Things Baby Boomers Should Consider When Downsizing
In today’s market, there is a massive phenomenon taking place in the real estate industry. The Baby Boomers, the generation of people born between 1946 and 1964 are downsizing. There are 80 million Baby Boomers and 10,880 people will turn 60 every single day for the next decade. This generation controls 2/3rds of the wealth, or 66 cents of every dollar. The pharmaceutical, travel and real estate industries are all vying for that wealth. When we look back over the many industries affected by the Baby Boomer generation throughout their lives, we discover that this generation is responsible for the explosion in the sales of Gerber products, the Ford Mustang and the Minivan!
Now they are making decisions to slow down and simplify their lives. Many are retiring, becoming grandparents, dealing with health realities and even taking a look at their nest eggs. For a great many, downsizing is the next logical step for them. However, selling one house to buy another isn’t something to be taken lightly. Taking the proper steps in a timely fashion can allow a client ease as they move into the next phase of their life.
Concerns for Baby Boomers
For Baby Boomers, there are three major concerns for them as they ponder downsizing. The first is that after so many years living in one house, many have accumulated so many material items that will require movement. Some of these things include clothing, furniture, art, appliances, important documents and even family memorabilia. With lots of stuff comes lots of products to move, store, sell, or even throw away.
The best thing to do would be to execute a process of storing and/ or selling your unnecessary items at least six months to a year before you begin the selling process. That way, when the time comes to move, you will be ready because you’ve let go of unneeded items over a gradual period of time.
Secondly, Baby Boomers must consider the condition of the house that they are currently living in. Things such as the roof, floors, walls and any damage or updates necessary to repair plumbing, electrical or foundational issues should be addressed. Understand that the condition of your home will affect your asking price and what a ready, willing and able buyer will pay for it. If you can budget for updates and repairs, or if your insurance company can be of assistance, begin assessing your home and make the necessary changes.
Finally, they are concerned with liquidation. If a homeowner is on government assistance, it might be hard for them to liquidate. It’s important that you consult with a real estate professional, such as those with Take A Look Real Estate Brokers, to help you navigate the terrains of such transactions.