buildings while maximizing retirement benefits?
The best decision you can make is to entrust your file to competent real estate experts. These people will offer you a turnkey solution, supporting you every step of the way. A team like that of Jean-Guy Ayotte and Michel Limoges, seasoned brokers with nearly 100 years’ experience under the Royal Lepage banner, can provide you with all the resources you need to face this often difficult stage as owners of buildings with no succession. By turning to an experienced and competent team, Baby-boomer building owners who wish to sell their properties can be sure of putting all the chances on their side, in order to obtain the best prices, the best conditions, and the best buyers for their properties.
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An aging population and building owners
In fact, there are fewer young people in today’s society, and Baby Boomers who own buildings and have no one to take over from them often choose to sell while they’re still alive. As a result, there will be more and more properties for sale over the years, and the seller’s market we know today will become a more balanced one. This aging clientele of building owners is growing in number. The Jean-Guy Ayotte team will offer you sound advice at every level. At some point, you’ll need to consider the disposition of your assets. Since large sums of money are involved, it’s important to choose the right professionals to guide you through the process of selling your properties. You also need to ensure that buyers have the financial resources to make the purchase.
Discover the Jean-Guy Ayotte team: trusted brokers
Our teamregularly guides people with “real estate holdings” who are thinking of selling them. So, whether you’re looking to establish the market value of your assets, simply to discuss putting them on the market at a later date, or to find out about current real estate market conditions, talk to us. We understand the issues that you, the Baby Boomers who own real estate, face, and our reputation in this regard transcends the industry, as we specialize exclusively in commercial, industrial and multi-tenant investment real estate. Rest assured that all client consultations in which we participate are completely confidential and without contractual obligation. Our team has a strong social commitment to Montreal’s North Shore and excellent references. What’s more, we’ve surrounded ourselves with a group of experts in the real estate field. We have notaries, tax specialists, appraisers and inspectors on whom our customers can count at all times.
Contact us today for a free consultation. We’ll draw up a game plan based on your needs!