If you are like many Baby Boomers retiring, you may have decided now is the time to downsize. After living in your dream home for more than 20 years and raising a family, a carefree lifestyle is now an appealing option. After all, the kids have moved to the city, and the cost and upkeep of a large property are becoming a liability. You are not alone. Close to 47% of baby boomer home-owners intend to downsize in retirement.
For most, there is a common thread in reasoning.
Closer to family
“I miss my children. The drive to the city is two hours there, and back. I just want to be closer to them”.
One common trend in downsizing is the decision to be closer to the family. Many empty nesters are deciding to sell and move to larger cities to remain connected to their children and grandchildren. However, that often means leaving behind good friends that have been cultivated over the years. The decision can be stressful. Many Boomers are renting as an interim plan, rather than investing immediately in a new home. It’s the “let’s see how we like it” strategy.
Lower housing expenses and maintenance
“The house is 3400 sq. Ft. on four acres of land. We just don’t need this much space”.
The house that was perfect for raising a family has now become an albatross. Baby Boomers would rather be out enjoying life instead of raking leaves, mowing the lawn and shoveling snow. Retirees are also looking to lower their maintenance costs in home upkeep and utility bills to free up time and money.
“I am so excited. We just want to go for a walk, stop for a coffee or catch a movie if we feel like it.”
After spending years of commuting, and devoting time to the lives of their children, Boomers are now looking for “me time.” Walkable neighborhoods with local restaurants, shopping, café’s and parks are drawing soon to be retirees to move to city environments. These types of communities also offer more options in housing from condos and multi-housing apartments to senior style residences. The ability to enjoy on site amenities as well as social interaction with like-minded people is one of the predominant downsizing trends.
Freedom to pursue interests
“My daughter has asked me to become her bookkeeper. Wow, a new career at my age”.
Today’s retirees are more active, healthier and living longer than their counterparts. Paying off the mortgage and freeing up home equity results in more disposable income. Financial freedom means the option to travel, pursue hobbies, start a second career or perhaps invest in a new home that is more suitable.
“My husband and I are in pretty good health, but in all honesty, the stairs are becoming difficult.”
For many, declining health and physical limitations are a significant factor in the decision to downsize. The physical endurance of maintaining a large home can be overwhelming. Many baby boomers are turning to senior’s residences that offer a low-maintenance lifestyle with optional services and even medical care.
“We have not decided on what we want to do yet, so we are just going sell everything and rent for six months, while we investigate our options.” Renting furniture seems like the right idea as we go through this transition stage”.
While many Baby Boomers have a clear picture of what they want in retirement, many others are unsure. Renting in the initial stage of transition is often the best idea providing an opportunity to explore housing options and neighborhoods.
Brook Furniture Rental is committed to helping those in transition. Whether it be downsizing, relocation or an unfortunate situation, we can help. Why not talk to us about our options in renting furniture. We provide not only outstanding furniture but 100% customer satisfaction.