Let’s Talk Real Estate – October 2021
For years, we have helped retirees find their perfect home in Jacksonville and surrounding areas. It’s very enjoyable seeing their excitement as we share with them all about our beautiful town and Southern Oregon. Most of them have come from out of state so there is lots of education that goes on. From home prices, cost of living, weather, outdoor activities, theaters, restaurants, the music scene, shopping, wineries, and culture—there can be lots to learn and lots of differences from the areas they are moving from.
This education has worked both ways as we have learned a lot from our retiring clients. We have seen a lot of smart planning, with some of our clients buying homes in Jacksonville years before they retire. They have us manage their retirement home as a rental home, giving them a yearly passive income until they are ready to move. When they do retire, they do so in a home that has appreciated in value and may be way beyond what they might currently spend for a retirement home. We have also seen retirees do a 1031 exchange from a rental property they own out of state, to their future retirement home in Jacksonville, giving them tax advantages.
The most fun has been seeing what a retired lifestyle looks like living in Jacksonville and how everyone tackles retirement differently. One of my favorite stories is the day I walked into South Stage Cellars at two in the afternoon to pick up my credit cards I had inadvertently left the night before. As I entered the tasting room, I was greeted by four of my newly-retired clients, all at the bar wine tasting. Wine tasking at 2pm on a weekday, is that a retirement thing?
Through the years, we have seen most of our retired clients dive into retirement by buying an RV to Explore the US, building a shop or studio to satisfy their creative endeavors, buying a vacation home to get away, or becoming volunteers and giving back to the community.
Traveling by RV—Many retirees take advantage of the growing types of RV’s available to explore the US. When our valley is too cold, too hot, or too smoky, they can take off and hit the coast, mountains, wineries and explore new areas they have never seen. They don’t have to go far to get away. There are a growing number of retirees hitting the road so there are also a growing number of services that cater to them. Harvest Host is one site that has over 2,700 Wineries, Breweries, Farms, Golf Courses, Museums and attractions that you can visit and stay the night in your RV with no camping fees! We have one client that rents out their RV when they are not using it; so, they don’t always cost a lot to own.
Creative & Learning Endeavors—For many retirees, retirement is the time in their life they can focus on their hobbies, artwork, reading, learning or creative endeavors. Retirement becomes the time to build a studio or shop where they can spend the day painting, quilting, woodworking, or restoring cars. For some, it’s also a great time to enroll in college classes or just have time to read their favorite books.
Vacation Homes—To my surprise, a lot of retirees choose to spend their retirement in more than one area. They take advantage of their flexibility and free time by having a second residence that complements our area. Again, when our valley gets too cold, too hot, or too smoky, they escape to their vacation home. Some have cabins in the Cascades, cottages on the coast, or a second home in the Arizona desert or tropical Hawaii. Often their vacation home is near family, a river, a lake or the ocean. We are fortunate in Oregon to have RV parks throughout the state that have converted to “Park Model” modular homes that are for sale for a reasonable price. These can make a perfect inexpensive small vacation home and often can be rented out to help pay the expense.
Volunteers—Southern Oregon wouldn’t be the same without all the retirees that donate their time volunteering. The Oregon Shakespeare Festival, Britt Festival, and the Craterian Theater could not exist if it weren’t for the hundreds of volunteers that donate their time so we can enjoy live theater and music. Other volunteer groups like the Jacksonville Boosters Club do so much to restore and improve Jacksonville. At a recent event sponsored by the Boosters, one member proclaimed that they are P.I.P’s, standing for “Previously, Important, People. Giving back to their community has replaced their one time “important” careers. Some of our clients are currently volunteering at our local hospitals, which now, more than ever, makes them heroes!
If you’re like me, and not yet retired, hopefully this will give you some ideas of what your retirement might look like. You don’t have to choose just one of the above, you can choose a few or all, or craft your own retirement to fit your budget, interest, dreams and desires.