As folks approach the “empty nest” stage or retirement, they often think about downsizing. Is the house too big? Are the maintenance costs and taxes too high? But what we very often see with our family, friends and clients is not always a move to a smaller home. For example, a couple might want to move to a larger home with outdoor space for family to meet and play. Others may want more space to engage in third chapter activities such as “an extra room with a view of the water where I can finally write my novel”. You get the idea.
Here is an excerpt from an article in postguam.com that elaborates on this:
"Older home buyers today are 'smart-sizing' rather than just downsizing," says Mollie
Carmichael, a principal with Meyers Research, a housing research firm in Costa Mesa,
California. "Affordability is a big priority before and during retirement, so people think
they need to downsize for financial security, but that's not always true. . . . In active-adult
communities, where typically residents must be 55 or older, the average home size is
1,500 to 1,800 square feet, Carmichael says. . . . We've found that about 30 percent of people
who move to age-restricted communities move to a larger place within the community after
they've lived there for a while," Carmichael says. "They just want a little extra space and yet
want to stay in the neighborhood." (Michele Lerner | Special to The Washington Post Sep 21,
2019 Updated Sep 22, 2019)
Think about what your lifestyle needs may be in the near future and beyond. Consult an estate planner who can outline your financial resources and tax strategies. Then meet with a knowledgeable Realtor® and discuss what the “smart size” is for you – smaller, larger, or staying in your current home.
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