Friday, June 8, 2018
For babyboomers, the downsizing dilemma on both coasts
As babyboomer kids grow older and flee the nests I can't tell you how often the conversation becomes are you going to downsize, what will you do with all your stuff and where would you go? For those of us with larger homes in suburbia the harsh reality hits in the northeast at the first snowstorm when there is no one to help shovel or at the beginning of the season when you are hit with a huge landscaping bill after the winter clean up. Although the ideal would be to live in a care free maintenance free environment there are important decisions that need to be considered. A first step in this discussion may be the decision to sell your primary home and is it better to rent or buy a smaller place.
Still working?- If you are not yet retired chances are you would want to remain in a close by community.
Socially engaged?-Think about how involved you are with your social network. Will you have a similar type of activities at a new destination?
Following your kids?- If you want to move close to your kids think about if they are permanently in their current location or will they be moving at the next promotion? You shouldn't move just to be near your kids. If they leave the area will you again follow them?
Economics of a move? Depending on the current market you may end paying more than your current home.
Is it better to rent or buy?
An article last fall in the Huffington Post asks many of these questions and is worth your read.
Depending on where you live here are some insights into the economic side on both coasts.
East The Kids Are Gone But Is Downsizing An Affordable Option
West Should I Stay or Should I Go
Our youngest child moved to NY last year and it looks she will stay. We have two others living out of state as well. All visit for key holidays and assorted weekends but it is rare that the nest is full. My husband and I have this discussion often and are starting to plan towards retirement. Our house is fairly large for the two of us and our dog but we are caught in the East coast bubble. We live close to our work and our social activities. For now we will prepare to transition but are not quite ready to give up our home. I am constantly attempting periodic decluttering as well as resisting the urge to buy more!! I now only buy household items absolutely needed or that will replace others. Having helped move clients and family who have downsized I am constantly learning about new resources to help with this transition. I read and post extensively on this subject (see my facebook page @wendybcb. I am always happy to share my insights and reply promptly to messages.
Wendy is a realtor with Coldwell Banker Needham and enjoys helping baby boomers and their parents transition from a primary home to the next phase. She has a strong network both locally and nationally to help clients move anywhere in the country. Feel free to visit her website at WendyBCB.com