ARE BABY BOOMERS DOWNSIZING?
If you are approaching, or within the age of 55 – 65+, you may be one of the many people pondering the benefits of downsizing or even just relocating. According to a 2016 survey by Freddie Mac, one in five baby boomers plan to sell their home and rent a new one.
Here Are The Four Common Reasons Why Baby Boomers Are Downsizing:
1. Repairs, Maintenance and Damage….O My!
Many of our clients prolong the selling process because they are aware of the hassle that selling a home can be. That is until something goes wrong, such as a flooded basement or leaking roof. Not to mention the upkeep of lawns and landscaping. All of these inevitable home owning issues can be too stressful than the home is worth. Baby Boomers are realizing that it makes more sense to downsize into a property that is more low-key.
2. Baby Boomers and the City
The appetite for community and urbanity is strong for baby boomers looking to relocate. Cities offer cheaper housing options, more activities and a deeper sense of community. While downsizing may be unavoidable when moving to a tightly populated city, it can also offer a higher standard of living for some baby boomers.
3. To Rent or Own? That is the Question.
The rent-or-own decision had become a common dilemma for baby boomers in recent years. It seems to make financial sense to rent because it eliminates high condo fees or having to pay for repairs. More and more baby boomers continue to sell their homes and move into apartments or town homes.
Linda Johnson, a former client of Integrity First Home Buyers, has said “my husband and I opted to move into an apartment. We quickly discovered that the services provided and the freedom from maintenance alone was exactly what we needed.”
4. The Second Home
Another common reason we hear baby boomers looking to downsize is because they would like to own, or already own, a second home. Joyce Luther, another client of Integrity, told us “We own a second home in Italy and downsizing gives us the financial flexibility to be gone for months at a time if we want.”
The Integrity First Home Buyers difference
Whether it’s a financially savvy decision or simply the only solution, many baby boomers are choosing to downsize when it comes time to plan for retirement.
Integrity First Home Buyers provides the easiest and fastest solution for baby boomers to sell their house fast for cash. No repairs, maintenance or cleaning necessary. We know you have other things to look forward to then all the hassle and expense of selling a home.
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*An inspection contingency lets the buyer have time to do an inspection and back out of the sale or negotiate a new price if there are repairs that need to be done. If you can’t come to an agreement with the buyer, the buyer has the right to back out of the sale. Similar, a financing contingency gives the buyer the wiggle room to back out of the purchase if they can’t obtain a loan or if the home doesn’t appraise for the value that the bank needs to close the loan.
At Integrity First Home Buyers, we don’t use traditional bank financing so you don’t have to worry about our ability to close on a deal.