Should You Stay or Should You Go Now?
Should baby boomers stay where they are or buy a new home?
There’s a lot of comfort in staying in your home as opposed to moving somewhere else. However, there are some concerns to take into consideration.
The Joint Center for Housing Studies at Harvard University said that baby boomers have high homeownership rates, and most older adults live in single-family homes. Of the 24 million homeowners aged 65 and older, 80% live in detached homes. The majority of these homes are now at least 40 years old and therefore may present maintenance challenges for their owners. Sewer lines and roofs in houses that old may need to be replaced, and if the home is two stories, the stairs may be wearing down.
If you live in one of these homes and decide to tear down a wall in a bedroom to open up space, you could be making your home worth less by reducing the number of bedrooms it has.
Remodeling a 40-year-old house might sound good for the short term, but if you end up having to take money out as a home equity line of credit down the road, renovations you make now might now make a lot of sense in 10 years.
"Now is a great time to sell your home and move on to a new phase in life."
With the pandemic, we’ve found that many people can work from home. A lot of people are moving into their retirement houses now because they’re able to work remotely. So if you’re thinking about selling your current home and buying a retirement house, our current market is brewing a perfect storm.
Studies have shown that 32% of the older generation is moving to be closer to friends and family; 22% is reducing expenses by downsizing to a smaller home so they can start a new chapter in their lives; and 9% is moving into an aging-friendly home.
All in all, now is a great time to sell your home and move on to a new phase in life. Interest rates and inventory are both at historic lows, and we can have your transaction done by the end of the holiday season.
If you have questions about your specific situation, feel free to call the Kimo Quance Group. We’d love to hear from you.