Many of us baby boomers are fleeing the nest along with the kids. 3000+ square feet, 4+ bedrooms, acre + lawns, the characteristics that at one time held great appeal are now costing us time & money to maintain & keep tidy.
- Are the kids gone?
- Big house feeling just a wee bit too big?
- Sick of raking all those leaves?
These factors (and more) are causing a swing in the real estate market as couples begin to consider options that marry the best features of comfort & finish, with the ability to get up at a moment’s notice & leave it all for that fabulous beach trip or European vacation.
That said, while we are ready to downsize, the quality and finish level to which we have grown accustomed is not so easily sacrificed – nor should it be! Flexibility with use of space continues to be a priority for buyers of all ages… Builders are taking notice! Many of the newer townhouse developments boast open floor plans so the decision to downsize doesn’t impede your ability to host the whole gang for Sunday dinner or holidays if you so choose. There are stainless steel appliances, stone counters, hardwood floors & many other features that mimic the larger family home. We no longer need to sacrifice style or amenities! Prices in the area can range from mid $300s up to mid $700s or more, depending on the town.
Some unexpected benefits:
- Lower Utility cost
- Minimal repairs & maintenance
- Lower property taxes
- HOA amenities
- Open floor plans
Oftentimes, empty nesters are pleasantly surprised at the availability of homes within their current communities. This allows for minimal disruption with proximity to family & friends, preferred docs, shopping, etc.
So where do you begin? The decision to downsize is a big one & often bittersweet. In addition to contacting your real estate professional often the best place to start might be to talk with your financial expert. Generally, this person is uniquely suited to offer guidance ensuring your lifestyle and financial goals remain aligned.
With an 11%+ increase for home values in the Greater Boston area, the timing could be perfect! Maybe there is a way to have the best of both worlds: the space & family camaraderie of the long lived in home, while still reducing the expense – and with the right planning, we might be able to keep the empty nest blues at bay… but if not, we’ll pass the Kleenex.
 In some instances…how nice it would be to retire the snow blower!