Baby Boomer Generation – What to Look for When You’re Downsizing

The baby boomer generation in Sherwood Park and Edmonton is getting to the point in their lives that the larger home they have may too much. It may be too much space, or they may find that the upkeep is just too much. Many of those in this generation prefer to downsize in order to save money and time so that they can do those other things that they have always wanted to do. However, what should a person look for when downsizing? Having been around the real estate business in both Sherwood Park and Edmonton, I’ve gathered quite a bit of expertise on the subject and will take you through some of the things to look for when downsizing. Read on!

You want to find a new home that is going to work for you for years to come. In fact, many baby boomers say that the downsizing move is their last move. With this being said, here are a few elements to consider in the house design:

Many baby boomers are finding that downsizing may mean moving out of their current neighbourhood. However, an important element to look at is whether the area is one for younger families or are there many baby boomers here? Some people find that moving into an age-restricted neighbourhood that is designed for those are 55 years old and older is a great idea. The reason being is that you are going to have neighbours that are in the same situation as you and probably share your interests.

When most people downsize they are not only downgrading their current home size, but they may also be dealing with less cash coming in. Be sure that you can afford this downsize. You may have to have another mortgage, there may be care fees for certain areas that you move into and the like. Be sure that this is going to fit your retirement budget rather than the budget you had while working full time.

While many baby boomers dream of buying a small house on the beach or the like, you may want to consider a distance that is not too far from your current home. This is especially true if you have children or even grandchildren who are in the area. You will more than likely want to stay close to these people, so staying in the nearby area is always a good idea.

Moving for the purpose of downsizing will require a little work and decisions on your end. However, many baby boomers find that now is the time to do this, as they are finding that the market is hot with those homes that may fit their needs.