Upsizing Is the New Downsizing: How Future Family Plans Are Changing

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Conventional wisdom says that when you retire, you should move into a smaller home to save money that you can spend on fun things like trips, golf outings, and cooking lessons. More and more of today’s retirees, however, are bucking that trend and actually upsizing their home, either in size or price, instead of downsizing.

 

According to a Demand Institute survey, 46% of baby boomers actually plan on upsizing when they retire. There are a number of possible reasons for this shift.

 

The More, The Merrier

 

Lots of retirees enjoy having their family and friends visit. Some of them might choose to get a larger home so that their children, grandchildren and other loved ones can stop in more often. This might be especially true if family lives far away and the retirees aren’t able to travel. In order to encourage family to visit on holidays and other times throughout the year, seniors may opt for a larger living space.

 

Moving Back Home

 

Some retirees may actually find that they need room for more than just themselves in their home. They may need space for their parents who can no longer live alone. Their children may need to move home after graduating college or if they’re having trouble finding a job.

 

They might even find they have both children and grandchildren. That can be fun and eliminates the need for travel to spend time with family but also, of course, requires a more spacious home.

 

Location, Location, Location

 

After working for most of the lives, people want to enjoy themselves when they finally get the chance to retire. They might want to spend more time on hobbies or pick up a new pastime.

 

To do this, they sometimes need to live in a certain location. If they like fishing, for example, they’ll want to live near a lake or some other body of water. If they prefer cultural events like plays, festivals, and concerts, they may want to live near a big city that has a lot to do.

 

Living in their desired locations may end up being more expensive than where they previously lived, and the only available homes may turn out to be on the larger side.

 

Treat Yourself

 

Another simpler reason seniors choose to retire in a larger home is just because they prefer to.  For some people, living in a larger home may help them to enjoy their retirement more. They might feel they deserve after all of those years of working hard.

 

Some baby boomers never got to buy their own home due to the housing market crash. Retirement can be a chance to make that happen. Some might even be willing to take out a mortgage and take the time to learn more about obtaining finance even if they’ve never done that before.

 

As a new group of people begins to retire, they’re redefining what life after work is like. Instead of downsizing their home, more seniors are upgrading either to make more room for friends and family, to be closer to what they love to do or just to treat themselves a little bit.

 

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