Boomers on the Move

Boomers on the MoveSam Chaim

The impact of baby boomers retiring and entering into their senior years will affect everything from the economy to health care and all in between. As the largest demographic, one decision many are facing is whether or not to downsize their home. There’s a lot of demand out there for the perfect place to settle down, but seemingly, a lack of supply as Boomers reach this stage all at once. If you look closely though, you’ll see there really is something out there for everyone – if you know where and how to look.

Where to go?

•Consider townhouses or bungalows – front runners on Boomer wish lists

•Condos are also strong candidates but Boomers typically look to the older buildings to meet their needs for space, comfort and affordability. And condo fees – often a hot topic – are also a factor. Consider current home expenses and free time that would be alleviated by moving into a condo. Those condo fees could actually be a small price to pay.

•Lifestyle retirement homes and aging-in-place environments are alternate choices but Boomers associate them with their parents’ generation. Stay open minded, speak to friends and see for yourself their evolving change of face.

•Consider your personal time and how you’ll be spending it. Where you spend your winters, how often you travel, or proximity to children and grandchildren are important factors.

When to go?

Choosing the right time to leave your home of thirty or so years is complicated and there are plenty of factors to consider, such as finances, family situations and health.

•When the kids move out, are they gone to university or into the work force? And are they possibly coming back, a growing phenomenon of the last few years?

•Is home maintenance getting you down because you have no time for things you want to enjoy now?

•Are cash needs growing as income declines, causing you to consider downsizing or renting?

•Are health issues surfacing, the realities of which are unavoidable?

There’s no need to wait to find your dream retirement space. Connect with an agent specializing in the Boomer to seniors market to explore your options and help you choose the right type and size of home and plan for when to do it. It’s all about “a plan” to help you sleep and live well in the coming years.

Credit: Sam Chaim is a National Association of Realtors certified SRES, Boomer to Senior transition specialist and Sales Representative with RE/MAX Realtron Realty Inc. Tel. 905-764-6000, Cell 416-543-7252 or email to: sam@samchaim.com