The kids are living their own lives and you’re ready to make a move. So what should you look for in terms of relocation and universal design? Many in this situation seek a smaller home where they hope to live out their years. They are ready to move on to a simpler life. Maintaining independence, feeling secure, and keeping property simple are the top three points for boomers making this type of transition.
Even amid uncertain housing markets, young retirees continue to make plans to downsize. The Center for Retirement Research at Boston College published a study last year that found that seniors who included moving in their retirement plan were happier than those who didn’t. People who changed accommodations by making a short-distance move and staying close to family and friends were reported to be the happiest.
There is a difference between cutting down and trading down. Boomers interested in downsizing still want luxury, but in miniature. They demand prime locations near recreational and cultural attractions.
While most boomers can’t afford and wouldn’t want a Boston Back Bay pad, early retirees are prepared to invest in features that might cost more up front to make their lives more comfortable and affordable in the long run. The reasoning behind this is that seniors who are downsizing anticipate that they will stay in their downsized digs longer than their current home.
Move-in managers are now used for most senior downsizing projects. A moving manager can help sort through the details and develop a plan of action. They can help decide what to keep, donate, give away, and throw away. Moving managers can help with staging a home for sale by securing new furniture or advising on repurposing existing furniture. They are the client’s agent and advocate. They eliminate the “fear factor” associated with moving. They will make the project of moving seem easy. Additionally, experienced movers can provide these services at minimal cost to clients who get the job done right the first time.
Boomers investing in new homes for the long term are looking for easy access to public transportation, health care, and recreation. High-speed Internet access, security systems, and energy efficient/green appliances such as solar water heaters
Going green incurs an upfront cost even with available tax breaks, but it ensures lower utility bills later when the buyer’s income is more limited. And while it’s true that shopping in premium areas can cost quite a bit of money, it could help boomers stay more independent later on when they don’t want to drive.
Universal design elements are other investments seniors are considering that will allow them to age in place more gracefully. These changes do not have to be expensive. They would include modifying thresholds, widening doors, installing lever door handles, adjustable cabinet shelves, upgraded lighting, and pull-out kitchen cabinet drawers.
When moving out of state or to another community, spend some time researching tax payments. It is important not only to look at the rates, but also to review the special provisions that exempt part or all of a pension or retirement income. In some cases, property taxes can be more of an issue than income taxes, so it’s important to understand property taxes and housing benefits available to seniors.
Finally, after downsizing, for most there is less clutter, fewer possessions, cost saving benefits, with a sense of balance and harmony.
