Baby boomers over the age of 55 make up a quarter of the population and control about two-thirds of the single-family home equity in the nation.
Nearly a quarter of baby boomers will need major renovations in their current home to stay there as they age. Many say they may face financial constraints to take on those remodels. For others who do plan to remain in their current home, they may be underestimating the extent of the financial costs of upgrades and improvements their home will require in the years to come.
The main reasons to move aren’t due to downsizing either. Instead, the key influences making the boomers move are… Costs of Remodeling, Liquidation of Equity, More Amenities, and Less Maintenance. If boomers had a plan in place over half of them would move now.
Being a SRES® (Senior Real Estate Specialist) in your neighborhood I help folks accomplish their real estate goals. Many of my clients are looking for one level living to minimize any future moves and expenses. There are new home developments and many existing homes that hit the market offering exactly what they are looking for. Having helped so many clients with a smooth, successful transition, I would love to share my knowledge and guidance with you too. If you are going to sell / buy or both, I offer a FREE Staging Consultation and Comparative Market Analysis. If you like new construction or the thought of building, the builders are out about 6 months so start preparing now!
Many people have asked me over the years how reverse mortgages work so I invited a guest speaker to educate all of you that may be interested. I was very surprised how beneficial these mortgages can be! In many cases, it’s financially better than taking out a small mortgage on your next home.