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In This Issue:
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Affordable
Ruidoso,
New Mexico
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This week we return to a favorite
spot. Ruidoso, New Mexico is an up-and-coming ski resort town
nestled in the Sierra Blanca Mountains and was once the
stomping grounds of Billy the Kid. This unpretentious
southwestern oasis has an affordable cost of living, wide
open skies, down home hospitality and is in one of the prettiest
locales in New Mexico. It's also a place more and more
retirees are starting to call home.
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Last Week's Profiled Spot:
State
College, Pennsylvania
Central Pennsylvania is not always
on everyone's list when it comes to considering
retirement destinations, but perhaps it should be
because State College, site of Penn State
University, has what many retirees are seeking, a
moderate cost of living, a low crime rate, plenty
of cultural amenities, athletic events and a
vibrant milieu with something for most everyone.
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Housing
Market Decline
Real
estate has been regarded as one
of the safest investments for
quite some time. Despite the
relative safety of real estate
investments, however, there
remains the possibility that the
real estate market can fall like
any other investment. Over the
long term, real estate still
remains relatively safe simply
due to the fact that the
population of the world
continues to increase while land
is a limited resource. When
there is an occasional downturn
in the real estate market, it is
important to recognize certain
strategies which can be used in
order to keep a real estate
investment from becoming a
complete loss.
The first thought many people
have when they realize the
market has experienced a
downturn is to attempt to sell
the property as quickly as
possible before the market grows
worse. In reality, many
investors have found that it is
often better if they can manage
to hold onto the property and
ride out the downturn in the
market. While the market might
certainly dip lower before it
rebounds, historically it always
does come back.
By
selling the property during a
down market, you position
yourself to take a certain loss.
If you are able to keep the
property afloat you stand a much
better position of being able to
make a profit on it when the
market turns back around. Of
course, holding onto a property
during a down market sounds fine
in theory but it can often be
much more difficult in practice.
One possibility is to rent out
the property in order to attain
a positive cash flow while you
wait for the market to turn
around.
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In addition,
it is important to make sure
that all of your accounting is
correct. Many investors find
they are not taking full
advantage of all the tax
benefits offered to them.
Consulting a professional
tax advisor in order to
locate legitimate tax
advantages you may have
missed could certainly be
well worth it financially.
You may well find that the
write-offs that are
available to you could
provide the assistance you
need to hold onto the
property until the market
swings back around.
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If you find that you are
facing a foreclosure on the property, then the best
option would obviously be to go ahead and sell it in
order to attain as much profit as possible rather
than take a complete loss. In this type of drastic
situation, the key is to look for ways that you can
make the property as valuable as possible. Selling
real estate is really not that much different than
selling any other type of product. In this case, the
product is a home or building. If you have had the
property on the market for awhile, it is important
to look at why it has proven difficult to sell the
property. You might consider making some changes in
order to make it more desirable.
Ultimately, holding out during a market crash or
downturn involves remaining calm and avoiding acting
on emotional impulses. Making hasty decisions based
on fear will often cause you to take an action you
would likely regret once the market turns back
around. Before you take any action, make sure you
have carefully considered all of the options
available to you. By doing so, you may well be able
to turn a dip in the market into a big return once
the market starts the climb back to the top.
~ by Heather Seitz. Article courtesy of
ArticlesBiz.
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Great Retirement Spots Newsletter is
published four times a month by Webwerxx, Inc., 2770 S. Elmira St.,
#152, Denver, CO 80231. (303) 358-0512. Copyright ©
2006-2008.
All rights reserved. Issues previous to June, 2006 were
published twice a month. No part of this electronic publication may be
reproduced without the express written consent of Webwerxx, Inc.
Numerous attempts were made to verify the accuracy of the information contained
in this bulletin, but some information may have changed since
publication. Webwerxx, Inc. cannot be held responsible for
inaccurate information or information that has changed since this publication appeared online. Please contact us at
staff@greatretirementspots.com
if you have questions or comments. If you recommend a
retirement spot, we will add it to our list of places to
profile. If you have a question, we will try to answer
it, although it may take us a few days. Email
us here
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Estate Real Estate for Baby Boomers
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