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Four Ways A Luxury Real Estate Mortgage Broker Helps Clients Achieve Personal Wealth

General Roo Wyda 28 Feb

roo wyda, luxury real estate, mortgage broker, west vancouver, high net worth, wealth,

Today, most of us would agree that being wealthy means more than just having money in the bank. It can mean being able to live somewhere you love, building family memories, providing for your loved ones, and surrounding yourself with all that brings you joy. True wealth, and living out your dreams, means something different for everyone.

Certainly, money is an important instrument. Without it you can’t buy that vacation home, send your kids to university debt-free, or build out a real estate portfolio. Financial, emotional, and personal wealth mesh together in a complex web – and it can be challenging to sort out how to achieve all these things.

A Luxury Real Estate Mortgage Broker, accustomed to working with high net worth families, understands these connections deeply. While on the surface we may be working to help Clients achieve purely real estate wealth, our jobs encompass much more than that. Through real estate lending, I’m often involved in supporting life decisions that greatly enrich my Clients’ and their families’ lives.

Here are four ways a Luxury Real Estate Mortgage Broker can help Clients achieve their own personal definitions of wealth:

#1 – Finding Wealth in Health
For most people the necessity of financial wealth pales in comparison to achieving physical wellness. However a person’s health goals, can and should, work in tandem with their financial goals. An experienced Luxury Real Estate Mortgage Broker can analyze a Client’s financial situation and work with them to ensure their home is in a neighbourhood that supports their health goals. Whether it’s living near the mountains to access hiking and running trails, or near the ocean for paddling and swimming opportunities, the right home is key in supporting physical fitness and health goals.

Another health related consideration that an experienced Luxury Real Mortgage Broker can provide clarity and guidance on is understanding long-term care considerations. Real estate can be leveraged to provide an approach that’s right for a Client’s finances and family situation. This advance planning is proving to be paramount as people are living longer and can require more assistance. Most people prefer to age in place – it’s preferable to plan for all of it when you don’t need it.

#2 – Finding Wealth in Adventure
Wealth, for some people, means using their time on this beautiful planet to see as much of it as possible. A Luxury Real Estate Mortgage Broker can help their travel-bug clients achieve these goals. Real Estate can be leveraged to pay for travel experiences and it can also provide travel experiences for others.

Whether it’s a vacation property to visit and rent out when you are not there or it’s suite in your home, there are many options. If you’d like to travel for an extended period of time, perhaps putting in a basement suite for yourself, and renting out the upstairs of your home would be worth exploring. A Mortgage Broker accustomed to working with high net worth Clients has these conversations regularly with Clients and works with them to make their adventure dreams come true.

#3 – Finding Wealth in Family
Helping to pass down real estate wealth in families is a common conversation. Sometimes it’s a gifted downpayment from the parents to the adult children to enable the adult children and grandchildren to live in the home of their dreams. Other times it’s everyone under one roof and contributing to one mortgage. There are many options.

When parents start to reach their sunset years, oftentimes their adult children wish to have them living closer. Sometimes this means everyone is under one roof – other times, it’s creating a separate suite for the elderly parents and paying for care nurses to support the family. The financial burden of getting older can be somewhat mitigated through savvy advising and careful timing.

Another common goal for families is a vacation property or second home. Being able to build family memories in somewhere like Whistler or Kelowna is a wonderful experience. Oftentimes these properties can also be rented out when you are not there, if you wish to be a landlord. If not, leveraging your existing home’s equity can be worth exploring.

#4 – Finding Wealth in Favourite Things
Hobbies and activities can bring wealth into a person’s life by allowing them to devote their time and money to their passions. For clients who are into collecting—be it art, wine, stamps or sports memorabilia, real estate can be leveraged to make these investments. If the outdoors is a passion, a second home or vacation property may be the answer.

Sometimes a hobby can evolve into an income-earner. A client who has achieved professional success may seek to spend the latter part of his or her career putting time and energy into a passion project. Whether it’s investing in a BC winery, a local craft brewing company or a resort in a tropical locale, a Luxury Real Estate Mortgage Broker can provide valuable finance strategies to leverage the Client’s current real estate portfolio to meet long-term objectives.

A Luxury Real Estate Mortgage Broker knows their job goes way beyond money. The modern advisor wears many hats, and in many ways, may bear more similarities to a holistic life coach than to a traditional finance professional. We’re not just helping clients grow their fortunes, we’re helping them plan for the future and pave a brighter path for the next generation.