As you consider retiring, you may ask will your current home fit your retirement lifestyle. Recent data from the the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom with more than 1.7 million older workers retiring due to the pandemic. Will your current home fit your retirement lifestyle? Here are some things to consider in deciding whether to make a change.
After you retire do you want to travel?
Does your imagined retirement lifestyle include frequent trips to see family? Are your children or other family members nearby? Do you want to travel frequently to see them? You may want to downsize to a property that is easier to lock up and leave. If you are in a townhome or a condo, you won’t have to worry about as much maintenance or dealing with snow removal in winter or raking the leaves in the fall. The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.
Right size your home for your retirement lifestyle
Lawrence Yun, Chief Economist at NAR, many homebuyers 55 and older choose to right size or downsize when they purchase a new home:
“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”
Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life. A good conversation about your needs with your realtor will help you decide will your current home fit your retirement lifestyle.
The right home will enhance your retirement lifestyle
As you “mature,” your home may begin to offer structural obstacles like a steep staircase. Even if your knees are still great now, you might want to start to think about the future and choose to move to a home with fewer stairs or one level. Tired of dragging that laundry basket up and down the stairs to the basement? Imagine how much you would enjoy a laundry room on the main level or upstairs near the bedrooms! If you love to cook and want to spend your retirement in the kitchen becoming Julia Child, maybe this is the time to get that big kitchen with an Aga stove. This is truly the time to get what you really want in a home.
Here are some homes with a primary bedroom on the main level throughout the DC metro area. If you see any here that you might like, just give us a call at 240-401-5577 or email us at firstname.lastname@example.org If you have any questions, just reach out to the Lise Howe Group!
Retirement may mean accessing your equity!
If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move and make your retirement more comfortable. According to the latest Homeowner Equity Insights report from CoreLogic, homeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great time to sell your house and address your changing needs and wants.