Should You Be Downsizing or Upsizing Your Home?
There is undoubtedly a general assumption that all seniors are looking to downsize as they retire, but that isn’t always the case. Some seniors are happily upsizing as they age! The idea that all seniors need a smaller place isn’t as popular as it once was. Many seniors’ families and friends are growing, and they feel that they may actually need a larger place to house all of their visitors.
Photo Credit | 123RF | @ szefei
According to a survey completed last fall by Merrill-Lynch, 30% of seniors who retire are planning a senior move into a larger home, as opposed to the traditional downsizing.
So why are seniors upsizing?
Many seniors who decide to retire into a larger home have worked hard their whole life, and have reached high ranking executive levels. These are the seniors who have saved a lot of money and who are now looking to treat themselves during retirement. Well deserved!
Whether treating themselves to a large beach front property, a place on the lake, or a large home in a resort town, they are buying a place that they can share with their extended family and friends. Many of these seniors have grandchildren and some great grandchildren looking to visit – so now is the time to buy the place in Disney World or the beachfront house that everyone can spend vacation in.
Some seniors have adult children who are moving home while in search of a job after they graduate or as they save to start a family of their own. Kids venturing back to the nest may require more room – and potential upsizing! The important thing to remember is these upsizing seniors are buying a larger home, not only for themselves but for their loved ones to enjoy.
Why are seniors downsizing?
Downsizing still remains a popular option for seniors. One of the main reasons that seniors choose to downsize is due to the less maintenance required in a smaller home. Less maintenance and no stairs is definitely appealing to aging seniors. Additionally, many seniors are downsizing to move closer to family members who may have ventured off to different areas throughout the country.
Retirement gives seniors the extra time that they have been looking for – time to catch up on reading, spend time with friends and family, travel. Downsizing to a place closer to family will allow seniors to go to more family picnics, witness grandkids’ soccer games, and cheer on their daughter during her first half marathon.
A main focus for seniors who are downsizing is the extra income. Selling your home and moving into a smaller home will free up extra money to do things that maybe you couldn’t afford before.
So seniors…
At such an important time in your life, you need to worry less about maintaining your home and more about accomplishing those goals that you have been putting off for years. Also, it is time to check items off of your bucket list – you deserve it.
Whatever you decide, it is your decision. Take your time rightsizing your later years and remember when the time comes (and it will) to move, call Moves for Seniors. Moves for Seniors specializes in senior moving, upsizing or downsizing, we are the experts!
Call Moves for Seniors today at 800-227-0515 or click here for a free quote!